Father land: Huguely's Morgantown property yanked from foreclosure
Besides being accused of murder in the death of UVA classmate Yeardley Love, George W. Huguely V has been branded a spoiled rich kid. But according to an action taken by a local lender, the Huguely family appears to be enduring the kind of financial setbacks that have affected many property owners in the ailing American economy.
According to property and other public records, an 8.34-acre parcel of land along upscale Morgantown Road owned by a company controlled by the accused killer's father, George W. Huguely IV, has fallen into foreclosure proceedings.
The auction, under the auspices of Charlottesville attorney Rick Carter, was slated for the steps of the Albemarle County courthouse at noon on Tuesday, December 7. According to a source, that auction was called off. The reason, says Carter, is that the land-owning company has declared Chapter 11 bankruptcy.
Purchased five years ago for $485,000 in a transaction funded by Virginia National Bank, the originally 10.34-acre property was replatted a year later with a two-acre parcel sold off as the building site. The remaining land appears to contain no house.
An early deed of trust from VNB shows indebtedness of $325,000. How much debt remained on the property at the time of the foreclosure action could not be immediately learned.
The Albemarle assessor values the tract at $333,800. The property is held by a West Virginia partnership whose general partner, and the person signing the documents, is George W. Huguely IV. The company's legal address is a building in Bethesda, Maryland, that also serves as the headquarters for the Huguely Companies. Efforts to reach the elder Huguely were not immediately successful.
In 1993, a West Virginia firm bearing the same name declared bankruptcy in Maryland's federal bankruptcy court. Whether there was any connection to Huguely's company could not be immediately determined.
Huguely's son has resided in the Albmarle Charlottesville Regional Jail since May 3, the day of the slaying. His lawyer has termed the young woman's death a tragic accident.
–original headline retired (as tonally inappropriate): Killer land? Huguely's Morgantown property yanked from foreclosure