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Carters Grove Owner, Halsey Minor Files For Bankruptcy

Tech investor,  entrepreneur and past owner of Carters Grove,  Halsey Minor filed for Chapter 7 bankruptcy last week in U.S. Bankruptcy Court in Los Angeles.

He is seeking protection from law firms, the Colonial Williamsburg Foundation, his ex-wife and current wife, among others.

He listed liabilities of between $50 million and $100 million with more than 60 creditors, and assets of between $10 million and $50 million.

Minor was an early investor in Salesforce.com and founded CNET Networks, a news website that he sold to CBS in 2008 for $1.8 billion. He also founded Minor Ventures in San Francisco, a firm that made more than half a dozen investments in early-stage tech startups.

In a statement responding to questions about his bankruptcy filing, Minor wrote:

“I love being an entrepreneur even though it involves financial risk. I have been fortunate enough to play a meaningful role in building great companies like CNET Networks, salesforce.com, Rhapsody, NBCi, the service known as Google Voice and others. But if you win some you are going to lose some too.

A case might be made I should never have strayed from technology. However, I like doing things outside my comfort zone, and I believe that willingness in part accounts for my tech successes.”

Under Chapter 7 a trustee is appointed by the court to liquidate the debtor’s assets for the benefit of creditors.

carters grove in williamsburgWhen news emerged last summer that the ongoing legal issues may have allowed the Carter’s Grove property to slip into disrepair, historical preservationists expressed frustration and pushed for action to save and restore the property, action that has since come to fruition.

“The damage was from lack of repair — it’s all been fixed,” said Stanley Samorajczyk, a court-appointed trustee for the Carter’s Grove estate. “I’ve had almost no dealings with Mr. Minor. I do not expect Mr. Minor’s bankruptcy to have any impact.”

Carter’s Grove is now listed for sale with Charlottesville-based McLean Faulconer, Inc. The property is being marketed  for $14.95 million.

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