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Cutalong sold for $7.5 million

Posted on Monday, December 18, 2017 at 5:00 am

Nancy Schlichting (c), Lenhart Pettit PC, conducted the Cutalong foreclosure sale on the circuit courthouse steps. Among the spectators were outgoing Mineral district Supervisor Stephanie Koren (far left) and, next to her, Lake Anna Business Partnership President Jeff Martin.

The fledgling Cutalong real estate development at Lake Anna was sold in a foreclosure auction for $7.5 million to its Utah-based lender, Private Capital Group.

Paul Bringhurst, who made the winning bid on the lender’s behalf at the Dec. 8 auction on the Louisa Circuit courthouse steps, said his company plans to revitalize the project.

Cutalong occupies more than 1,000 acres bordered by Zachary Taylor Highway (Rt. 522), New Bridge Road (Rt. 208) and Contrary Creek, which drains into the lake.

Work on the site has been in limbo since the previous developer, Snyder & Schneider Property Development LLC, filed for bankruptcy in 2016. That case ended without a resolution last spring, and Jeff Snyder, the development firm’s president, is no longer involved, though he still owns a few of the residential lots.

“We’re looking to get more capital to finish it out,” Bringhurst said. “It would help if we could sell the two phases that are almost done.”

Snyder subdivided 67 residential lots and constructed three holes of a golf course before ceasing work on the project. Several lots have been sold, but only two houses were built. Homes on the property are uninhabitable because the developer did not build a central water and sewer system.

To read the entire story, see the Dec. 14 edition of The Central Virginian.

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