Wednesday, May 18, 2011

Bank Takes Back Patricia Kluge's House, Glen Love, for $2.1 M; Trump Offered $700k

Update, 7pm, May 18 
The Hook has the details.

Original Post, 6am, May 18
Title:  Trump Adds Ex-Owners Kluge and Moses to Vineyard Venture, While Their Home "Glen Love" Scheduled For 10 am Foreclosure Today

Donald Trump isn't going to save America but he seems to be 'saving' old, down-on-their-luck pals Patricia Kluge and Bill Moses.  His son, Eric Trump, says Kluge and Moses will be coming aboard at the Trinery--the former Kluge Estate Winery, though in what capacity is unclear.  Eric Trump called the winery one of the "best vineyards in the world."

Kluge and Moses recently lost Kluge Vineyard Winery to foreclosure, and when it went at absolute auction, Donald Trump bought the majority stake for a song.  Trump has bought other Kluge properties, but not the couples' house--yet.  Albemarle House, the couples' previously-owned over-leveraged estate, was lost to foreclosure and is now listed at $16M by BofA.

Meanwhile, today, 10 am today on the steps of the Albemarle County Courthouse, Kluge and Moses face another foreclosure: Glen Love, the only house built from their failed housing development, "Vineyard Estates."  They bought it just a year ago at foreclosure auction, as "Clover Acquisitions LLC."  (Makes you wonder who did the underwriting on this mortgage....)

Foreclosure Auctions are subject to change and "cure" at any moment.

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