RICHMOND, Va. (WTVR) The fine print has been finely re-tuned on the foreclosure sale of the State Fair of Virginia and the Meadow Event Park in Caroline County.
The foreclosure/auction sale of the 360-acre property remains scheduled for 2 p.m. Tuesday, confirmed Motley Auction & Realty Group.
However, that sale is dependent on whether a buyer steps forward to purchase the entire property. Otherwise it could be sold off in different parcels and a piecemeal process has people concerned.
Documents show that an arrangement was struck that combines real property and intellectual property for purchase, making it easier for a purchaser to host a fair this year.
The documents also show that “numerous entities interested in acquiring the real property and certain of the personal property desire to resume and continue the tradition of the Virginia State Fair at the real property.”
The State Fair of Virginia went into Chapter 7 bankruptcy liquidation on March 7, 2012, effectively ending the fair and several events the company that put on the fair produced.
Surrounding businesses are also anxiously awaiting the outcome of the auction.
“We’ve already felt the loss of it going bankrupt,” said Malinda Moore, Director of Sales & Marketing at Best Western Kings Quarters. “The business that we had in the off-season will no longer be here not only for us, but for the gas stations and everybody around us. It even brought more people to King’s Dominion on the weekends.”
The state fair is a 156-year tradition in Virginia.
Stay with CBS 6 News and WTVR.com for continuing coverage of this story.