The ongoing saga of the Kluge Estate Winery near Charlottesville has taken another turn in the buying game. The property sold at a foreclosure auction to Bank of America for $15.26M last month, but as of today Donald Trump now owns the majority of the property. Trump (through a representative) was one of the early bidders during the foreclosure process with a starting bid of $2M, but he walked away before the final gavel. That turned out to be a good business move since Team Trump ended up spending just over $6M today to buy a large portion of the property at the bank's auction. Considering the 300 acre estate was originally listed at $100M last year and suffered the repeated swing of a price chopping ax until the merciful release of foreclosure set in, Team Trump has probably bought a winner. Hopefully the winery will be able to start selling wine for more than the 18 cents a bottle they were getting for it a few months ago.
· Donald Trump Buys Kluge Winery [WaPo]
· Bank Buys Kluge Estate At Auction [WHSV]
· Albemarle From $100M To $15.3 Foreclosure Sale [Zillow]
· Bad Hangover: Kluge Faces Foreclosure [WSJ]
· Bank Of America Trumps Trump [WineReport]