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Beasleys want to buy $280,000 horse ranch

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By Ann McGlynn | Thursday, September 27, 2007 6:04 AM CDT | () comments

The couple accused of stealing nearly $1 million from the Quad-City Times would like to buy a $280,000 horse ranch in Missouri, it was revealed during a court hearing Wednesday.

Earl and Julie Beasley could face trial as early as Oct. 22 on 78 counts of mail and credit card fraud and money laundering. However, their attorneys have asked for a delay until late this year or early next year to allow for review of information recently provided by prosecutors.

The property purchase request, prosecutor Cliff Cronk said, is “incredible” given the charges and potential restitution the Beasleys face, as well as the bank, builder and government actions filed against the horse ranch they built in Taylor Ridge, Ill.

The couple is unable to secure financing, Cronk said. The purchase of the Missouri property would require a $20,000 down payment, which the Beasleys would lose if they were not able to make payments on the ranch to the owner, Cronk said.

The Beasleys, Cronk said, hope to make between $2,000 and $7,000 a month on the ranch. Their ranch operation was not profitable between 1997 and 2005, he said, referencing their tax returns.

He also noted that after Earl Beasley was fired from his job at the Quad-City Times in January, the couple could not afford to feed their horses and sold four of them for $800.

James Clements, who is Julie Beasley’s attorney, said the ranch in Missouri would be used to supplement her income as a nurse.

Earl Beasley also has found employment, Judge Thomas Shields noted. But he warned that Beasley did not inform the probation office as required of that employment until recently.

The Beasleys also requested the court release money that was dispersed from Earl Beasley’s 401(k) account to pay for attorneys and toward the purchase of the ranch in Missouri, Cronk said.

Shields said he will rule by early next week on the Beasley requests for a trial delay, the ranch purchase and release of retirement funds.

Ann McGlynn can be contacted at (563) 383-2336 or amcglynn@qctimes.com.