
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, May 26, 1990                   TAG: 9005260392
SECTION: VIRGINIA                    PAGE: A-8   EDITION: METRO 
SOURCE: David Poole
DATELINE: ROCKY MOUNT                                 LENGTH: Short

DEVELOPER ORDERED TO PAY

A Franklin County judge entered a $9,814 judgment Friday against a Smith Mountain Lake development company for failing to comply with an out-of-court settlement.

In February, Virginia Leisure Inc. had agreed to an $8,000 settlement with a Botetourt County man who filed a lawsuit in 1989. The man, Eric Reader, claimed that Virginia Leisure had sold him a lot in the Smith Mountain Lake Executive Park and later resold it to a third party.

Virginia Leisure, however, failed to make scheduled monthly payments of $1,133, court papers show.

Circuit Judge B.A. Davis III entered the judgment against Virginia Leisure on the motion of Reader's attorney, Edward A. Natt of Salem. Virginia Leisure did not contest the motion.

Virginia Leisure is affiliated with Beacon Light Marina Yacht Club Inc., a bankrupt time-share company, and Real-Vest Inc., a land sales company facing lawsuits from several buyers.

Virginia Leisure was set up in 1987 to develop the Smith Mountain Lake Executive Park, an office project at the intersection of Virginia 122 and 616 in Franklin County.

by CNB