A descendant of Coca-Cola Co.’s founder owes a bank more than $7 million to resolve a soured Paulding County real estate loan, a judge ruled Monday.
The two-page order brings to a close one chapter in a sad financial saga for Asa G. Candler V, a developer and great-grandson of Coca-Cola founder and former Atlanta Mayor Asa G. Candler.
Like his famous ancestor, who also helped develop Candler Park, Druid Hills and a 17-story downtown skyscraper, Asa Candler V ventured into real estate. He and his sons have developed shopping centers across the Southeast for several decades.
Last year, The Atlanta Journal-Constitution chronicled Candler’s financial troubles and the lawsuit that threatened his livelihood. The real estate developer and his companies had lost nearly $40 million in property to foreclosure since the economy seized, according to public records examined by the AJC at the time.
A financial filing in the case showed Candler to have about $2.2 million in both assets and debt, with only about $30,000 left free and clear.
South Carolina-based CertusBank filed suit in February 2012, claiming Candler and one of his companies, Hiram LL LLC, defaulted on a loan that funded construction of a Paulding County J.C. Penney store.
On Monday, Fulton County Superior Court Chief Judge Cynthia D. Wright ruled in a “consent order” that Candler and Hiram LL are liable for nearly $6.4 million, plus interest and more than $600,000 in attorneys’ fees.
David Marmins, an attorney with Arnall Golden Gregory who represents CertusBank, declined to comment.
Messages left for Candler and his attorney were not immediately returned.
The court last year appointed a receiver to manage the property along Jimmy Lee Smith Parkway in Hiram. That entity, GlassRatner Management & Realty Advisors, has executed a contract to sell the property for $4.9 million, according to court records. Such a sale would wipe out a substantial portion of the debt.
In the AJC’s September 2012 profile, Candler vowed to rebound from the financial issues.
“It’s a struggle. You worry about it every day,” Candler said in an interview. “Nobody borrows money with the intent of not paying it back, particularly on a development deal.”
