CNET Millionaire Losing the Farm

Cofounder of San Francisco tech site losing Virginia estate

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    NEWSLETTERS

    Hawes Spencer / The Hook
    In an ongoing dispute between wealth Virginia bankers and developers, CNet co-founder Halsey Minor may lose this gorgeous farm..

    CNET cofounder Halsey Minor quite literally bet the farm on a hotel development in Virginia, and he may have lost.

    A 205-acre estate in Albemarle County, Virgina that has been valued as high as $3.9 million was used by Minor as collateral on $7.5 million in loans, and at least one of the creditors is offering the property up in a foreclosure sale.

    At least part of the money from those loans was invested in a Charlottesville, Virginia hotel development that's currently stalled thanks to the credit crunch and a tangled web of ongoing litigation.

    Minor is believed to have made at least $355 million during the dotcom boom, based on the reported value of his CNET shares and other holdings. He and his San Francisco-based venture capital firm Minor Ventures earned part of a rumored $50 million when Google acquired online phone service GrandCentral, a startup he backed.

    Minor, however, denies that the farm will be sold, telling Charlottesville weekly The Hook, "There will be no foreclosure."

    Jackson West loves it when the horsey set gets down to fighting.