No bidders for site including Laburnum House

No bidders came forward yesterday to purchase a North Richmond property that includes the historic Laburnum House.

The property was up for auction because it was repossessed by the lender. It had been owned by a Richmond development company, Ginter Place Associates, which is in bankruptcy.

The starting bid price was nearly $2 million, said John Selbach of the Cantor Arkema law firm, who represents two owners of Ginter Place Associates. Because there were no bidders, the property was returned to the lender, Oregon-based StanCorp Mortgage Investors.

"It was kind of a nonevent, to be honest with you. There were no bidders at the sale, therefore, the lender took possession of the property," he said.

The auction was for the 111,600-square foot property and four buildings, including the Laburnum House and a building leased by the Zacharias Ganey Health Institute. Two of the buildings were abandoned, Selbach said.

Joseph Bryan built the ornate Laburnum House in the early 1900s. Ginter Place Associates bought the house, the old Richmond Memorial Hospital and its 14.5-acre campus in 2002 for $1.55 million. They later sold the hospital building.

According to filings in U.S. Bankruptcy Court in Richmond, the development company had failed to pay monthly installments since November on a $2 million loan.

Ginter Place Associates is not to be confused with the Ginter Place condominium project, which is located in the old hospital building. The entities sit next door to each other off Westwood Avenue in Richmond's North Side. The condos, owned by GPCV LLP, are not part of Ginter Place Associates.

It is up to the lender to determine the next step for the property. Selbach said. StanCorp likely will sell the property, although he has not spoken with the company about its plans.

"They are the owner now. Obviously, they're not in the business of owning and operating real estate," he said.

StanCorp is a subsidiary of StanCorp Financial Group Inc., a provider of financial products with 8.5 million customers nationwide.

Contact Jeremy Slayton at (804) 649-6861 or .