Thursday, March 24, 2011

Charlottesville Real Estate >>> $100M (2009) >>> $15M (2011) Lien $23M

10 Celebrities Who Are Flirting With Foreclosure (Business Insider)

Patricia Kluge, Albemarle House

Perhaps the most shocking foreclosure on the list is that of the elegant, 45-room mansion known as the Albemarle House.

The rare piece of Charlottesville real estate was most recently owned by billionaire winemaker Patricia Kluge who first attempted to sell the property for $100 million in 2009.

It was later reduced to $48 million in early 2010, and then to $24 million in November 2010. Just last month, however, Bank of America beat out Donald Trump at a foreclosure auction with a winning bid of $15.3 million. Apparently, Bank of America held a property lien on the estate worth close to $23 million, which may have given them some leverage during the bidding war.

The Albemarle House was built in 1985 and boast 300 acres, 23,500 sq ft, 8 bedrooms, 14 bathrooms, a library, art gallery, home theater, helipad, tiered garden, pool, staff quarters, wine cellar, and horse stables.

See more photos of Kluge’s Albemarle House

Read Full Story HERE

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