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Jax Daily Record Thursday, Mar. 7, 201901:42 PM EST

Shad Khan's Stache Investments foreclosing on Mandarin farm

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Property to be auctioned April 4.
by: Max Marbut Associate Editor

A small urban farm in Mandarin that was awarded $640 at the 2013 One Spark crowdfunding festival and then attracted venture capital from Jacksonville Jaguars owner Shad Khan’s Stache Investments Corp. is scheduled to be sold April 4 in a foreclosure auction.

Final judgment of foreclosure was granted Sept. 6 in circuit court in Jacksonville against Robert and Jennifer Sanders.

In July 2013, the couple executed a $280,000 promissory note with Stache Investments due July 1, 2018, and then purchased for $270,000 the 2.6-acre property, which they had been renting to grow and sell fresh produce.

A call to the telephone number shown on the Heritage Farms Jacksonville Facebook page was not returned. The final entry on the page was posted on May 27, 2016.

The judgment indicates the couple owes on the mortgage $278,004.78 in principal and $31,536.54 in interest, late fees and unpaid real estate taxes from 2015 to 2017 for a total of $309,541.32.

According to the Duval County Property Appraiser, the parcel at 5253 Hood Road has a projected 2019 assessed value of $112,220.

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