RICHMOND, Va. (AP) — Carter's Grove is returning to Colonial Williamsburg after a wealthy Virginian whose fortune went bust had to abandon the centuries-old plantation.
Colonial Williamsburg submitted the lone bid of $7.4 million Wednesday for the 400-acre property on the James River in Virginia's Tidewater region. The bid was subject to U.S. Bankruptcy Court approval.
The property is valued at just under $15 million.
The court-ordered sale attracted strong interest but only Colonial Williamsburg qualified to bid, trustee Stanley J. Samorajczyk said in an interview.
To qualify, bidders had to submit a $250,000 deposit and proof they were financially qualified to purchase the plantation with more than a mile of river frontage and an historic, fully restored mansion.
Samorajczyk blamed the still-dicey economy for the dearth of qualified bidders. "I think it's a function of today's marketplace," he said.
Colonial Williamsburg said it would have no comment on the purchase until the court approved the sale later Wednesday.
The 18,700-square-foot plantation house, considered among the best examples of Georgian architecture in the U.S., was built in 1755 and has ties to the very earliest European settlers in Virginia. It's only miles from Jamestown, the first permanent European settlement in America.