CNET Co-Founder Halsey Minor Buys Back His Foreclosed Farm

According to Business Insider, CNET co-founder Halsey Minor (pictured left) rescued his own 200-acre Charlottesville, VA farm from foreclosure yesterday as he bought the loan back for more than he owed. It’s a strange story that involves Minor bidding for his own farm (through his attorneys) against bids by the president of the bank that gave Minor the original loan on the farm.

The Hook reports that “… Minor had to put down $75,000 of the $1,390,000 he bid to settle a loan secured against the property earlier this year. Minor says the loan came from various investors, including Virginia National Bank founding president Mark Giles, who attended the auction and made several bids himself, helping to drive up the $1.1 million opening bid.”

Minor’s Fox Ridge Farm was supposed to be auctioned off in December, but a snowstorm delayed it. Yesterday’s auction was held outside the Albemarle County Courthouse and was attended by about two dozen people.

So, how did a millionaire Internet entrepreneur go from boom to foreclosure? In this interesting profile of Minor by Gawker back in March, Minor faced many challenges such as divorce, pricey real estate investments, expensive toys,  bad art deals and all-around splurges that can eat away anyone’s wealth — even someone reportedly worth $354 million.

> See celebrity foreclosures

Mortgage rates for 30-year fixed mortgages continued to rise for the fourth straight week, with the weekly average rate borrowers quoted on Zillow Mortgage Marketplace at 5.05%, up from 4.93% the week prior. Additionally, 15-year fixed borrowers were quoted on average, 4.48% and for 5/1 ARMs, 4.15%.

This morning, the national rate for 30-year fixed purchase mortgages was 4.92%.

What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates.