Skip to content

Granby Theater headed for auction block

Updated: August 7, 2013 - 7:35 pm

Posted: August 2, 2013

By Bill Cresenzo

bill.cresenzo@insidebiz.com

The Granby Theater is slated to go on the auction block this week.

Owner Bobby Wright said he could not comment on a public notice about the auction.

"We are working with our attorneys to solve any issues, and to the best of our abilities, there will be no foreclosure," he said.

The notice, published in The Virginian-Pilot, says that a substitute trustee's sale of 421, 423 and 425 Granby St. is slated for 10 a.m. on Wednesday, Aug. 7, at Norfolk Circuit Court.

The historic theater now houses a nightclub. The next-door Granby Grill, also owned by Wright, had been open only during special events until it started serving lunch last week.

The loan for the building originated with the Bank of the Commonwealth, which collapsed in 2011. Southern Bank of Mt. Olive, N.C., took over the bank's deposits and assets.

"As far as I know, the sale is still presently scheduled," said Jonathan Hauser, a Virginia Beach attorney who is representing Southern Bank, last week.

The property has an assessed value of $2.06 million. The balance secured for the building in 2005 was $2.04 million, according to records.

The property has no liens and its real estate taxes are current.

Another property at 435 Monticello Ave. in downtown Norfolk is scheduled to be auctioned off Monday, Aug. 5. The property is the former site of Bobbywood Restaurant, which closed after the recession hit. The 4,788-square-foot property is owned by Welton Real Estate and is valued at $628,000.