Controversial Fones Cliffs to finally hit Bankruptcy Auction Block in Northern Neck
Auction Advisors has been approved by the United States Bankruptcy Court of Eastern District of New York to sell historic Fones Cliffs. +/- 1,000 Stunning Acres in Northern Neck, VA overlooking the Rappahannock. Low Minimum Bid: $4.25M!
NEW YORK, Sept. 20, 2022 /PRNewswire-PRWeb/ -- AuctionAdvisors Press Contact:
Public Relations Dept.
Joshua Olshin
(888) 243-3431ext. 705
[email protected]
Fones Cliffs to finally hit Bankruptcy Auction Block
Richmond County, VA, September 12, 2022 - Auction Advisors has been selected to sell approximately 965 stunning acres of vacant land (the "Property") on the Northern Neck of Richmond County, VA at a Bankruptcy Auction sale to be conducted via Zoom on November 3, 2022. The Property makes up a key section of an area known as Fones Cliffs and is owned by Virginia True Corporation, a Debtor in possession in a Chapter 11 Bankruptcy Case in the EDNY. Qualifying bids will be due by October 31, 2022 starting at or above $4,250,000.
Fones Cliffs is an outcropping of rock above the Rappahannock River known for the presence of a large number of bald eagles, a stunning view, and a striking white coloration, which is due to the presence of large quantities of diatomaceous earth. The Property also has an historical significance, as legend has it, the local Rappahannock Indian tribe stood on these cliffs shooting arrows at the explorer John Smith as he made his way up the River.
According to bankruptcy filings, a preliminary development plan was previously submitted for approval which included a golf course, golf lodge, restaurant, bar, spa, 116- room hotel, small commercial center, equestrian center, 718 single-family detached and townhouse units, community barn, and seven piers. The Property is located within a designated "Opportunity Zone" which was created to offer tax incentives for long-term investments in real estate projects.
"The auction will be an opportunity to potentially pick up this unique Property at a very favorable price, with favorable tax benefits" according to Joshua Olshin, Managing Partner of Auction Advisors, who is handling this sale.
A full online data room has been set up and accessible through Auction Advisors' website: http://www.AuctionAdvisors.com
For more information, please contact Joshua Olshin via email at [email protected] or by phone at (888) 243-3431 ext. 705.
AuctionAdvisors, is a full-service real estate auction & brokerage company. For a complete list of auctions and sales or to learn more about Auction Advisors visit http://www.AuctionAdvisors.com.
Media Contact
Joshua Olshin, AuctionAdvisors, 1 9173593656, [email protected]
SOURCE AuctionAdvisors
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