RICHMOND, VA (WWBT) - The Bank of America moratorium on foreclosures kept the multi-million dollar home of embattled Richmond real estate developer Justin French off the auction block this morning.
French has been unable to make the payments on his West End mansion since his arrest in august on several charges related to his real estate dealings.
The home was once owned by famed historian and journalist Douglas Southall Freeman. It was built in 1919 and is listed on the National Register of Historic Places.
The auction was canceled late this morning. Bank of America holds the first mortgage loan of $1.4 million on French's Georgian mansion.
Bank of America announced last week it was stopping all foreclosures to review potential flaws in the process.