Foundation to Proceed with Foreclosure on Carter’s Grove

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.


The comments sections of Newsplex.com are designed for thoughtful, intelligent conversation and debate. We want to hear from our viewers, but we ask that you follow our rules for commenting. E-mail is required to comment on a story, but it will not be displayed with your comment. For complete rules, CLICK HERE. The Newsplex reserves the right to not post or to remove any comment.
powered by Disqus
The Charlottesville Newsplex 999 2nd Street S.E. Charlottesville, VA 22902 434.242.1919 – Main 434.220.7522 - Newsroom
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 114816839 - newsplex.com/a?a=114816839