The 183-acre tract is set for auction March 27. (Courtesy of Motley’s Auction & Realty Group)
A stalled residential development halfway between Richmond and Fredericksburg is up for grabs.
The 183-acre property in Caroline County – on which more than 200 homes had been planned – is in foreclosure and will be auctioned off next week.
The subdivision, which was to be the second phase of Belmont North, was conceived by Linda and Frank Sealy, Fredericksburg developers who filed last year for Chapter 7 bankruptcy.
The property is about 30 miles north of downtown Richmond, just east of Interstate 95 and Jefferson Davis Highway.
Motley’s Auction & Realty Group is handling the foreclosure auction. The auction will take place March 27 at 1 p.m. on the steps of the Caroline County Courthouse. Tim Dudley from Motley’s is working the listing.
Dudley said the acreage had been tied up in the Sealys’ bankruptcy until the lender on the property, Richmond-based Union First Market Bank, was granted relief from the court and allowed to proceed with foreclosure.
“It’s currently used as farm land to grow corn and little bit of wheat,” Dudley said.
Zoning on the Belmont development was approved in 2008, before the real estate market crashed.
The first phase of Belmont has seen some activity, Dudley said, with some homes built and occupied. The stalled section was approved for a mix of single-family homes, townhouses and age-restricted residential properties.
The 183-acre tract is set for auction March 27. (Courtesy of Motley’s Auction & Realty Group)
A stalled residential development halfway between Richmond and Fredericksburg is up for grabs.
The 183-acre property in Caroline County – on which more than 200 homes had been planned – is in foreclosure and will be auctioned off next week.
The subdivision, which was to be the second phase of Belmont North, was conceived by Linda and Frank Sealy, Fredericksburg developers who filed last year for Chapter 7 bankruptcy.
The property is about 30 miles north of downtown Richmond, just east of Interstate 95 and Jefferson Davis Highway.
Motley’s Auction & Realty Group is handling the foreclosure auction. The auction will take place March 27 at 1 p.m. on the steps of the Caroline County Courthouse. Tim Dudley from Motley’s is working the listing.
Dudley said the acreage had been tied up in the Sealys’ bankruptcy until the lender on the property, Richmond-based Union First Market Bank, was granted relief from the court and allowed to proceed with foreclosure.
“It’s currently used as farm land to grow corn and little bit of wheat,” Dudley said.
Zoning on the Belmont development was approved in 2008, before the real estate market crashed.
The first phase of Belmont has seen some activity, Dudley said, with some homes built and occupied. The stalled section was approved for a mix of single-family homes, townhouses and age-restricted residential properties.