Homestead Preserve sale moves forward

Hot Springs, Va. –

Natural Assets has entered an agreement to purchase the Homestead Preserve in Bath County. Matthew Spence, Founder and CEO of Natural Retreats and Natural Assets, has executed an asset purchase agreement to acquire all of the real and personal property of the Homestead Preserve from Wells Fargo Bank.

Natural Retreats, which was founded in the United Kingdom in 2004, offers luxury vacation residences in the UK and around the world. In recent years the company has expanded into the United States and offers vacation rentals and resort operations in Idaho and in Hot Springs, Virginia.

The Homestead Preserve in Bath County was planned for up to 450 homes on land that was once part of an 11,500 acre tract owned by Virginia Hot Springs Company. That company was formed by J. Pierpont Morgan in the late 1800’s.

The Homestead Preserve was previously owned by Warm Springs Investment Company, a wholly owned affiliate of Celebration Associates and Crosland Inc. During the real estate recession, Crosland’s capital restructuring led to Wells Fargo Bank’s acquisition of the property. Celebration Associates managed the Preserve for Wells Fargo and is slated to provide ongoing management along with Natural Assets.

The property closing is scheduled for the first quarter of this year.