Former Continental Federal Credit Union president/CEO Tom Glatt Sr. voluntarily surrendered the keys to a 4,000 square foot Sedona, Ariz. desert estate, walking out on a 2007 loan from his former employer that had an original principal amount of $958,000.
According to Yavapai County records obtained today by Credit Union Times, Glatt and his wife, Diane, filed a "Special Warranty Deed in Lieu of Foreclosure" April 8 on the property. The balloon mortgage, financed by Continental FCU, was due in full as of December 2009. The county documents do not state the current principal amount remaining.
Real estate website Zillow.com reports the property was listed for sale in February 2008 for $1.19 million, shortly after Glatt left the $157 million Continental to take a new job as president/CEO of REALTORS FCU. The property is currently estimated to be worth $763,000. It was last sold for $749,000 in October 2002.
Donna Nalley, executive assistant to Continental CEO Tom Martin, said her boss would not comment on the property, calling it "private member information."
Glatt, who left his position at REALTORS FCU Aug. 1, did not respond to phone and emailed messages requesting comment.