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Aspen Legacy Properties Back On Market at $20MM, ADN

Receiver appointed as part of foreclosure proceedings for downtown property

ASPEN REAL ESTATE — A major collection of properties in Aspen's downtown core is being aggressively marketed starting today — at a price nearly 50 percent lower than what was sought before the recession — in an effort to resolve a foreclosure action.The Aspen Legacy properties are back on the market after a receiver was appointed to oversee their operation and disposition. The properties, which include the Little Annie's building, the former Huntsman Gallery building and a parking lot at the intersection of East Hyman Avenue and Hunter Street, are listed for $19.9 million. The asking price on the same properties was $39 million in August 2007...The lender, Downtown Aspen Investments LLC, claims the Dingilian family, owners of the Aspen Legacy properties, defaulted on a loan that has a current balance of $13.8 million. A foreclosure sale is scheduled Jan. 4, 2011.
By Scott Condon, Sept. 17, 10 Aspen Times

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