Wednesday, April 27, 2011

Bundoran Farm Update: Manor House Lost to Foreclosure, 12 Lots Sold to Investment LLC

Upper Bundoran, the manor house at the Bundoran Farm "preservation development" trying to get going amidst slow sales and Albemarle County's declining home prices in the Charlottesville Area real estate market, has gone back to the bank in a foreclosure auction. 

The April 18 auction on the steps of the Albemarle County Courthouse unloaded the 6,500 sq ft house built in 1955 sitting on 55 acres.  The house held a $3.1 Million mortgage and had been for sale for $2.6 M, and  went back to the bank for $2,033,000"Nobody bid $2,034,000," said attorney Bill Schmidheiser, the foreclosure rep.  "I was surpirsed," according to The Hook's after-auction coverage. 

In The Hook's coverage before the auction, Bundoran's intent is laid out:
"The plan for the 2,300 acre Bundoran Farm is to keep most of its acreage under conservation easement as pasture, forest, and orchards, and to plant 108 residential lots in the middle of that....Bundoran Farm sales have picked up, with 17 lots recently sold."
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Albemarle County tax records tell the story.  In Feb '11,  12 lots sold to a single entity called "Bramley Investments LLC", and in Oct '10, two lots went to Fred Scott, the man who lived in Upper Bundoran as a child, initially sold the acreage for millions, and now sees the manor house go back to the Bank, while 3 homeowners have bought, and one parcel has sold to another LLC.

Click for full image in new window.

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