BB&T has bought Edgewood, the mansion and 2.26-acre property at 111 Arden Place. It paid $770,000 in an auction at the Guilford County Courthouse on Tuesday. Their plans for the property are unknown; their representative at the auction works for a law firm and didn’t know. I’ve asked the bank and hope to hear back soon.
Sunset Hills neighbors have said online that they believe restoring the house and property would require an immense investment beyond the purchase price. One neighbor expressed the opinion that the swimming pool is too deteriorated to be saved.
In any case, it seems unlikely that BB&T will do anything other than sell Edgewood again.
BB&T first became involved with the property nine years ago. According to the latest deed on the property, BB&T Collateral Services provided a loan to the owners in July 2008. In 2015, it sold the debt to SummitBridge National Investments IV of New York. SummitBridge foreclosed on the property and then bought it in February 2017. It paid $175,000. And now it has sold it to BB&T for $770,000. If anyone can make sense of all that, please leave a comment below.
On Wednesday, the bidding started at $460,765 and shot up quickly from there. Another bidder, an individual who wanted to renovate the house and either live there or sell it, stayed with BB&T as far as he could go but had to stop at $750,000. An unusually large crowd of about 25 people attended the auction.
Minimum Upset Bid: $808,500
Under North Carolina law, the sale remains open for 10 days to allow upset bids to be placed with the Clerk of Superior Court. Such bids must be at least five percent higher than the winning bid. In this case, that would total $808,500. An upset bid would trigger another 10-day upset period, allowing the auction to continue in slow motion.
No Rezoning Required for Redevelopment
Contrary to some neighbors’ expectations, a buyer who wants to redevelop the property wouldn’t necessarily need to get it rezoned. Its old RS-9 zoning is reclassified as R-5 in the new Land Development Ordinance. That zoning allows up to five single-family units per acre; in this case, that would mean theoretically up to 11 homes. The actual number allowed might well be less because any subdivision of the property would have to meet city requirements on minimum lot size and street frontage (and possibly more; those were two points mentioned by zoning director Mike Kirkman when I asked him about it today).