Déja vu: Halsey Minor's farm back into foreclosure proceedings
Less than a month after he agreed to buy it out of one foreclosure auction, bi-coastal internet titan (and center of Charlottesville's unfinished-hotel storm) Halsey Minor is once again facing the prospect of losing the farm.
Last time, it was a million-dollar second mortgage on his plush 205-acre Fox Ridge Farm that he allegedly defaulted; this time it is the much-larger first deed of trust, a $6.52 million note.
In public filings accompanying some of his litigation with creditors and in comments to reporters, Minor has insisted that his income has actually been rising, but if he's missing monthly payments on his mortgages, that suggests some sort of a financial crisis.
"He's definitely got financial problems," says real estate lawyer Cheri Lewis. "The thing speaks for itself."
Minor, however, claims that the lenders simply "like advertising."
Fox Ridge, which Minor purchased for an undisclosed sum in 1999, features stellar Blue Ridge views, about a mile of Moormans River frontage, and one of Abemarle County's largest equestrian barns.
In the last foreclosure auction, in which the allegedly defaulted amount was around $1 million, Minor himself was the high bidder. Under terms of the auction, he had to bring just $75,000 to the auction and was given 30 days to settle the transaction, i.e. until February 3. In the new alleged default, however, any potential bidder must bring a minimum cash or cashier's check of $325,000 and must settle within just 15 days.
The sale, according to the legal notice published in the Daily Progress, is set for the steps of the Albemarle County Courthouse on February 18 at 3pm.
Although he declined to comment, one likely bidder will be Mark Giles, the holder of the million-dollar second mortgage, as any failure to satisfy the first deed could eat into the value of his loan.
–last updated 10:21am Tuesday