Gearharts want their wedding ring back
July 19, 2012
By KAREN VELIE
Former north San Luis Obispo County developer Kelly Gearhart and his wife Tamara Gearhart have asked a federal bankruptcy court in Ohio to allow them to purchase her wedding ring back for $814.
As the result of the sale of a property on Dalton Drive in Wadsworth Ohio, the court owes the Gearharts $814.
In February 2009, while under an FBI investigation into fraud and organized crime, the Gearharts filed personal bankruptcy in Ohio claiming $6.5 million in estimated assets and $45.1 million in estimated debts.
The ring is valued at about $3,000. The bankruptcy court offers a one time jewelry exemption of $1450 leaving $1,550 in value.
Bankruptcy Trustee Harold Corzin asked the court to approve the Gearhart’s offer to purchase the ring in light of the cost and uncertainty of liquidating the asset.
Anyone who wants to oppose the sale would need to file a written request with the court by Aug. 3.
On July 5, Gearhart was indicted by a federal grand jury and faces 300 years in prison. He is charged with 16 counts of mail fraud, wire fraud and money laundering. Gearhart is slated to be arraigned in federal court in Los Angeles on August 13.