MEMPHIS, TN (abc24.com) - The man in charge of long range financial planning for the City of Memphis is planning to go short on his home mortgage.
One could argue Robert Lipscomb is the most influential person at Memphis city hall, and has more power than the mayor.
Lipscomb is the guy who got the deal done to turn the Pyramid into Bass Pro and led the charge to rebuild the city's public housing.
He's the highest paid city employee, making more than $250,000 holding down two city jobs: one as the head of Housing and Community Development, the other as the Director of the Memphis Housing Authority.
For now he's taken on a third job as the city's interim Chief Financial Officer.
Truth is while Lipscomb is in charge of watching over city finances, his house in Harbor Town is listed as a short sale. That's when the bank will sell it for less than what the owner owes on the mortgage.
Real estate agent Linda Sowell says in most cases for a bank to agree to a short sale, "You have to have a hardship letter, you have to prove that the seller is having a hard time making the mortgage."
Truth is Lipscomb didn't want to talk about this. In an email he wrote, "I believe this is a personal issue and not appropriate for the media."
Mayor A C Wharton said, "It's a personal situation that has no bearing whatsoever on his love for this city or ability to get the job done."
But some wonder if Lipscomb's "personal issue", whatever it is, could affect his professional life.
Lipscomb is not the only high profile person whose home is listed as a short sale. Former mayor Willie Herenton's home is too.
But truth is Herenton is retired, while Lipscomb is getting two full-time salaries from the taxpayers.
