Retired CEO buys 244 acres in Currituck County

Posted to: Business Realty News North Carolina
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By Josh Brown
The Virginian-Pilot
© July 24, 2011

An Elizabeth City native who made good in the business world may be coming home.

The retired chairman and CEO of Caterpillar Inc. has bought a 244-acre piece of land once slated to be developed into a mixed-use residential community in Currituck County.

James W. Owens and his wife, who live in Peoria Heights, Ill., spent $3.15 million to buy the property north of Powells Point off of U.S. 158, according to county property records.

The former farm that was owned by the Webber family had been purchased in 2008 by an affiliate of German company Berlin Atlantic Capital US LLC. It had planned to turn it into a residential community.

Owens retired as Peoria, Ill.-based Caterpillar's top executive last year.

Chad Lesley, the real estate broker from CB Richard Ellis in Norfolk who handled the transaction, said Owens has no immediate plans to develop the property.

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Mr. Owens and his land purchase

Submitted by Looking On on Tue, 07/26/2011 at 7:05 am.

Northeastern North Carolina has been very fortunate over the years to have had some very successful, self-made individuals to spring up and through their hard have been great assets to our region. The NE has been practically overlooked by the powers in The Triangle, Triad and the Charlotte areas for years....politically and economically and the area has even been included in the Norfolk-Virginia Beach SMSA by the feds for reporting purposes. I've known Mr. Owens and his family since he was a young man in and around Elizabeth City he is to be admired for his hard he is a very creditworthy man and one who deserves more credit than is being given him. Mr. Walter Davis was pround of Mr. Owens. Welcome home, Jim.

Comment deleted

Submitted by admin (staffer) on Mon, 07/25/2011 at 8:21 am.

Comment removed for rules violation. Reason: Off topic

Someone like him...

Submitted by CommonSinse on Sun, 07/24/2011 at 1:14 pm.

...can't afford to pay a little more in taxes? Hilarious.

um....huh?

Submitted by deathbyjustice on Mon, 07/25/2011 at 6:24 am.

Could you clarify your statement about taxes please. I'd love to hear more from you!

pitifull comment...

Submitted by my8682 on Sun, 07/24/2011 at 8:28 pm.

I read the article several times to see where I missed the statements about his not paying taxes. I don't see it in my copy of it. Maybe you have an unedited version. Now for a little reality check... this couple at closing paid close to $35.000 in taxes to the county for the privilege of buying that property. Thank goodness for his wealth that he can afford to dish out that kind of cash. Next year he will pay close to $12,000 in property tax for that property. Thank goodness for those people with money that buy Currituck property and vacation here throughout the year for keeping my property tax less than .35 per hundred.