More of a bankrupt developer’s suburban land is up for grabs.
Thirty-one acres in Chesterfield County owned by Bill DuVal are headed next week to foreclosure auction.
The property, at 12650 Second Branch Road, is being foreclosed on by Bank of Virginia. It will be auctioned on the steps of the Chesterfield County Courthouse at 10 a.m. April 11. Chip Bliley, an attorney with William Mullen, is handling the auction for the bank.
DuVal had been one of the largest real estate developers in the area, particularly in the western part of the region. He filed for bankruptcy in late 2010, saddled with too much speculative land and overleveraged with too much debt.
He had $3.2 million in assets and $11.1 million in debt owed to dozens of creditors, including at least eight local banks, according to his bankruptcy records.
Much of his property has been foreclosed on or liquidated during the bankruptcy process, which is ongoing.
This latest foreclosure is on undeveloped acreage just north of River Road.
DuVal had planned to develop the property, said Roy Terry, an attorney with Sands Anderson. Terry has represented DuVal in both his personal bankruptcy and that of DuVal Development, one of his business entities.
Terry said the Second Branch Road property is tied DuVal’s personal bankruptcy. Terry said there was no equity on the land for the bankruptcy estate, clearing the way for Bank of Virginia to take action.
The primary asset left in DuVal’s bankruptcy estate is a large piece of land in Belize, Terry said. DuVal owns an interest in the land, which had at one time been slated for development. The land is being marketed for sale.
DuVal had big plans for other local parcels of land prior to his bankruptcy.
More than 100 acres that were to be the home of a planned subdivision called Riverview Green in northern Henrico County were foreclosed on and auctioned off last summer.
On that project, he partnered with Hank Wilton, another prominent local developer who went into bankruptcy around the same time in 2010.
DuVal was also working to develop a 100-acre marina, hotel and townhouse project along the James River in Chesterfield called Riverwalk on the James. That property was foreclosed on by Union First Market Bank and is listed for sale with NAI Eagle.
Another 200 acres of DuVal’s undeveloped land in Powhatan was foreclosed on in late 2011 by Central Virginia Bank. He had planned a subdivision there called Upper Meadows.