ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, April 4, 1991                   TAG: 9104040143
SECTION: BUSINESS                    PAGE: B-6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

HESS LOTS IN SALEM TO BE SOLD SATURDAY

Twenty lots in Ellis Court, a Salem subdivision that mortgage broker Richard Hess was trying to develop, will be sold at auction Saturday. The sale was ordered by A. Carter Magee Jr., trustee for Hess' bankruptcy case.

Hess has been investigated recently in a loan scheme in which he allegedly got other people to take out loans in their names and give him the money by promising them a fee.

The system fell apart when Hess failed to make the payments. At that time, he owed banks and individuals more than $500,000.

Jim Woltz, auctioneer with Roanoke Land & Auction, said liens tied to the Ellis Court lots have been cleared by lenders. The only dwelling in Ellis Court, a duplex, will be sold along with nine lots zoned for duplexes and 10 zoned for single-family homes. - Staff report 


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