Judge Approves Auction of Richmond Properties

Five properties formerly owned by Michael Hild will go to auction this December following a court-ordered foreclosure.

Updated on Oct. 29, 2026 in Openings & Closings

Judge Approves Auction of Richmond Properties

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A judge has approved the foreclosure and upcoming auction of five Richmond properties linked to Michael Hild. The sale follows a default on loans stemming from the collapse of Hild's firm, Live Well Financial.

Why it matters

The auction marks a significant step in resolving the financial fallout from the collapse of Michael Hild's company. Proceeds will compensate the Virginia Credit Union for the $6.2 million in defaulted debt.

The five Manchester-area properties carry a total city assessed value of $7.03 million. Virginia Credit Union, which has held control of these assets since 2024, asserts that Hild owes $6.2 million in outstanding loan balances.

The players

Michael Hild

He is the former executive whose firm, Live Well Financial, collapsed and triggered widespread loan defaults.

Virginia Credit Union

It is the financial institution that sought and received court approval to foreclose on the properties.

Tranzon

This organization is the auction house tasked with managing the sale of the foreclosed real estate.

The details

The auction, to be conducted by Tranzon, includes multiple sites on Hull Street, Maury Street, and Bainbridge Street that house local tenants like Bolo's Eatery and The Sassy Biscuit. Existing commercial and residential leases remain legally binding for tenants after the properties change ownership.

Michael Hild was arrested on fraud charges in 2019.
Hild was convicted of fraud in 2021.
Virginia Credit Union took control of the properties in 2024.
Hild began a 44-month federal prison sentence in July 2026.
The auction for the five properties is planned for early December 2026.

Market Landscape

This auction follows the legal liquidation process triggered by the collapse of Live Well Financial. The sale reintroduces prominent Manchester-area commercial assets to the open market while resolving long-standing debt claims against a disgraced executive.

Existing commercial and residential tenants will see their current leases remain in effect following the change in property ownership. Local patrons of businesses like The Sassy Biscuit or Scharolina's Custom Cakes & Confections should expect business to continue as usual during this transition.

The takeaway

Property auctions can be complex processes that involve balancing debt recovery with the rights of existing commercial tenants. Residents and local business owners should watch for future court filings to understand how changes in ownership may eventually affect their lease terms.

What happens next

Winning auction contracts will be brought to court for approval in January 2027, with the finalization of the property sales expected in February 2027.