A Florida man has filed suit in Federal Court, saying he had a deal to buy 6,160 acres in Hamilton and Sequatchie counties from Bryan and Cartter Patten, but they are backing out of the deal.
C. Lee Eggert, of Brandon, Fla., said the agreed purchase price was over $11.6 million.
He acknowledged that he was being furnished the money by a logging company, Consolidated Timberlands.
Mr. Eggert said he stands to make $1.5 million on the deal by passing it on to the timber company at a higher price than he paid.
The suit says Cartter Patten is taking the position that the joint venture agreement is invalid because he lacked the capacity to enter into the deal.
He said the attorney for Cartter Patten on April 8 submitted a letter asserting lack of capacity on the part of Cartter Patten. Attorney Catherine Dorvil said the lack of capacity could be proven by the treating physicians for Cartter Patten. She also said that representatives for Cartter Patten had not entirely decided not to proceed with the deal.
Cartter Patten is also contending that Mr. Eggert lacked the capacity to close on the deal, it was stated.
Cartter Patten said he was not willing to close on the deal or extend the deadline.
The lawsuit asks the court to confirm the "valid contract" on the large land deal.
Closing had been set on May 9, it was stated.
The large land holdings on Walden's Ridge had been acquired by the father of the Patten brothers, state Senator Cartter Patten, who was interested in forestry.
The suit was filed by Nashville attorneys Michael Abelow and Alice E. Haston.
The case is assigned to Judge Travis McDonough.