Despite losing his home Monday, former race car driver Jeremy Mayfield could still be forced to pay more than $500,000 on it.
For now, he has 10 days to move out of the house.
On the steps of the Catawba County Courthouse, Mayfield’s foreclosed property went up for auction. A small group gathered to hear the details of the 400-acre property, but in the end, there was just one bid.
Carolina Farm Credit, the same bank that loaned Mayfield millions of dollars to buy the property in 2006, won the auction.
The bank bid less than the $2.3 million Mayfield owed on the home, meaning the bank could still go after the former NASCAR driver for the difference.
Catawba County’s Clerk of Court said the auction was one of the largest foreclosure auctions she can remember.
“We’ve had some on Lake Norman that are as large, but I would say this would be in the top five,” said Al Jean Bogle.
Records show Mayfield had mortgage payments of $19,000 a month, but had not paid a bill since April 2011.
The winning bid kicks of a 10-day upset period, where another buyer could come forward and make an offer. If not, Mayfield has until May 10 to leave the home.
Fans of the former driver called it a sad story.
Mayfield was not at the auction. In a text message, his wife, Shana, only offered one comment: “It is what it is.”