One of the crown jewels from the MBNA empire ended up back with the lender.
The 557-plus acre property in Earleville, Cecil County, Md., had been listed as a foreclosure that came after the property was sold by the successor to MBNA. The auction will be held on Aug. 7. The Cecil Whig reported the high bidder was the lender.
The site has been approved for a 106-lot residential development that was in place before higher limits were placed on the number acres required for a new house in some areas of the county.
The property, known as Bracebridge Hall, features a mansion acquired by MBNA during its heyday that includes nine bedrooms, 19 bathrooms, large living or dining rooms, conference or party rooms,, tennis courts, helicopter pad and other features. The mansion was built in 1990 in Georgian style and the auction includes furniture.
The credit card company, which converted the mansion into a conference facility, was known for its lavish spending that included artwork, antique automobiles and a fleet of corporate jets.
Last year, an auction was held for an MBNA holding, described at the time as a leading collection of maritime art and ship models.
MBNA was acquired by Bank of America and most of the property was sold, although some artwork remains.
Auction company for the property is Tranzon Fox. Further information is available from David Lowery at 410-871-0075 or dlowry@tranzon.com.
