Auction of historic Justice-owned Greenbrier Resort averted for now
The historic Greenbrier Resort, owned by West Virginia Gov. Jim Justice, in White Sulphur Springs is shown. The Justice family announced an agreement has been reached to avert an auction of the property scheduled for Tuesday. (File Photo)
CHARLESTON – The Greenbrier Resort, the historic hotel owned by Gov. Jim Justice, will remain off the auction block for now due to an agreement with its new loan holder. According to a statement released by the Justice family Thursday morning, a deal was reached between the Justices and Maryland-based Beltway Capital Management and McCormick 101 LLC. “Under the agreement, Beltway Capital will receive a specific amount to be paid in full by October 24, 2024, which Justice has already secured this funding,” the family stated. “Beltway reserves its rights if the Justice family fails to perform. Upon full performance, all issues concerning The Greenbrier … are concluded.” Beltway Capital/McCormick 101 LLC declared a loan transferred from JPMorgan Chase Bank in default last month after Justice was unable to pay the full amount by the June 28 maturity date, placing the resort in foreclosure. JPMorgan transferred what was left of a $142 million loan the elder Justice took out in 2014 on the Greenbrier to Beltway Capital/McCormick 101 on July 2. Representatives of Justice’s companies claim the loan was paid down to $9.4 million, but Beltway Capital/McCormick 101 filed a separate court case July 18 in New York seeking $40.3 million plus interest and late charges accruing since July 15 from Justice, James C. Justice Companies Inc., Justice Holdings LLC, GSR LLC, Wintergreen Partners Inc. and the Greenbrier Hotel Corp. Beltway Capital/McCormick 101 specialize in purchasing distressed loans from banks that are secured with collateral. The companies planned to auction the Greenbrier on Tuesday on the steps of the Greenbrier County Courthouse in Lewisburg. Justice bought the Greenbrier in 2009 from rail company CSX. Since Justice took office as governor in 2017, his daughter, Jill Justice runs the Greenbrier Hotel Corp. as president, though her father is still listed as CEO. Jill Justice and Jay Justice, the governor’s son who runs Justice’s coal and agriculture businesses, filed suit in Greenbrier County Circuit Court last week, seeking a temporary restraining order and preliminary injunction to block the auction. A hearing in that case set for Friday is now canceled.Local News
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