The Georgian-style mansion at 330 Oak Lane is still owned by Justin and Tanya French. (Photos by Michael Schwartz)
Justin French’s mansion once again got a reprieve Thursday.
A foreclosure auction that had been scheduled Thursday for the 10,000-square-foot Georgian-style mansion was cancelled at the request of the lender, according to ALG Trustee, the firm handling the foreclosure.
The home, at 330 Oak Lane, just off Patterson Avenue, has seen several scheduled auctions come and go since late 2010.
Bank of America holds the $1.45 million loan on the property. Recontrust, Bank of America’s foreclosure arm, is the loan servicer.
ALG is part of Atlantic Law Group in Leesburg.
The auction was to have taken place on the front steps of the Richmond courthouse. No new auction date has been set, according to ALG.
French bought the property in 2005. The home sits on about two acres and has eight bedrooms and 7.5 bathrooms. It was most recently valued at $1.96 million after peaking in value at the height of the real estate bubble at more than $2.5 million, according to the city’s most recent assessment.
Read about the history of the home and the tax credits French received for restoring it here.
The Georgian-style mansion at 330 Oak Lane is still owned by Justin and Tanya French. (Photos by Michael Schwartz)
Justin French’s mansion once again got a reprieve Thursday.
A foreclosure auction that had been scheduled Thursday for the 10,000-square-foot Georgian-style mansion was cancelled at the request of the lender, according to ALG Trustee, the firm handling the foreclosure.
The home, at 330 Oak Lane, just off Patterson Avenue, has seen several scheduled auctions come and go since late 2010.
Bank of America holds the $1.45 million loan on the property. Recontrust, Bank of America’s foreclosure arm, is the loan servicer.
ALG is part of Atlantic Law Group in Leesburg.
The auction was to have taken place on the front steps of the Richmond courthouse. No new auction date has been set, according to ALG.
French bought the property in 2005. The home sits on about two acres and has eight bedrooms and 7.5 bathrooms. It was most recently valued at $1.96 million after peaking in value at the height of the real estate bubble at more than $2.5 million, according to the city’s most recent assessment.
Read about the history of the home and the tax credits French received for restoring it here.
I don’t know the condition of the property but assuming it sells for less than French purchased it for, this seems like a really good deal for this property.
Obviously location has something to do with it; it seems conspicuously out of place in it’s location and Richmond as a whole is incredibly affordable.
Can you imagine how much this would go for in some place like DC? Another reason I like RVA.
It’s a large expensive house in a neighborhood of large expensive houses – how, precisely, is that out of place?
Housing in Richmond gives you great bang for the buck though, especially in the city
Why was did they request it’s cancellation? Don’t you think that’s a key point that should have been included??
@Sabrina,
From what I understand and have read in other news outlets, they didn’t disclose why the auction was cancelled.
This house may be bigger then its neighbors but it is not out of place when you consider that in 1919 it was most likely the only house on the block. Most of the area is Will Way Estates and Glenburnie both of which didn’t take off until the 30’s. You search around RVA you will find a bunch of gems like this they are just tucked back more then this one is.
The family subdivided the surrounding land after Douglas Southall Freeman’s death is the reason for the different size homes/lots.
How is it a reprieve? Wouldn’t the house much rather be bought and lived in than sitting empty?