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Libbie Guthrie LLC will take control of The Tiber, a stalled luxury condo project in Richmond’s West End, in a deal valued at more than $5 million.

Libbie Guthrie was the stalking-horse bidder for the 15-unit project, which filed for bankruptcy protection this year. The project is partially completed at the corner of Libbie and Guthrie avenues in the Westhampton neighborhood.

A stalking-horse bid is an initial bid on a bankrupt company’s asset. The trustee typically solicits other offers, as was the case here, but can fall back on the stalking-horse bid if it is deemed to be the best.

“There were no other bidders,” Peter Barrett, the Chapter 11 trustee for the bankruptcy estate, said Monday.

“We will cancel the Wednesday auction and close the sale with Libbie Guthrie,” pending approval of the U.S. Bankruptcy Court in Richmond, said Barrett, a partner with Kutak Rock LLP law firm in Richmond.

The Wednesday auction had been scheduled in case other qualified bidders made offers for the project.

“The Tiber has always been a fantastic project; there’s nothing like it in Westhampton, either existing or planned,” said John George, a principal of Libbie Guthrie and the original builder on the project.