The owners of a riverside Powhatan home have avoided foreclosure through a bankruptcy filing.
The stately brick house at 4580 Cosby Road – a 12-acre tract that was once part of a larger family estate – was set to be sold in a foreclosure sale last week. That sale was cancelled when the owners, James E. Dunivan Jr. and Margaret J. Dunivan, filed for Chapter 11 bankruptcy protection.
Chip Bliley, an attorney with Williams Mullen who was handling the foreclosure process for the lender, said he was notified of the filing just prior to the public auction, which he said had attracted some interest from potential buyers.
“I’ve gotten two or three calls, which is kind of normal,” he said.
Bliley said the sale is on hold for now, and he said the bank could ask the court for permission to foreclose the property in the future. He said the property had been up for foreclosure a couple of times before.
A call to the Dunivans’ attorney was not returned Friday.
The colonial-style house and riverfront land has been on the market for more than a year. Charlottesville firm Frank Hardy Realtors has it listed at $1.5 million.
Frank Hardy did not return calls requesting comment.
The listing describes the house as having five bedrooms and 3½ bathrooms. The square footage totals just more than 5,200 square feet.
Built in 1998, the house is on land that was previously part of an estate owned by James Dunivan’s parents, J. Edward and Elizabeth R. Dunivan. The senior J. Edward Dunivan passed away in 2009.
The junior Dunivan and his wife are named in a deed of trust dated May 14, 2004, for the 4580 Cosby Road parcel, which adjoins the larger Dunivan family estate.
Bliley said the larger estate is not in foreclosure. But at least part of it is included in the sale listing for the property, which describes the land as totaling 120 acres.
That acreage includes 800 feet of frontage on the James River, as well as an additional residence totaling upwards of 3,000 square feet. The listing notes the property’s potential for a conservation easement with federal and state tax benefits.