Two parcels of real estate in Mecklenburg County once owned by former House Speaker Jim Black have dipped slightly in value, according to recent tax revaluations.
The development is significant because Black used the parcels in 2009 to satisfy half of a $1 million fine arising from a corruption and bribery conviction. At the same, prosecutors and Black’s attorneys said the undeveloped land was worth more than the $500,000 outstanding amount Black owed, even though tax records put the value at about 30 percent of the debt.
The latest revaluations from 2011 show that the property’s value has fallen 3.4 percent to $143,900 since 2003.
By law, Black was required to surrender the parcels to the Wake County Public School System. Two years have passed since then, and the school system has been unable to sell the properties.
Black admitted to accepting tens of thousands of dollars in bribes from chiropractors to push legislation favorable to them. He also pleaded guilty in state court to charges partly resulting from a $50,000 payoff to Republican state Rep. Michael Decker to switch parties, allowing Black to remain speaker.
Black owns other real estate in the Charlotte area, including three lakefront homes in Iredell County. Those dropped 21 percent in value. However, Black’s prime commercial real estate in downtown Matthews rose a combined 60 percent in value.
Prosecutors and attorneys considered accepting some of the commercial real estate in lieu of the Rice Road parcels, but ultimately opted against it.
David N. Bass is an associate editor of Carolina Journal.