Wednesday, February 16, 2011

$15.3M: Bank of America Takes Back Kluge's Albemarle House at Foreclosure Auction, Refuses Trump's Offer

UPDATE 2:  Donald Trump has an interest in acquiring some of the former Kluge properties.  He bid $3+ M for Albemarle House, and $1M for Vineyard Estates, the failed mansion development.


UPDATE:  B of A "paid" 33% less than what Kluge "owed": $15.3M v. $22.3M.   Bargain priced. 

Original Post, 7am:  "Bank of America Takes Back Kluge's $23M Albemarle House in Foreclosure Auction"

The headline has quote marks because this is the likely outcome of the foreclosure auction scheduled for 11am today on the steps of the Albemarle County Courthouse.

Albemarle House was once priced for the 22nd Century at $100 M, then tried to chase down the local luxury market with price reductions.  The estate sector in this area is dead dormant, and the effort was futile.  

Patricia Kluge and her husband Bill Moses  lost "Vineyard Estates" to Sonabank on January 31 2011, and Kluge Estate Winery was repossessed by Farm Credit on December 7, 2010.  Kluge and Moses are said to owe $86K in back taxes to Albemarle County.  And the contents of Albemarle House are under separate lien.

Kluge and Moses have lots of company in foreclosure-ville, at all price points.

Still unresolved: Fuel Restaurant/Gas Station/C-Store at 901 E Market Street, with "Price Reduced" signs plastered on the windows.  Once priced at the negative ROI of over $1M, it remains unsold, like the majority of commercial property for sale in the Charlottesville Albemarle area.

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