It was always a dream for Eddie Montgomery to own his own restaurant to give an opportunity for those in the community to have jobs, as well as a place of entertainment. On Monday, word got out that a lawsuit was filed by Central Bank and Trust Company of Lexington, Ky. against Eddie Montgomery and his ex-wife, Tracy Nunan over the failed restaurant, Eddie Montgomery Steakhouse. The lawsuit was filed in the Boyle Circuit Court and claims that Montgomery and Nunan owe nearly $12.7 million due to the restaurant that closed in May 2013.
Furthemore, the lawsuit requests that the property that contains the restaurant, as well as the couple's former home be sold in a Master Commissioner sale to help pay off the debt.
Eddie Montgomery Steakhouse was opened in late 2009 with a grand opening celebration in the fall of 2010. Shortly after, Tracy Nunan would file for divorce and the restaurant would be given to her as part of the settlement.
The lawsuit against Eddie Montgomery and Tracy Nunan states several counts against the couple:
Count 1 - Corporate credit card balance of $39, 987 that has defaulted.
Count 2 - The couple, along with the owners of Rocky Top Log Furniture, signed a construction agreement for $3.8 million in March 2009 to purchase 38 acres and build the restaurant. The note was secured with restaurant property, equipment, inventory, and other assets. The couple also put their home and 6 1/2 acres on Claunch Road as collateral. That loan is now in default in the amount of $4,386,460.
Count 3 - Second loan for the construction has defaulted on for $1,866,789 total.
Count 4 - An additional loan was borrowed and defaulted on for $917,517 and was backed by a lien against the property.
Count 5 - Another loan in December 2010 is now defaulted with $5,480,998.
Country music singer Eddie Montgomery is half of the popular duo, Montgomery Gentry, based out of Kentucky. Montgomery Gentry have released seven albums, over 20 singles, including five number one hits. They are currently part of Average Joe's Entertainment.
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