Developer Jim Tanner has sold his share of Louisiana Aircraft to two partners. Tanner bought the business, which sells ExxonMobil aviation fuel and provides hangar storage and maintenance at Metro Airport for corporate and private plans, in October 2007. Mike Worley of Zachary and L.J. Sevin of Dallas, who had an equal stake in the company, bought out Tanner in a deal that closed a few weeks ago, says Landon Petty, chief operating officer of Louisiana Aircraft. The sale price was not disclosed. Petty says he doesn’t know what led to the sale. Louisiana Aircraft is currently in the middle of an expansion. Albemarle is building a corporate hanger, and Worley will soon start building a hangar for his holding company, W Resources. Once the work is completed in the next few months, Louisiana Aircraft will have a dozen hangars.
Tanner, who regularly buys luxury homes and high-profile properties as investments, has been in the middle of a sell-off. He recently sold the old Louisiana High School Athletic Association offices on Jefferson Highway, and he’s struck a deal to sell the Highland Road estate that belonged to former LSU football coach Nick Saban. According to published reports, he’s also looking at selling The Bluffs golf course in St. Francisville.—Timothy Boone