January 28, 2011
Carter’s Grove LLC, the entity which purchased Carter’s Grove, has failed to make on time the final two payments due on its mortgage obligation to The Colonial Williamsburg Foundation and is in default under the terms of the mortgage financing.
As a result, the Foundation has initiated foreclosure proceedings under the deed of trust lien that was placed on the Carter’s Grove Plantation property to secure the financing.
The property was sold to Carter’s Grove LLC for $15.3 million in 2007. Of the sale price, $5 million in cash was paid at closing and $10.3 million was financed through a mortgage to Carter’s Grove LLC.
Consistent with Virginia’s foreclosure law, this process is intended to end with a public auction of the property at a date provided for in the published foreclosure notice.
The auction will be held at 1 p.m. on February 15, 2011, at the Williamsburg/James City County Courthouse.