Last vestiges of a dynasty up for sale
The sprawling Willamette River-side estate and palatial home of Evergreen International Aviation founder Del Smith is now on sale for a fraction of its market value.
Illustrative of the fortunes of the company and its founder, the 46-acre property and 25,000-square-foot villa south of Dundee —with a real market value of nearly $16 million on recent property tax records — has been listed with Harnish Properties at a price of just under $6 million.
The eventual sale of the property at 22111 Riverwood Road may be one the final chapters in the tumultuous fall of the McMinnville-based company and the unwinding of its assets in several bankruptcy proceedings.
While staff with Harnish Properties could not provide details of what precipitated the sale at a price far below its listed value, they confirmed it is being sold by Smith's family trust.
Online county tax records indicate the property was assessed more than $101,000 in taxes this fiscal year, of which over $69,000 remains due.
An obituary for Smith that appeared in The New York Times in 2014 details that Smith founded the company in 1960 building helicopters, and it grew into a company that performed support services at dozens of major airports, flew passengers and cargo for the U.S. government and support missions for the military during the Vietnam, Afghanistan and Iraq wars.
The downfall of the company began in earnest on Dec. 31, 2013, when Evergreen International Aviation abruptly ceased operations, fired its staff and, with some of its subsidiaries, filed for Chapter 7 Bankruptcy. The company listed about $100 million in assets and more than $500 million in debt.
Smith was found dead in his home in November 2014, and by that time, more than 5,000 companies and individuals had come forward as creditors in the bankruptcy.
Among the proceedings, property as well as subsidiaries were sold. These included the sale of $11 million in land from the Evergreen Agricultural Enterprises Inc., three properties from Evergreen Vintage Aircrafts Inc. and the entirety of Evergreen Helicopters to Erickson Air-Crane Inc. for $250 million, which included 64 aircraft.
A separate bankruptcy proceeding for Evergreen Vintage Aircraft saw two vintage aircraft handed over or sold to partially resolve outstanding debt as well as the aviation component of the Evergreen Aviation & Space Museum.
The bankruptcy of the Michael King Smith Foundation saw the $10.9 million sale of various other properties on the museum campus to Utah-based Falls Event Center, which included the space museum and the Wings & Waves Waterpark.
It is unclear if the Smith estate is tied into any of the bankruptcy proceedings.
The Mediterranean mansion boasts 11 bedrooms, 12 bathrooms, separate servants' quarters, a tennis court and a basketball court from its place on the northwest bank of the Willamette River just south of Dundee and just north of the Yamhill River.
More information about the estate is available at http://bit.ly/2pzsGpm.