Sunday, April 10, 2011

Albemarle House, Now Owned By Bank of America, Re-Listed For $16 Million, an $84 Million "Discount"

A day after the Kluge Estate Winery went to Donald Trump for $6.2 M, the estate itself was relisted for sale, the priciest offering  in Albemarle County.  It has  just 100 acres besides the house.  Bank of America took back the estate in a foreclosure auction for $15.3 M on February 16

Albemarle House was once priced for the 22nd Century or a planet not yet discovered,  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.

Now the question is, Who will buy this house, other than Donald Trump? In addition to Kluge Estate Winery, Trump managed to buy 200+acres that come within 100 feet of the mansion's front door.  Will it be a long-term negotiation?  His rep stated that B of A has an unrealistic expectation for the purchase price of Albemarle House.  Trump has right of first refusal.   With Trump's unknown plans for the winery, the privacy of the grand estate is in question for other buyers.  There are plenty of estates listed for sale in Albemarle County whose neighbors, and their intentions, are known.

MLS #487355

And really, saying that the estate is at an $84 M "discount" doesn't mean anything.   The original asking price of $100M reflected Kluge's and Moses' need:  to settle their Albemarle House debt,  to rescue the failing winery business, to address the steep loans from Farm Credit and SonaBank, and to leave them with some extra $ to maintain somewhat the lifestyle to which they'd become accustomed.

Listing Details

Kluge/Moses - Other Debts
Patricia Kluge and her husband Bill Moses  lost mansion project "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.  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.

Images copyright Charlottesville Area Association of Realtors.

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