Lawrence properties sold at auction

By Nicole Bell - bio | email
Posted by Terry Alexander - email

RICHMOND, VA (WWBT) - Nearly two dozen Richmond homes once owned by convicted slumlord Oliver Lawrence hit the auction block Tuesday morning.

Many of the folks who bid and won say they plan on renovating and renting out the properties. More than a hundred people turned out for the auction.

Alex Lugovoi was in a three way battle for a house on Parkwood Avenue in the city. He won the property for $66,000.

"I'm going to renovate it and rent it out to VCU students and the price I got it at I'll definitely make money," said Lugovoi.

The former owner, Oliver Lawrence, was convicted on 180 property violations by the city. He served time in jail for his crime and was ordered to live in one of his rundown homes for 40 days.

Today, 21 of Lawrence's properties in Highland Park, Church Hill, and Jackson Ward sold in the foreclosure auction. Including a commercial property on West Broad Street. Real estate developer, Jerry Peters, says his winning bid for $325,000 on the property is a steal.

"It's a lovely piece of downtown Chicago-urban real estate that deserves to be treated nicely and it hasn't been so we're looking forward to doing something productive with it," said Peters.

Perhaps the biggest winner is the city of Richmond. Folks who made a purchase at the auction must pay back taxes on the property to the city -- which adds up to roughly $265,000.

The properties on the auction block were sold as is and are expected to be closed on within 45 days. Most of the homes are uninhabitable and need major work.

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