DALEVILLE — When The Glebe opened here three years ago off U.S. 220 near the upscale Ashley Plantation subdivision, it promised financially comfortable retirees resort-style living and amenities reminiscent of a four-star hotel.

Now, the Virginia Baptist Homes subsidiary finds itself in a sort of financial purgatory and looking for a savior:

• Unlike many luxury continuing care retirement communities, which have boomed in recent years, The Glebe is only 68 percent full, and it’s two months overdue on $15 million in loans from investors whose money paid for construction costs. Its continuing financial viability assumes a 93 percent occupancy rate.
• This week, the company heads for a much-publicized hearing before the Virginia Supreme Court in a battle with Botetourt County that could require The Glebe to pay millions in taxes that it never expected and never budgeted for.
• Because its finances are shaky, the state has forced The Glebe to forgo the collection of entrance fees, which can range up to $324,000 for one person and are a large revenue source for retirement communities.

The lower-than-expected sales, pending legal battle and pressure from investors have put grave question marks over The Glebe’s ability to survive at the same time a slacking economy has caused relatively wealthy retirees to reconsider their plans.

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