Forbes reports that Abermarle, the Kluge estate in Virginia once on the market for $100 million, was foreclosed on by Bank of America:
The unceremonious handing off of Albemarle came about after Bank of America, Kluge’s creditor for the property, filed a foreclosure lawsuit last month alleging that the socialite – who hosted everyone from former presidents to international royalty at the estate – had defaulted on $23 million in loans. The bank took ownership for the highly discounted price of $15.26 million. […] Albemarle is the latest distress sale affiliated with Virgina’s society maven, who until recently was also a celebrated wine maker. (Kluge Estate Winery and Vineyard wines graced the tables of Chelsea Clinton’s wedding last year.) Last June, Sotheby’s Auction House hosted an estate sale of her jewelry, furniture and art, pulling in millions of dollars to pay off creditors. In December, Farm Credit Bank repossessed Kluge Estate Winery and Vineyard in auction, after failed business plans for the vineyard and its surrounding property, which Kluge and current husband William Moses planned to subdivide, develop and sell as a real estate venture, caused Kluge to relinquish ownership.
The Foreclosure of Patricia Kluge’s (Once) $100 Million Estate (Forbes)