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Moncure bankruptcy case properties going on market

Eleven properties involved in the James Moncure bankruptcy case will be listed for sale as early as Monday, including his two million-dollar downtown homes.

An agreement has been reached between the trustee in the case, Lynn Tavenner, and the bank holding notes on the properties, Union First Market Bank, in order to sell the properties, according to the trustee’s office.

The properties will be listed with Jeff Stein of Jefferson Realty Group.

The two properties owned by Moncure and his wife are located at 1200 William St. and 408 Hanover St. in downtown Fredericksburg.

The William Street property was built in 1829, has 3,430 square feet and was purchased by Moncure for $1 million. It was recently assessed at $675,000.

The Hanover Street home was built in 1848 and has 4,478 square feet of space. Moncure and his wife spent $1.3 million on the home. Its most recent assessment by the city puts the home at $1.05 million.

He currently owes the bank on two notes, one for each property. He took out $875,000 on the William home and $950,000 on Hanover.

The other nine properties were registered to one of Moncure’s real estate companies, Saranna LLC. They were slated for auction on July 15, but the company entered bankruptcy before the sale could occur.

Tavenner is also the trustee in that bankruptcy case.

The properties, located in Fredericksburg and Spotsylvania and Stafford counties, were included as collateral in a $1.5 million deed of trust with Union First Market Bank and are being liquidated to cover defaulted payment.

The Fredericksburg addresses include: 207 Amelia St., a mustard-colored, 1,591-square-foot duplex between Caroline and Princess Anne streets; 509 Amelia St., a 3,603-square-foot duplex; and a 1,925-square-foot single-family home at 405 Hawke St.

The Spotsylvania property is in Waverly Village, at 804 Churchill Drive.

In Stafford, the four properties include 2183 Sebastian Road, a 1,478-square-foot Kendallwood Estates home with a shed; 601 Fagan Drive, a 1,392-square-foot house in Clearview Heights; two lots north of Stafford Courthouse at 42 Bells Hills Road to be sold together; and 133 Onville Road off Garrisonville Road.

An involuntary Chapter 7 case was filed against Moncure in March.

Moncure, a 41-year-old Stafford native, graduated from North Stafford High School and Mary Washington College.

He has listed 97 creditors in federal bankruptcy court filing. The list includes family, friends, banks, public officials and more.

Union First Market Bank is one of the largest creditors in the case.

Some people who lent money to Moncure were told that the funds would be used for land investments in Stafford near the Quantico Corporate Center.

It is not clear how the borrowed money was used. In a March 4 email to creditors, Moncure referenced that he used an Ameritrade account and became overextended.

Lindley Estes: 540/735-1976

lestes@freelancestar.com

 

Permalink: http://news.fredericksburg.com/newsdesk/2014/08/01/moncure-bankruptcy-case-properties-going-on-market/