Vineyard Estates

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Vineyard Estates is a planned 24-unit luxury home development owned by Patricia Kluge and William Moses that is stalled and in jeopardy, as of 2011. Five of the lots are in foreclosure and are scheduled for auction on January 11, 2011[1]. The couple's partner in the development, First Colony Resorts of North Carolina, filed for bankruptcy in September 2009. The properties are nearby the Kluge Estate Winery and Vineyards, which was sold at a trustees sale to Farm Credit Bank for $19 million, far lower than the $34.8 million asking price[1]. On January 31, 2011, Sonabank of Virginia bought the development with a $4.9 million bid at a foreclosure auction. The bid was $3 million more than the only other bid made at the auction and $3.3 million less than what was owed to the bank. [2]

References

  1. 1.0 1.1 Web. Kluge woes continue with housing development foreclosure, Daily Progress, World Media Enterprises, December 29, 2010, retrieved December 29, 2010.
  2. Web. Bank buys luxury development at foreclosure auction, Bryan McKenzie, Daily Progress, World Media Enterprises, January 31, 2011, retrieved February 1, 2011.