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| State Sen. Mick Mulvaney, R-Indian Land, a candidate for the Fifth Congressional District seat in South Carolina, at a press conference he called last week. |
The development has failed and there is runoff from cleared land running off into a nearby creek. It was supposed to have thousands of dwellings, but has about 50. Bonds were used to build athletics fields, a cabana and an EMS station are in default.
Spratt's ad blames Mulvaney and said he walked away from the project after selling the land for a $7 million profit.
The first transaction was the purchase of 179.44 acres on Sept. 10, 1999. The land was bought for $713,715.60, or $3,977.46 an acre.
Two purchases on Jan. 5, 2005 for $39,583.33 of 36.8 acres completed the work Mulvaney did assembling St. Katherine's.
The development totaled 834.37 acres, bought for $4,928,077.56, or an average of $5,906.35 an acre.
Mulvaney also provided three records that detail the sale of the land from his to Lawson's Bend LLC, a partnership between GS Carolina and Sandler LLC Those sales were in May 5, 2005.
The records show three land sales:
• $659,277 if 36 acres;
• $10,689,260 for 179.4 acres; and
• $3,030,950 for an unspecified acreage.
That's a total of $10,689,260, according to a spreadsheet of the numbers.
The Spratt ad said Mulvaney made $7 million when he sold the property.
In his press conference, Mulvaney said subtracting the cost of his purchases from the price for which it was sold would provide a "gross" figure, but not a profit. It doesn't include the costs spent assembling the parcels, legal fees etc.
The difference between the cost to assemble the parcels and the cost to sell them is actually more than $9 million, according to the records Mulvaney provided.
Mulvaney said he would not say how much profit he made on the project, but showed select reporters income tax records from 2005 and 2006 that show a total annual income from one of his businesses substantially lower than the amount Spratt's ad claims he made.
However, Mulvaney has assembled the land for the development using several different companies.
The records Mulvaney's provided show 12 transactions, with parcels being bought by:
• K&J Partners of N.C.;
• Wedgewood Properties LLC;
• St. Catherine Properties LLC;
• Mulvaney Properties/Lancaster LLC; and
• Mulvaney Properties/South Carolina. LLC.
Those are different pieces of the Mulvaney family development business.
The records Mulvaney provided show he transferred all the land to Lawson's Bend from just two arms, K&J and St. Catherine Properties.
Spratt campaign workers provided a compact disc containing similar records. The records obtained by the Spratt campaign show slightly different prices for land transfers and acreage.
The Spratt record search apparently missed one parcel Mulvaney listed as being in St. Katherine. But Spratt's record show three sales to Lawson's Bend totaling the same amount as in Mulvaney's records.
Both indicate Mulvaney and family sold the land for about $9 million more than they bought it. Mulvaney said he owned just a 3.33 percent interest in the entity that sold the property to Lawson's Bend.
The Spratt disc also contains a number of other documents related in some way to Edenmoor.
Here are the figures from records released by Mulvaney.
Purchases
| Date | Parcel size | Price | ||
| 9/10/99 | 179.44 | $713,715.60 | ||
| 5/1/01 | 294.7 | $1,600,000.00 | ||
| 9/6/01 | 51 | $100,050.00 | ||
| 9/6/01 | (Same) | $259,920.00 | ||
| 6/24/02 | 13.89 | $95,000.00 | ||
| 6/27/02 | 6.1 | $24,757.20 | ||
| 7/29/02 | 23 | $90,798.08 | ||
| 8/28/02 | 59.3 | $435,000.00 | ||
| 8/28/02 | 138.24 | $750,000.00 | ||
| 1/6/03 | 31.9 | $188,836.68 | ||
| 1/5/05 | 12.8 | $320,000.00 | ||
| 1/5/05 | 24 | $350,000.00 | ||
| Total | 834.37 | $4,928,077.56 | ||
| Sale | ||||
| Date | Parcel Size | Price | ||
| 5/5/05 | 36 | $659,277.00 | ||
| 5/5/05 | 630.93 | $3,030,950.00 | ||
| 5/5/05 | 179.4 | $10,689,260.00 | ||
| Total sale | $14,379,487.00 | |||
| Difference | 9,451,409.44 |
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