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State Fair Property Goes to Auction in May

by Associated Press posted Mar 28 2012 7:53PM
  RICHMOND, Va. (AP) - A creditors' group that provided more than $80 million in bond financing for the State Fair of Virginia says a trustee will auction the Caroline County site where the annual event was held since 2009.
 
     The 360-acre Meadow Event Park site, personal property and the State Fair of Virginia name and event-operation rights will be up for sale in an attempt by creditors to recover at least a portion of what they're owed. A Richmond auction house will hold the sale in May.
 
     Continued losses forced the nonprofit group to liquidate this month under federal bankruptcy law. SFVA took on heavy debt while failing to curb spending, including paying outsize salaries to its officers.
 
     The State Fair of Virginia purchased the property for $5.3 million in 2003.
 
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Topics : Business_Finance
03/28/2012 7:52PM
State Fair Property Goes to Auction in May
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