A long-lingering lawsuit over an allegedly botched deal to sell the State Fair of Virginia has been settled out of court.
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Failing in their efforts to get a lawsuit against them thrown out, a downtown law firm and the Virginia Farm Bureau will face off against a New Kent company in court that sued over an alleged conspiracy to botch its purchase of the Virginia State Fair.
A downtown law firm and the owner of the Virginia State Fair have fired back at a $14 million lawsuit against them by a New Kent County company. They are pushing for a dismissal of the case that accuses them of unfairly manipulating the sale of the fair in 2012.
A New Kent County company filed the suit against the Virginia Farm Bureau and a major Richmond law firm last week, claiming that the two worked together to underhandedly take control of the Virginia State Fair’s assets.
A victim of a poorly timed stock sale that locked in enormous losses, the State Fair of Virginia is no more. Its 360-acre fairgrounds in Caroline County will be auctioned off.
ArborOne, a South Carolina lender on tens of millions of dollars of bonds owed by the fair, wants the court to let it keep its right to take action, which could include foreclosing on the 360-acre Caroline County property the fair calls home.
The nonprofit company that operates the fair filed for Chapter 11 after failing to work out a deal with its lenders to restructure the $83 million it borrowed to develop its new fairgrounds in Caroline County.
The State Fair of Virginia was sold Tuesday at a foreclosure auction for $5.67 million.
The State Fairgrounds and SportsQuest are both in new hands.
One of the largest tracts of residential real estate along western Henrico’s River Road corridor hit the market over the weekend, in what is by far the priciest suburban home listing in the area in recent memory.