The School House is up for sale; Copper Fox Antiques narrowly avoids foreclosure auction
Update: The foreclosure auction of the Copper Fox Antiques was called off late last week after owner Alex Sharp and Atlantic Union Bank ended a year-long impasse. They agreed to a new set of terms for paying abut $190,000 in principal still owed, along with various charges and fees. The bank reserves the right to reschedule the foreclosure auction August 4, if the terms aren’t upheld in the intervening weeks.
It’s a summer of real estate upheaval in Sperryville.
Two of its largest buildings may fall under new ownership — under radically different circumstances. In the River District, Alex Sharp’s sprawling Copper Fox Antiques nearly faced a foreclosure auction Friday, June 16, following a year’s impasse with the lender, Atlantic Union Bank. Just up the Thornton River, The School House, for decades the property of the Miller family, is going up for sale.
The pending changes throw the vibrant Rappahannock village into a period of uncertainty, reviving old questions about how the community might protect its history and character, and shape its future.
The structures, while distinct, share personality traits: Their neighbors like them, while noting that they are large, elderly and designed for activities that no longer occur.
The 30,000 square feet of Copper Fox Antiques no longer houses cold storage facilities for apples or assembly lines for cider-making. What’s there instead is an empire of leftovers — some fascinating, some merely neglected — waiting for adoption: giant chandeliers, pianos, desks, chinaware, ottomans, eight rows of church pews, and a life-size sculpture of a naked man holding up a severed head. At the nearby Miller building, the schoolchildren cleared out more than a half century ago, though today, adult learners show up, joining diners, office renters and shoppers.
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The 30,000 square feet of Copper Fox Antiques complex
Talks between Sharp, his lawyer and the Atlantic Union Bank continued as the Rappahannock News went to press, and it is possible that an agreement will break a standoff over fees and charges the bank is demanding in connection with about $190,000 in principle that is still owed. If the negotiations bear fruit, the foreclosure auction will be called off; if not, bidders and spectators will assemble in front of the courthouse on Washington’s Gay Street at noon Friday, June 16, to begin the bidding. The assessed value of the property is $879,800, but the sale will go to the buyer offering the highest price, which could be far lower.
A matter of geography
The School House sale is a “question of geography,” says Cliff Miller IV, who owns the property with his sister. After moving to Lucas Valley, Calif., last year, he said, it became clear that “we’re pretty set on staying here for the long term.” The Sperryville property, he added, would be better off if its owner were part of the local community, with continuing ties to tenants.
Current renters, the largest being Rapp Center for Education and The Black Twig restaurant, were told that their leases would continue under any new owner. Other nearby Miller enterprises, such as the golf course, the Miller Barn used for weddings and large events, and the Mount Vernon Inn, will continue “in business-as-usual fashion,” Miller said, adding,
“I’m proud of what we did to build it and make it a community hub. I just got to the point I couldn’t do that from across the country.”
Miller’s father purchased the building for $13,600 in 1969. When it goes on the market, the asking price will be $1.9 million, with the sales process managed by real estate agent Aron Weisgerber.
The auction plan
The sale of large multi-use properties such as The School House can stretch out over months, even years. But the foreclosure auction of Copper Fox Antiques could be wrapped up in 20 minutes, according to Pete Ramsey of the Lynchburg-based Counts Realty and Auction Group, which has advertised the property as “ideal for wedding and special events, with ample parking spaces, or even condos.” He added that the firm, which handles up to 100 auctions a year, has gotten the word out “up and down the East Coast and all over the country.”
Ramsey said that buyers would need to undertake their own “due diligence.” Though the auction literature doesn’t mention it, the proximity to the river carries flood risks that require Sharp to carry federal flood insurance.
Here’s how the auction would work: Atlantic Union Bank set the process in motion, establishing an independent trustee to assure that the auction doesn’t unduly favor Sharp or the bank. Ramsey and others from Counts Realty and Auction will arrive at the scene at about 11 o’clock Friday morning to begin registering individuals who expect to bid on the property. At noon, the trustee will read a formal announcement of the sale, and bidding then begins.
Buyers must be prepared to make a deposit of $35,000 on Friday, or 10% of the highest bid, whichever is less. The balance of the sale price will be due within 30 days of the auction, with real estate taxes prorated as of the auction date. Brokers representing clients must register those clients no later than noon on June 15.
The process could be wrapped up in 10 to 20 minutes, Ramsey said. It is possible that Sharp could receive enough to cover outstanding obligations to Atlantic Union, but far less than the assessed value of the property. “Obviously, it’s a very serious situation,” Sharp said. “We’ve been at an impasse.”
Sharp also owns the former Aileen factory in Flint Hill, which he has divided into commercial condominiums, to sell or rent to businesses, including the Virginia Chutney Co. He says the formula has been successful at the Aileen plant, and he would like to replicate the model at the Copper Fox building, initially bringing a town brewery to the space formerly occupied by Pen Druid.
Sperryville denizens await the changes
Sperryville citizens and businesses are nervously awaiting news on both structures. If new owners take over, and eventually propose significant changes, public hearings and debates could become rancorous.
Diane Bruce, who served as county and circuit court clerk for 33 years, said that the county zoning board needs professionals steeped in planning and zoning law, who are experienced and up-to-date.” She added: “Volunteers just don’t have the experience.” Professionals would bring legal expertise and consistency when individual proposals enter a process of scrutiny.
Of course, eager buyers may not emerge for either building, and controversial plans for the buildings may remain theoretical. And in that case, two more county structures will be stranded in limbo for a time.
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