The new year is not getting any easier for Halsey Minor.
One week after a Georgia judge ruled in favor of the government-backed bank Specialty Finance Group (SFG) in all of its claims against Minor, owner of the Landmark Hotel on the Downtown Mall, the Virginia Gazette reports that the Colonial Williamsburg Foundation will foreclose on the Carter’s Grove mansion owned by Minor.
According to the article, Minor’s Carter’s Grove, LLC defaulted on a $10.3 million loan. The Gazette reports that the property was sold in 2007 for $15.3 million. Of that, $5 million was paid in cash at the time of closing. The foreclosure sale is scheduled for February 15 at the Williamsburg-James City County Courthouse.
In 2009, SFG filed suit to claim $10.5 million of a $23.6 million loan issued by its subsidiary, Silverton Bank, for the construction of the hotel. Silverton Bank was eventually taken over by the Federal Deposit Insurance Corporation. Minor plans to appeal the decision.