RICHMOND, Va. (AP) — The State Fair of Virginia property in Caroline County has been sold at a foreclosure auction for nearly $5.35 million.
Mark Lovell of Cordova, Tenn.-based Universal Fairs on Tuesday bought the State Fair of Virginia's real estate, including the 360-acre Meadow Event Park site where Triple Crown winner Secretariat was born, for $5.35 million plus more than $320,000 in buyers' fees, according to Mark Motley, owner of Motley's Auction & Realty Group, which conducted Tuesday's sale.
State Fair of Virginia Inc. acquired the Meadow Farm property in 2003 for $5.3 million and moved the annual fair from Richmond, where it had been held since 1854. The nonprofit defaulted on about $80 million in financing from a group of creditors and was forced to liquidate, casting uncertainty on this year's event.
Tuesday's live auction featured Meadow Event Park's real estate, which includes a 12,900-square-foot manor house, a 76,000-square-foot exhibition hall, a 9,700-square-foot pavilion and an extensive equestrian facility, along with the State Fair of Virginia trademark, website and social media accounts. Secretariat's preserved foaling shed and yearling barn also is on the property.
The auction company scheduled a news conference for later in the day.
After the site underwent nearly $100 million in construction projects, the fair debuted in Caroline in September 2009. Attendance hit a record 250,000 last year, but the group was unable to make money after the fair left Richmond.