One-time congressional candidate and South Carolina political scion Carroll A. Campbell III lost his downtown Charleston condominium Thursday at a court-supervised foreclosure sale.
Campbell, a son of the late Gov. Carroll A. Campbell Jr., owed more than $560,000 on the 7th-floor unit in the Bee Street Lofts near the Medical University of South Carolina. He had owned the property since September 2007.
Bank of America sued Campbell to repossess the condominium in January 2013, after he stopped making payments on the $416,000 mortgage, according to the complaint.
Charleston County court filings show he also took out a $125,000 second mortgage on the residence from the National Bank of South Carolina in 2009.
Campbell didn’t contest or formally respond to the foreclosure.
“It’s a sad day for our society when unfortunate circumstances for an individual are deemed newsworthy,” he said in an email Thursday.
Charleston County Master-in-Equity Mikell Scarborough ordered the condominium to be sold at auction in March.
Several bidders competed to buy the property Thursday, and it sold for $301,000 to a local real estate investor, according to Scarborough’s office.
Campbell’s financial woes extend beyond the Bee Street foreclosure.
A Columbia company he and a business partner started, Congaree Triton Acquisitions LLC, went bankrupt in early 2012. It failed about nine months after paying $3.2 million in cash and borrowed funds for two distributors of stone products in Charlotte and Myrtle Beach.
Campbell had personally guaranteed a $1.5 million promissory note to finance part of the purchase, court documents show.
He and his partner filed a countersuit in Charleston County last year against the note-holder, who previously had sued them to collect the money and who had close ties to the two companies, according to their complaint.
Campbell alleged the previous owners provided fraudulent financial records showing the stone wholesalers had made $800,000 the previous year. He and his partner said they discovered later that the companies were actually insolvent, and that the deal cost them their initial investments and “destroyed their personal credit.”
The bankruptcy case and the associated litigation are ongoing.
Campbell, whose nickname is Tumpy, ran to represent the 1st Congressional District in 2010, finishing third in the Republican primary in a field of nine candidates. Tim Scott. now a U.S. senator, won the U.S. House seat in a runoff against now-state Sen. Paul Thurmond.
Campbell also was on the State Ports Authority board of directors from 2003-08.
Warren Wise of The Post and Courier contributed to this report.