Trump Buys Kluge Winery at Auction

Donald Trump has increased his holdings in the heart of Virginia’s horse country when he paid $6.2 million for the 776-acre Kluge Estate Winery and Vineyard. Trump bought the majority of the vineyard holdings at an April 7 foreclosure auction conducted by J.P. King Auction Company. Auction sales totaled $8.02 million.

“I’m really interested in good real estate, not so much in wine,” Trump told the Washington Post. “This place had a $28 million mortgage on it, and I bought it for $6.2 million. It’s a Trump deal!”

According to the Post, Trump will keep former owner Patricia Kluge, 62, and her husband, William Moses, on board to run the winery. Said Trump, “She has a great instinct for wine, which I don’t.”

Read the entire story HERE.

 

Bank of America Buys Kluge’s Virginia Estate

Bank of America paid $15+ million for Patricia Kluge’s legendary Virginia horse country estate at a foreclosure auction on the steps of the Albemarle Circuit Court House in February. The lender filed a foreclosure lawsuit last month after Kluge defaulted on $23 million in loans.

Among the bidders were representatives of Donald Trump from the law firm of Skadden, Arps, Slate, Meagher & Flom. Trump has already acquired 200 acres abutting the 100-acre estate and is rumored to be negotiating for Kluge’s 900-acre winery.

Completed in 1985, Albemarle is an eight-bedroom, thirteen-bath manor and was originally listed with Sotheby’s International Realty for $100 million in 2009. The price subsequently dropped to $24 million.

On the Block: 41.92 Acres in Virginia’s Loudoun County

41.92± acres in Virginia’s Loudoun County will be auctioned on July 21 at 1:00 p.m. Loudon County is one of the fastest growing counties in the U.S. The home of Dulles International Airport, it is located approximately 25 miles from the nation’s capital. The property is located in the Lansdowne development and is zoned Planned Development Active Adult Age Restricted (PDAAAR). The property is being sold as the result of partnership dissolution of the developers of Leisure World of Virginia, which had received approval from Loudoun County for low-rise and high-rise structures for 2,278 units. To date, 1,113 units have been completed, which leaves 1,165 units remaining to be built on the two undeveloped parcels.

Auction Type: Absolute
Auction Date: Wednesday, July 21
Auction Time: 1:00 p.m.

Property Description:
19400 Leisure World Blvd., Landsdowne, VA
44219 Slatestone Ct., Leesburg, VA.

For more information, call Tranzon Fox at (888) 621-2110 or visit www.tranzon.com.

CNL Lifestyle Properties to Pay $132 Million for Crested Butte, Okemo, and Mount Sunapee

CNL Lifestyle Properties, an Orlando-based real-estate investment trust (REIT) will announce today that it is acquiring Crested Butte Ski Resort in Colorado (pictured), Okemo Mountain Resort in Vermont, and Mount Sunapee Ski Resport in New Hampshire from Triple Peaks LLC of Ludlow, Vermont. According to The Wall Street Journal, CNL will pay $132 million for the three ski areas, which Triple Peaks will continue to operate. Read more