
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, June 30, 1990                   TAG: 9006300139
SECTION: BUSINESS                    PAGE: A5   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

AUCTION SCHEDULED TO SELL BUILDING OWNED BY LUCION

A downtown Roanoke building owned by Stephen Lucion will be auctioned July 27 to satisfy debt owed to the Small Business Administration. Lucion, a real estate agent, was convicted this week for racketeering and fraud.

The four-story building at 135 W. Salem Ave. has seven apartments and three office suites. Lucion bought the building in 1984.

Lucion, who was fined $1,005,000, is to report to jail July 30 to begin serving 10 years. He and Elmer Craft, a Vinton accountant, were tried in U.S. District Court on charges of stealing more than $2 million from 85 investors in a shopping center scam.

The Small Business Administration gave Lucion a $78,600 disaster loan in January 1986 to repair damages done to the Campbell Avenue building by a 1985 flood. The flood damaged a number of downtown buildings.

Roy Baldwin, deputy director of the SBA in Richmond, said the SBA loan is a second lien against the property.

Colonial American Bank, now Crestar, has a first deed of trust for $136,500 on the property, according to court records.

Lucion has filed a petition for personal Chapter 7 liquidation bankruptcy. The SBA won a motion on June 11, however, to have the Campbell Avenue property released from the bankruptcy suit. That prepared the way for SBA to force an auction of the building.

Steve Sheets of J.G. Sheets & Sons Inc. said the building is rented except for one apartment and one office suite. The auction is scheduled at 11 a.m. at the building. - Staff report

by CNB