Sold: Kluge/Moses regain luxury spec house
The only bidder at the foreclosure auction of the multi-million-dollar spec house built in Patricia Kluge and Bill Moses' Vineyard Estates was... the couple themselves, as Clover Acquisitions LLC.
Their attorney, Steve Blaine, put down a $150,000 deposit, and their bid of $3.675 million, which covers the interest and principal on the mortgage held by Sona Bank, was accepted by auctioning attorney James Schroll in front of the Albemarle Circuit Court Monday, March 1.
The 6,600-square foot house on 2.895 acres was built in 2007 and is assessed for $2.76 million. It's on one of 24 lots that make up the 511-acre Vineyard Estates subdivision near Kluge Estate Winery and Vineyard.
"We had to take control of the project back," says Moses, after signing the papers to regain full ownership. "We had issues with partners in North Carolina."
That would be First Colony Corporation in Charlotte, which has filed for bankruptcy, says Moses. First Colony, which does primarily commercial real estate development, was general partner of FC Vineyards LLC, the general partner of Vineyard Estates LLC, explains Moses.
While the foreclosed property is currently listed for $3.25 million and dubbed Glen Love Cottage on the Sotheby's website, it's no longer for sale, says Moses.
"We're pulling it off the market," he says. "We've got to reset to do what we need to do to move forward. I think this is a project that as the market comes back, will be very viable."
Meanwhile, Vineyard Estates is beset by another woe: It's being sued by former listing agent Frank Hardy, who is seeking nearly $2 million for his efforts to market the exclusive, 24-lot subdivision, none of which has sold.
"The project is going forward," promises Moses, who has another auction upcoming: the June 8-9 sale of the contents of Albemarle House, which itself is on the market for $48 million.
"The house is too big," says Moses, "and with grandchildren, there are too many things to break."
Despite the distractions of the foreclosure and lawsuit and moving to a smaller abode, Moses stays focused on his primary business. He lists the competitions at which Kluge Estate Winery has won awards this year, and asks, "When are you coming to talk about wine?"