The Crowns purchased the 20-acre Base Village site in 2003 for $11 million. After gaining land-use approvals and beginning construction with its partner, Intrawest, they sold the project in March 2007 for $169 million to Related Cos. and California developer Pat Smith.
ASPEN REAL ESTATE — Centurion Partners, the developers of The Residences at The Little Nell in Aspen, has submitted a bid to buy the Base Village project in Snowmass Village…A company called Eastdil Secured was recently hired to market the outstanding $400 million senior mortgage note on Base Village left behind in 2009 by Related Cos. That note now is held by an agency of the German government. The offering was structured so that the asset itself would be transferred to the winning bidder before a pending foreclosure sale on Nov. 16…Last week, Aspen Skiing Co. spokesman Jeff Hanle confirmed that Skico, or at least its owners, the Crown family of Chicago, had submitted a bid for an undisclosed amount on Base Village…The unfinished project is located at the bottom of Skico’s largest mountain, Snowmass Ski Area.
By Brent Gardner-Smith, October, 12 2011, AT
Photo courtesy of AspenSnowmass.com