According to a report from Charlotte Television WSOC, an estate on Figure Eight Island could be seized by the IRS after the owners missed a deadline to pay $7.2 million in back taxes.
The property in question is located at 4 Inlet Hook Road. It is a three-story, four-bedroom, five-and-a-half-bathroom oceanfront home that measures nearly 3,100 square feet. The home was on the market this past summer, but its listing expired on October 2nd.
The television station reports that the home is owned by Ralph C. Taylor Jr, the founder of an M&A consulting firm. Taylor and his wife, Nancy, are being sued by the U.S. government. A federal lawsuit on behalf of the Internal Revenue Service asks a court to start foreclosure proceedings for the property, which is located on the northern end of the island. The IRS placed tax liens on the property based on unpaid federal income taxes that accrued from 2008 to 2014, totaling more than $7.2 million. The agency had previously settled a lawsuit with the Taylors in 2022. The couple consented to an order of sale if the property had not been sold by July of this year. The date was extended until September 30, but the property never found a new owner.
If the IRS does seize the home, it would ultimately go up for auction with an opening bid price set by the government.