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TRAILSEND LAND CO. v. VIRGINIA HOLDING CORP.

Record No. 811906.

321 S.E.2d 667 (1984)

TRAILSEND LAND COMPANY v. VIRGINIA HOLDING CORPORATION.

Supreme Court of Virginia.

October 12, 1984.

Attorney(s) appearing for the Case

R. Harvey Chappell, Jr., Richmond (Paul G. Turner, Paul W. Jacobs, II, Bruce A. Templeton, Richmond, Herbert K. Bangel, J. Darrell Foster, Portsmouth, Jonathan B. Hill, R. Bruce Beckner, Washington, D.C., Christian, Barton, Epps, Brent & Chappell, Richmond, Bangel, Bangel & Bangel, Portsmouth, Dow, Lohnes & Albertson, Washington, D.C., on briefs), for appellant.

Jack E. Greer, Norfolk (Samuel J. Webster, Williams, Worrell, Kelly & Greer, P.C., Norfolk, on brief), for appellee.

Present: All the Justices.

THOMAS, Justice.

This is a dispute over the ownership of a 623-acre tract of land in Portsmouth, Virginia. On October 17, 1974, Virginia Holding Corporation (VHC) sold the land to Trailsend Land Company (Trailsend) for approximately four million dollars. The deed contained a repurchase option which reads in pertinent part as follows:

It is mutually agreed between the parties hereto, that the property hereby conveyed and described in Exhibit "A," is to be...

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