Dealin’ Doug Moreland is ready to make a deal on a Cherry Hills Village mansion.
Moreland, best known for owning car dealerships, is selling a home on Mockingbird Lane for $7.7 million. Zillow estimates the mansion’s worth at $8.8 million.
Moreland assumed the property after former Denver Broncos backup quarterback Preston Parsons failed to repay him under terms set in a modified deed of trust.
Parsons bought the 15,500-square-foot mansion with seven bedrooms and 10 baths in 2017 for $5.1 million. He borrowed $4.3 million from InBank in 2019 and filed for bankruptcy on the property in August 2022 to stop a foreclosure sale using a new LLC, Press On Holdings. At the time, Parsons owed InBank $5.4 million.
The bankruptcy filing valued the mansion, which sits on 2 acres and includes a detached two-story guest house, at $9.5 million.
A month later, in September 2022, Moreland stepped in. He and Parsons signed a deal that consolidated the InBank home loan with a $325,000 promissory note held by Moreland for an aggregate initial principal amount of $6.3 million. The court dismissed the bankruptcy filing in October 2022.
Moreland met Parsons several years ago and invested in his former company, Assure Neuromonitoring. The company observes surgeries to ensure patients’ brains and spines are uninjured.
“I liked him personally and knew he was having financial troubles,” Moreland said.
“I had the ability to pay off and take over his mortgage. Unfortunately, I eventually had to take over owning the house.”
Parsons founded Assure Neuromonitoring in 2015. He resigned as CEO in 2018 after a forensic audit revealed he had misused company funds and agreed to repay $1.45 million.
Assure asked Parsons to resign from the board due to concerns over his judgment following a conversation with a shareholder. He initially resisted but resigned in October 2022. In December 2023, Assure sued Parsons and three former employees for allegedly stealing trade secrets to benefit a competing company, which they denied.
In January 2024, Parsons listed the mansion for $9.5 million.
“(Parsons) tried to sell it,” Moreland said. “He had a lot of people looking at it but never got an offer for what it’s worth.”
Moreland, who lives in Cherry Hills Village about six blocks from the mansion, said if he and his wife didn’t love their home, they’d consider moving into 5 Mockingbird Lane.
Instead, he hired Delroy Gill with LIV Sotheby’s International Realty and priced the mansion competitively. “I don’t want to hold it long term.”
Moreland said the mansion, which was built in 2002, has great bones, but a new owner might want to make some updates.
The home includes a gourmet kitchen with two granite islands and a primary suite with a private balcony. The basement has a gym, wine cellar, and media room. The exterior includes a pool, outdoor kitchen, fireplaces, and the guest house.
“It ultimately comes down to a buyer’s tastes,” Moreland said. “It only takes one buyer, and since I like it, there’s got to be someone else out there who’d like to live in it.”
Gill said the home is high-quality and would be difficult to replicate for the list price, citing the mansion’s limestone columns, stone facade, and millwork.
He added that the guest house could become a mother-in-law or an au pair suite.
Full story via BusinessDen
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