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Eddie Montgomery, ex-wife owe $12.7M on failed restaurant

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By Todd Kleffman
The Advocate-Messenger
The hits keep coming for local country music star Eddie Montomery, but not on the music charts.
A lawsuit filed in Boyle Circuit Court by Central Bank and Trust Co. of Lexington claims Montgomery and his ex-wife Tracy Nunan owe nearly $12.7 million over the failed Eddie Montgomery Steak House in Harrodsburg.
The lawsuit also requests that the steakhouse property and the couple’s former home and property on Claunch Road in western Boyle County be sold on the courthouse steps in Master Commissioner sales to help pay off the alleged debt.
Neither Montgomery nor Nunan has yet filed a response to the allegations made in Central Bank’s complaint and neither could be reached for comment.
After initial attempts to locate the restaurant in Danville, Eddie Montgomery’s Steak House opened with much fanfare on Lucky Man Way off the U.S. 127 Bypass in Harrodsburg in late 2009. After the couple divorced a year later, the restaurant went to Nunan as part of the settlement, according to the Wikipedia entry for Montgomery Gentry, the duo that generated multiple Top 10 country hits and platinum and gold albums between 1999 and 2008.
The steakhouse closed abruptly in May of this year.
The complaint states the Montgomery Group took out a corporate credit card in 2008. That account is now in default with a balance due of $39,987 as of Aug. 30, according to Count 1 of the lawsuit.
Count 2 alleges that Montgomerys, along with Walter and Gwen Mitchell, owner of Rocky Top Log Furniture in Garrard County, took out a commercial notes and signed construction agreement for $3.8 million in March of 2009 to purchase 38 acres in Harrodsburg and build the restaurant. That loan is now in default in the amount of $4,386,460, the lawsuit states.
A second loan for construction in the amount of $1,650,000 is now in default to the tune of $1,866,789.
Another loan is now in default for $917,570, according to the lawsuit, along with a $4.5 million loan that is in default for $5.4 million.
Central Bank asks the court to immediately turn over management of the restaurant and Claunch Road properties to the bank, and that both properties be sold at Master Commissioner sales in Boyle and Mercer counties.