The defeat for Williams was his second in two years. Shareholders last year also voted against Williams' move to oust the company's board of directors and install a new slate selected by him. Last year's voting percentage was 65% against Williams and 35% for him.

Williams remains a director and large investor in Post Properties but spends most of his time these days guiding a stable of new business and real estate development companies in Atlanta, as GlobeSt.com previously reported.

Post officials said an early count of the votes today showed Williams' proposal was supported by investors holding 9% of the company's outstanding shares. The amendment needed a majority percentage of the outstanding shares for adoption.

Brokers and consultants following the controversy tell GlobeSt.com Williams and Post each spent about $1 million on this year's proxy vote battle. Last year, Williams spent about $6 million; Post, about $3 million.

This year's controversy had three national consultants offering paid advice to both sides. Institutional Shareholders Services Inc. of Rockville, MD and Glass, Lewis & Co. of San Francisco advised shareholders to back the company. Green Street Advisors Inc. of Newport, CA, retained by Williams, noted Post directors were "generously paid in terms of total compensation," based on the number of corporate meetings they attended, according to Williams.