Funeral household company buys Shepherd house, strategies to open there
Jimmy Altmeyer goes around paperwork with foreclosures sale trustee Jennifer Belter Formichella following the sale of the Shepherd residence.
The Thos. Shepherd & Son Funeral Administrators residence will most likely reemerge from the ashes of a sensational organization collapse to provide the local community as a funeral residence the moment a lot more.
That looks to be the final result of the compelled sale of the South Church Avenue home on May perhaps 16 soon after the financial institution foreclosed. Initially Bank had initiated foreclosure in May of 2021 when Melody and Thomas R. “Tom” Shepherd stopped earning payments on a $793,358 personal loan they took out against the property in March 2018. At the court docket-purchased sale of the primary downtown actual estate, James E. “Jimmy” Altmeyer Jr., president of Altmeyer Funeral Residences & Crematory, outbid a business actual estate investor after 24 volleys. Altmeyer’s bid of $2,025,000 stood immediately after no a single filed an upset bid within just 10 days.
“We’re operating difficult to get it all renovated,” Altmeyer stated Friday from his house workplace in Virginia Beach, Va., wherever he experienced returned just after paying the week in Hendersonville. “We’re going to paint and carpet and get it all spruced up so we can get it reopened as shortly as possible.”
He stated he expects the renovations will acquire at the very least 3 months “because in this day and age reworking will take a little bit of time.” He was conversing to contractors this 7 days and hoped to have one signed on before long for the work.
“We’re hunting at hiring some people” to function the funeral and crematory business.
“So that will be fantastic for the community” for the reason that he expects to employ neighborhood people today. Altmeyer is making designs to look in advance of the N.C. Board of Funeral Provider, which have to approve the opening of a new funeral property. It would look not likely that the board would item to Altmeyer’s software, provided its long record in the business and the simple fact that it currently operates in North Carolina.
Established in 1917 in Wheeling, West Virginia, Altmeyer Funeral Homes and Crematory operates funeral homes in that condition and in Ohio, Virginia, North Carolina and Florida. The organization owns Shuler and Forest Garden funeral households in Hendersonville and Mountain Look at Cremation & Funeral Care in Arden.
The reopening of the Church Road place as a funeral property and chapel is probable to be a convenience for family members that have recognised and respected the Shepherds for generations and predicted to have a funeral services in the stately brick developing. When the Board of Funeral Provider shut down Thos. Shepherd & Son Funeral Administrators last December just after acquiring numerous organization violations, it seized close to 600 preneed contracts. Following initial featuring the contracts to Jackson Funeral Services, which turned them down, the board then trasnferred them to Shuler. (Consumers who have bought preneed contracts are authorized beneath the regulation to transfer the agreements to a further funeral dwelling at any time for any cause.)
“They will certainly be offered the option to choose the constructing they want to use,” Altmeyer claimed of the families that had bought preneed contracts from Thos. Shepherd & Son.
The company hasn’t settled on a identify nonetheless but will require to pick out one particular before it seems ahead of the Funeral Products and services Board to implement for a license, Altmeyer claimed.
“My No. 1 target suitable now is to get the constructing in problem to open up,” he reported. “Obviously, the funeral household has been in business enterprise for properly about a hundred yrs and persons have a family members custom and spouse and children heritage with it and we’re on the lookout ahead to featuring fantastic services.”
It is not very clear what results in being of the equilibrium in between the sale rate and the amount of money owed the loan provider. Not counting any legal professional costs, court docket expenses or other indebtedness versus the home, the difference in the sale value and 1st Lender debt is $1,197,220.
Initiatives to get to Melody Shepherd, who was widowed by Tom Shepherd’s loss of life on Dec. 31, and her lawyer, Michael Edney, were being not productive on Friday.
“I just want the ideal for Mrs. Shepherd, whatsoever her long term may well be,” Altmeyer said. “All I want for her is a favourable outcome.”