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Foreclosure sale set for Riverboat property

A legal notice appeared in the Free Lance-Star on Monday August 20, set to run for four consecutive weeks noting a foreclosure on property at 301 Beach Terrace in Colonial Beach. This address is the property on the Virginia site of the Riverboat. The deed of trust is in the name of Flanagan’s of Colonial Beach. The sale is to take place on Sept. 13, at 10:45 a.m. on the site of the property.
Bidders are required to have a $50,000 deposit or 10% of the sales price at the time of the foreclosure. Immediately after this sale, which is essentially the land and parking lot at the Riverboat, another foreclosure will take place involving the real property located in the state of Maryland, which is the Riverboat building.

The original deed of trust on the property was recorded in Westmoreland County on Aug. 25, 2005 in the name of Flanagan’s of Colonial Beach. According to the legal advertisement, the cause for the foreclosure: “there having been a default under the deed of trust.”  
That deed of trust was sold to a group of investors last year, one of whom is King George businessman Stan Palivoda. The group is now foreclosing on the property.
When asked about the sale, Penny Flanagan, current owner of the Riverboat, said she did not see the legal advertisement in the paper but said that she is aware the building and property will go into foreclosure in the middle of September.
Flanagan could not comment on the details of the foreclosure other than to say that to the best of her knowledge this will not change anything in the running of Riverboat.
“This is not a bad thing, this is a good thing for me!” Flanagan said, “Nothing will change for the employees, except that I might smile a little more,” she added with a smile.
Flanagan said that some employees are still worried, but that she can only do so much to reassure them. She doesn't want people listening to rumors or speculation.
According to Flanagan, Riverboat’s betting on horse races and Keno will remain the same as well as the many events the Riverboat puts on each week.
Riverboat hosts comedy shows with performers from all over including Comedy Central, Texas Hold’em on Wednesday and Saturday, and Bar Pong on Thursdays all free of charge. Both Texas Hold’em and Bar Pong feature cash prizes.
Entertainment will continue to be offered on Friday and Saturday evenings.
A new feature this year has been estate auctions by Gities. It is free of charge to attend. The next auction scheduled at Riverboat is on Sept. 7. Doors open for preview at 5 p.m. and auction starts at 6 p.m.
Flanagan said that the economy and internet gambling both have played a big role in the ups and downs for the Riverboat’s business. But, despite the economic hardships, Flanagan has managed to keep the business going throughout the financial roller coaster.
The new investors, who own the deed of trust, worked during the Maryland legislature to get the Riverboat included in the gambling legislation which was on the legislature’s docket. Charles County was also on board with this plan but nothing happened to bring gambling to Colonial Beach. Members of that group are hopeful that the next legislature will see a bill go through.

Linda Farneth

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