Quantcast
Home / News / Construction and Real Estate / Troubled Vance Farms project to lose lots in foreclosure auction

Troubled Vance Farms project to lose lots in foreclosure auction

In another setback for Vance Farms LLC, a slew of properties that were supposed to be part of a residential and commercial project near Hornets Nest Park are going on the auction block Tuesday.

According to court records, Vance Farms defaulted on a $5 million loan it took out in August 2007 from Charlotte-based NewDominion Bank. An auction has been set for 10 a.m. at the Mecklenburg County Courthouse.

Joan Powers said she and her husband, Donald, bought the land in 2007. The couple formed Vance Farms LLC with the intent to build a residential development and some commercial space.

“But then Mr. Obama came along. He didn’t help us,” Joan Powers said. “There was nothing else left to do except let it go into foreclosure.”

There are four houses on the property, but only one is occupied, she said.

Larry York, vice president for NewDominion, said the auction involves 19 deeds of trust totaling 30 lots. Some deeds cover more than one lot.

York said Vance Farms subdivision was never built.

“All that’s out there is land,” he said. “The development did not get started.”

Builders were supposed to put houses on the site, but they never did, he said, adding that some of the builders and the principals of Vance Farms filed for bankruptcy and went out of business.

According to the North Carolina Secretary of State’s website, Vance Farms was dissolved in September 2009 for failure to file its annual report in 2009 and 2010. According to the Mecklenburg County Lookup System, Vance Farms purchased a total of 84.13 acres. The corporation owes $23,699 in property taxes.

According to court records, NewDominion said it was still owed $3.8 million, including principal, interest and appraisal expenses, as of Oct. 13.

A $2.2 million listing on loopnet.com for 73.7 acres in Vance Farms describes it as zoned R3.

“The engineered and construction drawings for the residential portion of the property have been approved for site development and permits are in hand for 242 proposed lots,” the description says.

“Area is ideal for future development and is minutes away from Northlake Mall, I-77 and the newly opened I-485 interchange. The property sits adjacent to the Hornets Nest Park and is across the street from the Hornets Nest Elementary School.”

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

 

Scroll To Top
%d bloggers like this: