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More mystery woes.

You can add Little Rock attorney John W. Walker to the list of investors who have had a beef with real estate developer Eula M. Willis-Mitchell and her Mystery Properties Corp. of Little Rock.

Walker has sued Mystery Properties and Willis-Mitchell. He says he invested $200,000 in January 2004 and didn't receive his money back.

Walker had invested in 124 residential home lots to be known as "Culzean Estates," he said in his lawsuit.

The company promised it would have "an internal rate of return of over 65 percent and return of working capital of over $3 million," the lawsuit said. Willis-Mitchell also personally guaranteed the money.

Willis-Mitchell promised to give Walker $50,000 after she obtained a loan from Bank of America. She was supposed to have given Walker another $150,000 10 months after the first payment and another $400,000 by Jan. 1, 2009, the lawsuit said.

When Willis-Mitchell gave Walker $250,000 worth of checks in September 2004, the checks bounced.

Walker is suing for his money back plus other unspecified damages.

When we tried to call Mystery Properties, no one answered the phone and the voice mailbox was full.

If you remember, investor Albert Sweets of Raleigh, N.C., sued Willis-Mitchell after he only received $7,000 of the $184,625 that he was promised to receive from Mystery Properties.

In August, Mystery Properties was hit was a default judgment for the amount. But with interest, court costs and attorneys' fees brought the amount to $216,456.
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Title Annotation:Whispers; John W. Walker sues . Willis-Mitchell and Mystery Properties Corp.
Comment:More mystery woes.(Whispers)(John W. Walker sues .
Publication:Arkansas Business
Article Type:Brief Article
Geographic Code:1U7AR
Date:Jul 11, 2005
Previous Article:Who gets a check?
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