• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

Is Halsey Minor having Financial Issues ?

 

halsey minor willamsburg va Now that the Landmark’ Hotel’s owner, ( and the owner of Williamsburg’s Carters Grove Plantation) Halsey Minor, and its developer, Lee Danielson, are locked in a legal battle over who is at fault in running up the cost of the hotel from an initial budget of around $31 million to as much as $50 million, according to Minor’s suit against Danielson, and with the property mired in a bank default, the unfinished, 92,000-square-foot concrete shell could remain a fixture on the Charlottesville, VA Mall for months, if not years.

Whatever happens to the incomplete structure will have to go through Stuart Simon. The Richmond attorney was recently named by lender Silverton Bank as the hotel’s substitute trustee. This means he’s ultimately the one who might hand it to a receiver or stand on the courthouse steps for an auction if Silverton forecloses.

"I haven’t a clue what’s going to happen with it," says Simon. "I have no instructions from the bank. I’m just the person who’s holding title until the owner holds title or goes into default."

Minor,  has been repeatedly unavailable for comment concerning any long or short-term plans for the project.

Read more about it here: http://www.readthehook.com/stories/2009/04/30/COVER-amalg.aspx

The latest suit means that, combined with collection actions already filed by Merrill Lynch as well as the Christie’s and Sotheby’s auction houses, Minor could be on the hook for nearly $60 million in alleged debts.

"

[Your name here] v. Minor

by LINDSAY BARNES  The Hook

Minor purchased the painting, Edward Hicks’ "Peaceable Kingdom with the Leopard of Serenity," from Sotheby’s auction house in May of 2008. Now Sotheby’s is suing him to pay up for the $16.8 million he allegedly owes them for it and two other paintings.

Got money to collect from Halsey Minor? Take a number and get in line. Currently, at least four different creditors are suing the Internet entrepreneur, alleging he hasn’t paid them back for several multi-million dollar transactions.

Sotheby’s v. Minor

Money owed: Minor won three paintings at an auction in March 2008: Edward Hicks’ "Peaceable Kingdom with the Leopard of Serenity" (pictured above), Andy Warhol’s "Diamond Dust Days," and Childe Hassam’s "Paris, Winter Days." For these, Minor bid a combined total of $16.8 million, including fees.

Says Sotheby’s: "Sotheby’s has made a number of efforts to obtain payment from Minor, but he has refused– without any legal or other justification– to make the payments."

Says Minor: Minor filed a countersuit claiming Sotheby’s had hoodwinked him into a "scheme to boost its own profits" by not disclosing that "Peaceable Kingdom" had been given to Sotheby’s to sell by another creditor seeking to pay off his own debts to the auction house.

The latest: In January, a judge in California dismissed Minor’s counterclaim, but Minor could still file a suit in New York, where Sotheby’s filed its original complaint.

Christie’s v. Minor

Money owed: Minor purchased two more works of art at a July auction from Christie’s auction house: "A Rearing Stallion" by Sir Anthony van Dyck and "Antinous" by George Stubbs. Combined price tag, including fees: $7 million.

Says Christie’s: In a word? He’s broke. "Minor did not have sufficient resources to pay for the Artworks at the time of the bidding," the Christie’s complaint alleges, "and further, that Minor knew that he did not have sufficient resources to pay for the Artworks at the time of the bidding, and that he would not have such resources at the time the payment was due."

Says Minor: Originally, Minor had sued Christie’s because he alleged that he sent seven works by photographer and painter Richard Prince from his office in San Francisco to Christie’s in New York on May 9, with the intent of having them sent to London to be exhibited for "a single potential buyer." Minor alleges that not only did Christie’s not sell the paintings but that he didn’t get the artwork back until early November, long after the global economy had taken a nosedive, resulting in the artworks’ devaluation.

The latest: Both cases are in Northern California Federal Court and remain in their pre-trial stages. It could be a while before it goes to trial, as Christie’s just officially switched attorneys on April 10.

Merrill Lynch v. Minor

Money owed: Minor took out a loan for $25 million from Merrill Lynch (now part of Bank of America) in December 2007 in order to purchase– you guessed it– art.

Says Merrill: Not only has Minor not paid back the $25 million, but he doesn’t have $25 million in cash with which to pay his debt. "[Minor] has no such level of liquid assets," according to Merrill’s complaint. The company further alleges that Minor sold off the collateral.

Says Minor: According to his counterclaim, Minor says everything was going just fine between him and Minor– until the banking crisis hit. That’s when, Minor alleges, Merrill began "seeking to squeeze every last cent" out of him by calling in his loans. Minor also claims that Merrill’s actions poisoned his relationship with other financial institutions, including Bank of America, from whom he was seeking a loan in order to buy a $58.5 million Gulfstream G650 jet.

The latest: On April 6, Minor’s attorneys filed a motion to dismiss the suit. The judge will not rule on that motion until June at the earliest.

Silverton Bank v. Minor

Money owed: In order to build the Landmark Hotel, Minor took out a $23.6 million construction loan. So far, Specialty Finance Group– a subsidiary of Atlanta-based Silverton Bank– alleges there are $10.5 million in payments he’s skipped.

Says Silverton: The bank’s suit, filed February 24 in Fulton County, Georgia, alleges that Minor has committed seven moves that constitute default including firing the developer and making "misleading and incorrect" statements on loan documents.

Says Minor: Once again, Minor beat his creditor to the punch by suing first, this time in Charlottesville Circuit Court. In a suit against both Silverton and former developer Lee Danielson, Minor alleges that the bank and Danielson "colluded" in presenting Minor a bogus construction budget.

The latest: Attorneys for both sides are wrangling over whether their cases should be tried in Virginia or Georgia. On March 11, Charlottesville Circuit Court judge Edward Hogshire declined Minor’s request for a temporary restraining order against Silverton from foreclosing on the Landmark. Silverton has yet to foreclose on the Landmark.

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