THE NEWS DESK
The News Desk is a collection of news, notes and breaking items affecting the Fredericksburg community.
Sealy properties sold at auction
BY BILL FREEHLING
Four properties in Caroline and Spotsylvania counties that were owned by entities of local developers Frank and Linda Sealy were auctioned off Tuesday.
Three of the four properties were taken over by Union First Market Bank, which was the Sealys’ lender. The fourth was purchased by local home builder John Janney.
Three additional auctions had been scheduled for Tuesday, but the Sealys’ Chapter 7 bankruptcy filing late Monday led to their cancellation. Auctions were held Tuesday on properties the Sealys owned through a corporation or limited liability company, but not on the properties they owned directly.
Janney submitted the winning bid of $70,000 for a roughly 0.3-acre riverfront lot at 11701 River Meadows Way off Tidewater Trail in Spotsylvania. The property is tax-assessed at $85,200.
Tuesday’s remaining three auctions involved land in Caroline’s Belmont community, which is in the Carmel Church area not far off Interstate 95.
Though about a dozen people attended the auctions for the land—25 lots in Belmont West, 7.5 acres in the commercially zoned Belmont Business Park and 19.3 acres of raw land zoned residential—there were no bidders beyond the opening price put forth by Union First Market. As a result, each of the three properties will revert to the Richmond-based bank.
The bankruptcy filing staved off auctions scheduled for three commercially zoned lots on Mine Road and a single-family residence at 11623 River Meadows Way in Spotsylvania, as well as another 184 acres in the Belmont area.
Creditors listed in the bankruptcy filing included Union First Market, PNC, StellarOne Bank, the city of Fredericksburg, treasurers’ 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.
Five completed townhouses in Caroline’s Belmont West subdivision that are owned by the Sealys’ Crown Homes LLC and individually rented are scheduled to be sold at auction at 1 p.m. Dec. 27 in front of the circuit court in Bowling Green. Title work wasn’t completed on the townhouses in time to meet the public notice deadlines, which is why the units weren’t included in Tuesday’s sale.
Bill Freehling: 540/374-5405
Permalink: http://news.fredericksburg.com/newsdesk/2012/12/11/sealy-properties-sold-at-auction/
