Homeless? Kluge house under foreclosure-- again
The first foreclosure in Patricia Kluge's life is now also her latest. And this time it's personal: the house in which she and her husband live.
A year ago, the 6,600-square-foot abode on 2.9 acres, dubbed "Glen Love," came under foreclosure when Kluge's development partners went bankrupt. She and her husband, Bill Moses, reclaimed the house at auction in front of the Albemarle Courthouse, and the couple moved in late last spring.
The one and only residence in their planned high-end agri-subdivision, Vineyard Estates, the house may be sold by Sonabank, which claims default on a $3.675 million loan. Located at 2621 Coopers Lane, the place is currently assessed at $2,496,500.
Since Glen Love first went up for auction in March 2010, the beleaguered couple have endured several foreclosure auctions that have taken their vineyards, winery, and equipment, as well as Kluge's Albemarle House mansion and the 511-acre Vineyard Estates subdivision, most of which Sonabank took back in late January.
In 2006, tracts in the first phase of Vineyard Estates were priced from $300,000 to $2.75 million. It's unclear from the Charlottesville Area Association of Realtors website whether any of the other 24 lots in Vineyard Estates are for sale. Neither Moses nor Sonabank returned a reporter's call.
As for Albemarle House, the nearly 24,000-square-foot residence that Kluge built during her marriage to billionaire John Kluge was listed for sale in 2009 for $100 million. After a series of price cuts and a foreclosure that handed it over to Bank of America in mid-February, it's back on the market for $16 million.
The 98-acre spread is currently getting eyed by another billionaire, possible presidential candidate Donald Trump. The Donald quietly bought 216 acres that essentially make up its front yard, and he has said that he also wants Albemarle House. But he thinks Bank of America has put too high a price on it, according to one of his representatives.
On April 7, Trump bought the bulk of another Kluge property, the Kluge Estate Winery and Vineyard, for $6.21 million, with Loudoun developer Sal Cangiano paying $1.12 million for three remaining parcels, bargain prices given that Farm Credit had lent $35 million on the 900-acre property.
The Glen Love auction takes place May 18, and bidders should bring $20,000 or 10 percent of the sale price, whichever is lower. The proceedings will be handled by a Virginia Beach-based law firm called Samuel I White PC.