More than 200 acres of undeveloped Powhatan real estate will be auctioned off Monday.
The land, which was foreclosed on by Central Virginia Bank, had been tied up in the bankruptcy proceedings of a longtime local developer that went bust a year ago.
DuVal Development Inc., which filed for Chapter 7 liquidation last October after it got caught up in the bankruptcy web of developer Hank Wilton, defaulted on a loan for land. DuVal planned a subdivision called Upper Meadows.
Central Virginia Bank loaned $1.12 million to DuVal. Owner Bill DuVal also filed for bankruptcy last year.
Because the land was tied into DuVal’s personal bankruptcy, CVB had to petition the federal court to get permission to foreclose on the 200 acres.
The land is at the intersection of Huguenot Spring Road and Confederate Cemetery Road. It was most recently assessed at $1.4 million, according to Powhatan County records.
BizSense was unable to reach DuVal.
Roy Terry, an attorney with DurretteCrump, is handling the bankruptcies of DuVal Development and Bill DuVal.
Terry said several other parcels of DuVal’s land have been foreclosed on and that the liquidation process is ongoing.
“The trustee has assets that he’s interested in liquidating,” Terry said.
When the company filed for bankruptcy last October, Mr. DuVal told BizSense that it was due to an investment gone sour in a Henrico residential real estate project with Hank Wilton.
DuVal, who is in his mid-70s, said at the time that the DuVal Development entity accounted for 5 percent of his overall business operations.
Indeed, DuVal’s personal bankruptcy liquidation, which was filed last November, revealed that he had huge real estate holdings tied to several speculative developments.
DuVal listed more than $11 million in debts in his bankruptcy filing, the majority of which were tied to real estate developments that borrowed from banks all over town.
At one point, DuVal was working to develop a 100-acre marina and townhouse project along the James River in Chesterfield called Riverwalk on the James.
DuVal personally guaranteed more than $2 million in loans on that project from Union First Market Bank and Village Bank, according to bankruptcy records. That land is now bank-owned.
Terry said DuVal’s story is similar to that of many other developers that got caught up in the real estate bust.
“Yes, he did very well. Yes, he had a lot of land,” Terry said. “But when the recession hit and the musical chairs game stopped, he was left holding too much land.”
Paul Bliley, an attorney with Williams Mullen, is acting as trustee for the foreclosure auction.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].
More than 200 acres of undeveloped Powhatan real estate will be auctioned off Monday.
The land, which was foreclosed on by Central Virginia Bank, had been tied up in the bankruptcy proceedings of a longtime local developer that went bust a year ago.
DuVal Development Inc., which filed for Chapter 7 liquidation last October after it got caught up in the bankruptcy web of developer Hank Wilton, defaulted on a loan for land. DuVal planned a subdivision called Upper Meadows.
Central Virginia Bank loaned $1.12 million to DuVal. Owner Bill DuVal also filed for bankruptcy last year.
Because the land was tied into DuVal’s personal bankruptcy, CVB had to petition the federal court to get permission to foreclose on the 200 acres.
The land is at the intersection of Huguenot Spring Road and Confederate Cemetery Road. It was most recently assessed at $1.4 million, according to Powhatan County records.
BizSense was unable to reach DuVal.
Roy Terry, an attorney with DurretteCrump, is handling the bankruptcies of DuVal Development and Bill DuVal.
Terry said several other parcels of DuVal’s land have been foreclosed on and that the liquidation process is ongoing.
“The trustee has assets that he’s interested in liquidating,” Terry said.
When the company filed for bankruptcy last October, Mr. DuVal told BizSense that it was due to an investment gone sour in a Henrico residential real estate project with Hank Wilton.
DuVal, who is in his mid-70s, said at the time that the DuVal Development entity accounted for 5 percent of his overall business operations.
Indeed, DuVal’s personal bankruptcy liquidation, which was filed last November, revealed that he had huge real estate holdings tied to several speculative developments.
DuVal listed more than $11 million in debts in his bankruptcy filing, the majority of which were tied to real estate developments that borrowed from banks all over town.
At one point, DuVal was working to develop a 100-acre marina and townhouse project along the James River in Chesterfield called Riverwalk on the James.
DuVal personally guaranteed more than $2 million in loans on that project from Union First Market Bank and Village Bank, according to bankruptcy records. That land is now bank-owned.
Terry said DuVal’s story is similar to that of many other developers that got caught up in the real estate bust.
“Yes, he did very well. Yes, he had a lot of land,” Terry said. “But when the recession hit and the musical chairs game stopped, he was left holding too much land.”
Paul Bliley, an attorney with Williams Mullen, is acting as trustee for the foreclosure auction.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].
I like the musical chairs analogy. Very well put.
The Riverwalk on the James concept is amazing. It could be a Rocketts Landing type of project. Is there any update on a developer taking this over? That piece of land is in a great location of the river and would be a perfect marina/waterfront commercial use for the city of Richmond.
It’s currently listed for sale by Eagle Commercial Realty. http://www.ecrva.com (I’m not affiliated, just happened to see it there)