Bank of America paid $15+ million for Patricia Klugeâ€™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 afterÂ 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 Sothebyâ€™s International Realty for $100 million in 2009. The price subsequently dropped to $24 million.