KRS land purchase scrutinized

State auditors want to know the details of a Kentucky Retirement Systems land deal. The system reportedly paid $700 thousand dollars for a piece of property that had sold for $450 thousand just two months prior.

The property had been on the market since 2000, and the retirement system had many opportunities to buy it before it was sold to veterinarian Caroline G. Taylor, said a trustee of the Holly Hill Church of Christ.

Since the deal, two high-ranking retirement system officials have since resigned. Gordon Mullis Jr., the chief operating officer, who signed the deed of sale for the property, resigned April 10. John R. Krimmel, chief investment officer, resigned May 10. Both men did not return repeated calls for comment.

A woman at Krimmel's Frankfort home said he was traveling and "pursuing other options" and would probably not comment about his departure.

Williams Hanes, executive director of the retirement system, said the purchase is being reviewed by the system's board of trustees and its lawyer. Information has also been forwarded to State Auditor Crit Luallen, the Kentucky State Police and Attorney General Greg Stumbo.