Manchester Property Auction Keeps Existing Leases Intact
Tenants in the five properties facing auction will see their current lease agreements remain valid under new ownership.
Updated on Oct. 29, 2026 in Openings & Closings
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A judge has approved the foreclosure and auction of five Richmond properties owned by Michael Hild to recover debt from the collapse of Live Well Financial. The properties include several commercial spaces in the Manchester area, though existing tenant leases will remain in effect following the sale.
Why it matters
The auction follows a default on loans linked to the collapse of Hild's former firm, with Virginia Credit Union seeking to recoup $6.2 million in outstanding debt. These assets represent a significant $7.03 million in local commercial real estate undergoing a forced ownership transfer.
The five properties under auction have a cumulative city assessed value of $7.03 million against a $6.2 million debt claim. Existing commercial and residential leases for the affected units, including space occupied by local businesses, will remain binding after the sale.
The players
Michael Hild
The former owner of Live Well Financial currently serving a 44-month federal prison sentence following his conviction for fraud.
Virginia Credit Union
A financial cooperative managing the foreclosure and auction process to recover $6.2 million in defaulted debt.
Tranzon
An auction house retained to conduct the sale of the five foreclosed commercial and residential properties.
The details
The auction, managed by Tranzon, involves properties at 1200-1206 Hull St., 1209-1213 Hull St., 2010 Maury St., and 1124 Bainbridge St. Following the court order, Virginia Credit Union—which took control of these assets in 2024—will sell the parcels to recover defaulted loan amounts. While the ownership of the buildings is shifting, current commercial tenants like Bolo's Eatery, The Sassy Biscuit, and Scharolina's Custom Cakes & Confections are protected by existing lease agreements.
Timeline
2024: Virginia Credit Union took control of the properties.
July 2026: Michael Hild began serving a 44-month federal prison sentence.
Early December 2026: Auction of the five properties is scheduled.
January 2027: Winning bids are slated to be presented to the court for final approval.
February 2027: The finalization of the property sales is expected.
Market Landscape
The sale follows the collapse of Live Well Financial, which triggered widespread defaults on loans tied to Hild's personal property portfolio. This auction represents a final phase in the long-running liquidation of assets originally consolidated under the firm's former leadership.
Commercial tenants in the affected Manchester buildings should maintain their existing lease documentation, as current agreements remain legally binding regardless of the new property ownership. Business owners in the area should monitor the auction outcome to identify the new landlords, who will inherit the current management obligations.
The takeaway
The foreclosure confirms that despite the change in property ownership, commercial lease terms currently in place remain enforceable for existing tenants. Tenants should prepare for a transition in building management and ensure all lease records are current before the final sale in February 2027.
What happens next
The properties are scheduled for auction in early December 2026, with winning contracts expected to be submitted for judicial approval in January 2027. The final sale closing is projected for February 2027.
Further reading
For more news on local property changes and shifts, browse our Openings & Closings section.
Source note: This article includes information reported by Richmond BizSense.
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