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January 28, 2011

The Colonial Williamsburg Foundation to Proceed with Foreclosure on Carter’s Grove Property

Carter’s Grove LLC, the entity which purchased Carter’s Grove, has failed to make on time the final two payments due on its mortgage obligation to The Colonial Williamsburg Foundation and is in default under the terms of the mortgage financing. As a result, the Foundation has initiated foreclosure proceedings under the deed of trust lien that was placed on the Carter’s Grove Plantation property to secure the financing. The property was sold to Carter’s Grove LLC for $15.3 million in 2007. Of the sale price, $5 million in cash was paid at closing and $10.3 million was financed through a mortgage to Carter’s Grove LLC.

Consistent with Virginia’s foreclosure law, this process is intended to end with a public auction of the property at a date provided for in the published foreclosure notice. The auction will be held at 1 p.m. on February 15, 2011, at the Williamsburg/James City County Courthouse.

The historic preservation and conservation easements that Colonial Williamsburg placed on the property at the time of its sale in 2007 are binding on the current and future owners of the property. The easements will continue to protect and preserve the historic mansion, maintain the integrity of the mansion’s view shed, and protect the archaeological sites on the property. The easements prohibit residential and commercial development of the 400-acre tract.

The Colonial Williamsburg Foundation is the not-for-profit educational and cultural organization dedicated to the preservation, interpretation and presentation of the restored 18th-century Revolutionary capital of Virginia. This town-sized living history museum tells the inspirational stories of our journey to become Americans through programs in the Historic Area and through the award-winning Revolutionary City program. Explore The Art Museums of Colonial Williamsburg and discover the DeWitt Wallace Decorative Arts Museum featuring the best in British and American decorative arts from 1670 – 1830 and the Abby Aldrich Rockefeller Folk Art Museum home to the nation’s premier collection of American folk art, comprising more than 5,000 folk art objects made during the 18th, 19th and 20th centuries. Colonial Williamsburg Hotels feature conference spaces and recreation activities from spa and fine dining to world-class golf. Colonial Williamsburg is committed to expanding its thought-provoking programming through education outreach on-site and online. Purchase of Colonial Williamsburg products and services supports the preservation, research and educational programs of the Foundation. Philanthropic support by individuals, corporations, and foundations benefits the educational mission of The Colonial Williamsburg Foundation.

Williamsburg is located in Virginia’s Tidewater region, 20 minutes from Newport News, within an hour’s drive of Richmond and Norfolk, and 150 miles south of Washington, D.C. For more information about Colonial Williamsburg, call 1-800-HISTORY or visit Colonial Williamsburg’s website at www.history.org.

Media Contact:
Tom Shrout
(757) 220-7265



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