‘I would like to ask them why’: An 84-year-old Alabama woman is being pushed out of her family home — that sits on land worth an estimated $20 million. Here’s why she's being forced to sell

Bethan Moorcraft
‘I would like to ask them why’: An 84-year-old Alabama woman is being pushed out of her family home — that sits on land worth an estimated $20 million. Here’s why she's being forced to sell
‘I would like to ask them why’: An 84-year-old Alabama woman is being pushed out of her family home — that sits on land worth an estimated $20 million. Here’s why she's being forced to sell

An elderly Alabama woman living on a plot of land thought to be worth over $20 million will soon be kicked out of her longtime home after an ownership tussle with private investors.

Corine Woodson, aged 84, has lived in the same home on the outskirts of Auburn for over 60 years. But her American Dream has now turned into a nightmare.

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Woodson’s house sits on a 40-acre plot of gold — at least that’s how the investors who want to buy her land see it. The land is jointly owned by dozens of members of her family through a tenancy-in-common arrangement.

Over the years, several family members have sold their stake in the land to a private company, which is now seeking to buy the prime real estate outright — a move that would force the octogenarian from her home.

“I would like to ask them why,” Woodson told WTVM. “I can’t figure it out. Thinking about it, wondering about it — it’s not easy, I can tell you that.”

Here’s what you need to know about tenancy in common and why Woodson will have to pack up her things and leave decades of memories behind.

What is tenancy in common?

Woodson came to live on the prized plot of land through her late-husband Willie Woodson, whose father bought the land in Moore’s Mill, just south-east of Auburn, in the early 1900s.

When Willie’s father died, the land was left to his children or their designated heirs, which now means that dozens of people have a stake in the 40-acre property.

Rocket Mortgage defines tenancy in common as “equal or unequal undivided ownership [of a property] between two or more people.” When one of the owners dies, their stake in the property passes onto their heirs, which is how Woodson’s property has so many co-owners.

With tenancy in common, all areas of the property are owned equally by the group, even if tenants have a different share of the ownership. So, an owner with a 10% share would have the same rights — and the same liability for debts, property tax and so on — as an owner with a 90% stake.

This type of ownership structure is more common in certain types of real estate, like investment properties, vacation homes and commercial real estate than it is for family homes.

There are several benefits to owning fractional shares of property. Whether you do it through tenancy in common or invest through an online platform, purchasing fractional shares allows investors to pool their resources to invest in higher-value properties that may have otherwise been out of reach. And tenancy-in-common agreements also mean you’re splitting the cost of maintaining the property can also be more cost-effective than covering the bills solo.

But there are also downsides to this type of property ownership and Woodson found this out the hard way.

Read more: Invest in rental properties effortlessly: cash in on prime real estate with just $20 and zero landlord duties

A difficult break-up

The issue that 84-year-old Woodson has come up against — which is one of the big challenges related to tenancy in common — occurs when one or more of the owners wants to buy out the other tenants or sell the property.

If the tenants cannot agree on how to move forward, a court can order a partition of the property and even force a sale — the proceeds of which will be split fairly among the tenants according to their ownership stake.

When a partition begins, the courts will provide a deadline for any owner to come forward to buy the property. But Woodson missed her deadline to apply for total ownership — because she thought she already owned her property. The problem is, she doesn’t fully own the land it sits on.

Woodson’s daughter Melissa, a licensed realtor, said she told her elderly mother: “Nobody can just put you off of your property” and other immediate family members agreed. But she admitted to WTVM: “We were not up to par on the law.”

Over the years, several of Woodson’s extended family members have sold their ownership shares to a private company called Cleveland Brothers, which now has a 49% stake in the land. When the court partition began, Cleveland Brothers filed a motion to buy the property outright.

If successful, this could result in the company owning the 40-acre plot of prime real estate, which is thought to be worth around $20 million, according to WTVM — a prediction based on the fact that two-acre lots within three miles of the Woodson property have sold for $500,000 each.

Cleveland Brothers said 84-year-old Woodson could remain in her home for one year after the purchase is complete, but that is still a painful pill to swallow for the family.

Melissa reacted: “It’s happening right before our eyes and the sad thing is there’s very little that we can do about it.”

It is clear there are both pros and cons to tenancies in common — and the complexities of these arrangements will only grow as ownership shares are passed down through generations of heirs and beneficiaries. If you’re considering this type of living and financial arrangement, it may be wise to consult with a financial adviser or legal professional who can help you to ensure its the right financial move for you.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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