ASPEN REAL ESTATE – Not a single bidder showed up to the Dancing Bear foreclosure auction Wednesday morning, and as a result, the bank repossessed the unfinished luxury downtown fractional-ownership project…The minimum bid submitted by German bank West LB, the project’s lender, was $20.4 million for the completed phase one, which includes 40 unsold fractional ownership shares and the space containing the restaurant Brexi. The minimum bid for the project’s unfinished second phase was $15.5 million. Combined, the minimum bid for the two parcels was $34.9 million, representing about 55 cents on the dollar from the $62.7 million in principal, interest and fees the bank is owed, according to foreclosure documents.The completed Dancing Bear residence club building is located on Monarch Street across from Wagner Park. The unfinished second phase, which lost its financing and stopped construction in summer 2009, is on the corner of Monarch Street and Durant Avenue, at the site of the former Chart House restaurant.The buzz among the crowd of mostly real estate agents, developers and attorneys that attended the anticlimatic sale was that the minimum bid, also known as the credit bid, was too high to attract serious interest at auction.
By Curtis Wackerle, July 7, 2011 ADN
Completed Dancing Bear Phase 1 with Brexi Restaurant at the corner of S Monarch & Durant opposite Wagner Park in the center of Aspen.