HARRODSBURG, Ky. (WKYT) - Country music star and Kentucky native Eddie Montgomery's failed steakhouse went up for sale Friday.
WKYT has learned Montgomery recently filed for bankruptcy, claiming he's more than $13 million in debt. Much of that comes from the Harrodsburg steakhouse he co-owned.
The restaurant closed last year without warning. It was sold Friday in a Master Commissioner's sale.
Plenty of people showed up to Friday morning's master commissioner sale at the Mercer County Judicial Center. But there was only one bidder for the property, a representative from Central Bank & Trust. That's the same bank that lent Montgomery, and his ex-wife Tracy Nunan, loans for the restaurant.
When the steakhouse closed in 2012, the couple owed the bank 12.7 million dollars in defaulted loans. A much higher price than it was assessed at 6.3 million. Central Bank & Trust purchased the property in the auction on Friday, for $4,250,000.
A representative from Central bank and Trust says they hope to reach a resolution that will benefit all parties as quickly as possible.
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