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Former Continental Federal Credit Union president/CEO Tom Glatt Sr. voluntarily surrendered the keys to a 4,000-square-foot Sedona, Ariz., desert estate and in the process walked out on a nearly $1 million mortgage loan from his former employer.

According to Yavapai County records obtained by Credit Union Times, Glatt and his wife, Diane, filed a “Special Warranty Deed in Lieu of Foreclosure” on the property located at 25 Veritas Drive on April 8. The balloon mortgage, financed by the $157 million Continental FCU, was due in full in December 2009. The county records do not state the principal amount remaining.

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