The $1.9 million breach-of-contract lawsuit brought by local real estate company Frank Hardy, Inc., against Vineyard Estates, LLC, was settled out of court last night, says Ronald Tweel, lawyer for Vineyard Estates. The suit was scheduled for an April 2 trial date in Albemarle County Circuit Court, a date first announced in late February.
Tweel told C-VILLE that the settlement amount is confidential and both parties agreed to keep it that way. Hardy, who had exclusive listing agreements with Vineyard Estates, filed suit early last year when Vineyard Estates contacted a different real estate company to sell its luxury Meadows Estates development in Albemarle.
Earlier this year, Vineyard Estates—owned by Patricia Kluge and the North Carolina-based First Colony Resorts, and managed by Kluge’s husband William Moses—was also involved in a foreclosure sale for one of the parcels. At the foreclosure auction, Moses bought the parcel back for $3.67 million; the property is assessed at $2.7 million, according to county records.
Check back for updates on the settlement as they become available.
