An appraisal for the city of Aspen’s BMC West Lumberyard parcel came in at $16.8 million — or $1.45 million less than what the city of Aspen paid for it in December 2007. City officials released the appraisal of the property on Thursday in response to long-standing criticism that they overpaid for the 4.74-acre property near the Aspen Business Center as a site for new affordable housing.
By Troy Hooper, March 13, 09, Aspen Daily News

Link to article

 

See 3/17/09 Commentary on this appraisal by John McBride, “Fantasy Economics”

or as pdf