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Lindley Estes is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.
Auctions scheduled on developer’s properties
A well-known Fredericksburg-area real estate developer may lose numerous properties in Caroline and Spotsylvania counties to foreclosure.
Foreclosure auctions have been scheduled for Dec. 11 on properties owned by Frank Sealy and his wife, Linda, according to legal ads that ran in Monday’s Free Lance-Star, as well as state and local records.
The Caroline properties up for auction that day are all in the Belmont area off State Route 207 near the Carmel Church exit off Interstate 95. The Spotsylvania properties are in the River Meadows subdivision off Tidewater Trail, and on Mine Road in the Lee’s Hill area.
Among the Fredericksburg-area projects that the Sealys have helped develop over the years are Kensington Hill, Lee’s Hill, Belmont, Mansfield Club and River Meadows. Frank Sealy was Spotsylvania’s manager in the early 1970s before going into real estate development.
The Sealys could not be reached for comment Monday.
Frank Sealy’s LinkedIn page says he is looking for a buyer for more than 800 mixed-use residential units and three zoned commercial sites, and that “current conditions would allow a qualified purchaser a great opportunity to acquire a very valuable group of properties.”
Union First Market Bankshares Corp. is the lender on each of the seven properties scheduled for foreclosure auction Dec. 11, said William H. Casterline Jr., an attorney with Blankingship & Keith, a Fairfax-based law firm serving as substitute trustee for the auctions.
Barring any last-minute bankruptcy filing or resolution with the lender, the auctions will be held in front of the Circuit Court offices in Caroline and Spotsylvania.
The three Spotsylvania auctions are scheduled the morning of Dec. 11 at 10:15, 10:30 and 10:45. The Caroline auctions are scheduled that afternoon at 12:30, 12:45, 1 and 1:15. Each of the properties will be auctioned individually, Casterline said.
Based on the legal ads and property records in Caroline and Spotsylvania, here is what will be up for auction Dec. 11:
- Three commercially zoned lots totaling 8.4 acres at 4517, 4525 and 4537 Mine Road in Spotsylvania. Medical offices totaling 123,000 square feet have been envisioned on those lots.
- A single-family residence at 11623 River Meadows Way in Spotsylvania.
- A lot at 11701 River Meadows Way.
- 184 acres in the Belmont area of Caroline.
- 25 lots in the Belmont West subdivision in Caroline.
- 7.5 acres at the Belmont Business Park in Caroline.
- 19.25 acres in the Belmont area (owned by Cool Water Development Inc.).