Internet wizard Halsey Minor’s financial troubles seem to be increasing. He very recently lost the unfinished Landmark hotel in Charlottesville and is now on the verge of losing a historic 750-acre mansion/estate in James City County, Carter’s Grove that he had purchased from the Colonial Williamsburg Foundation. President Colin Campbell of Colonial Williamsburg informed that they have initiated foreclosure proceedings as the final two payments on the mortgage obligation has not been cleared.
The process will culminate with a public auction of the property. The auction is scheduled for Feb. 15 at the Williamsburg-James City County Courthouse. The property was purchased in 2007 for $15.3 million. $5 million in cash was paid at closing and $10.3 million was financed through a mortgage. Minor, a West Coast resident owes back taxes on Carter’s Grove and in fact has been declared California’s greatest tax delinquent.
Halsey Minor is the well known entrepreneur who gave the world the CNet news source. He is the one who had funded the predecessor to GoogleVoice. The economic downturn has played havoc with his investments and instead of improving the situation seems to have spiraled out of his control. Colin Campbell regretted the developments but was of the opinion that it was in the best interest of the Carter’s Grove site and the Colonial Williamsburg Foundation.
Via: vagazette, readthehook
