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Bill Freehling is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Bill Freehling.
Developers file for bankruptcy protection
UPDATED INFORMATION as of 9 a.m. Tuesday: Three of the auctions that had been scheduled for today will be cancelled because of the bankruptcy filing, but four are still on. Only the properties that are owned directly by the Sealys will not be auctioned because of the filing. The other four properties are owned by entities of the Sealys — Belmont West LLC, Belmont Business Park LLC, Cool Water Development Inc. and Crown Homes LLC. Barring a last-minute bankruptcy filing by one or more of those entities, the sales will go on. See the bottom of this post for details on which auctions are still on for today. If we get new information this morning, we will post it here.
Fredericksburg-area real estate developers Frank and Linda Sealy filed for Chapter 7 bankruptcy protection Monday on the eve of seven foreclosure auctions scheduled on their properties in Spotsylvania and Caroline counties.
The Sealys, represented by Sands Anderson attorney Roy M. Terry Jr., filed the voluntary bankruptcy petition in Richmond.
Seven properties owned by the Sealys and related entities were scheduled for foreclosure auction Tuesday morning and afternoon. Last-minute bankruptcy filings are often submitted as a way to stave off foreclosure auctions.
Creditors listed in the filing include Union First Market Bank, PNC, StellarOne Bank, the city of Fredericksburg, treasurer offices in Spotsylvania and Caroline counties, the late James E. Jarrell Jr., the Mamie Terrell Estate, local attorney Mark Gardner, Robert and Cathy Leonard, and local engineering firm Sullivan, Donahoe & Ingalls.
Here is a list of the properties that were scheduled for auction, as well as information on which ones are still on and when. The Spotsylvania auction will be in front of the Circuit Courthouse in that county, and the Caroline ones will be in front of the Circuit Courthouse in Bowling Green.
- 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. SALE CANCELLED (was at 10:45 a.m.)
- A single-family residence at 11623 River Meadows Way in Spotsylvania. SALE CANCELLED (was at 10:30 a.m.)
- A lot at 11701 River Meadows Way in Spotsylvania (owned by Crown Homes LLC). SALE AT 10:15 a.m.
- 184 acres in the Belmont area of Caroline. SALE CANCELLED (WAS AT 1 p.m.)
- 25 lots in the Belmont West subdivision in Caroline (owned by Belmont West LLC). SALE AT 1:15 p.m.
- 7.5 acres at the Belmont Business Park in Caroline (owned by Belmont Business Park LLC). SALE AT 12:30 p.m.
- 19.25 acres in the Belmont area (owned by Cool Water Development Inc.). SALE AT 12:45 p.m.