CATAWBA COUNTY, N.C. -- Suspended NASCAR driver Jeremy Mayfield’s multi-million dollar estate sold for $1.725 million at a courthouse auction on Monday.
Carolina Farm Credit, which loaned Mayfield the money, was the only bidder. A representative didn’t comment about the bid or what it plans to do next.
The courthouse sale is the latest in a series of problems for Mayfield.
NASCAR suspended him in 2009 saying he twice tested positive for methamphetamines.
A raid of Mayfield’s home last year led to drug, possession of stolen property, and obtaining property by false pretense charges.
Mayfield denies all the accusations and charges against him.
When it comes to Mayfield’s estate, court records show Mayfield made his last loan payment a year ago and he then owed $2.38 million.
It appears Mayfield could owe just over a million dollars on the property after Monday’s auction.
"If the high bid does not equal the amount owed on the property, there is what's called a deficiency and the bank does have the option of suing Mr. Mayfield for the remaining owed,” said Al Jean Bogle, Catawba County Clerk of Court.
Carolina Farm Credit isn't saying what it plans to do with the land or if it plans to sue Mayfield for the remaining amount.
Other bidders still have ten days to come up with upset bids if they want Mayfield's estate, but each upset bid had to be five percent higher than the last bid.
A new upset bid is followed by ten days for another bid to come forward and ends once that time frame is over.
Mayfield did not attend Monday’s auction or contest it. Mayfield’s wife Shana says the couple has no comment.