If the sale is not stopped, Dusseldorf, Germany-based West LB, which is owed $48 million on the project, according to Pitkin County Public Trustee’s documents, will submit its minimum required bid to the county by Friday afternoon.
ASPEN REAL ESTATE – Aspen’s half-finished Dancing Bear project is scheduled to be sold in a foreclosure auction on the courthouse steps next week, but the developer behind the luxury fractional residence club filed a lawsuit Wednesday asking a judge to stop the sale.Tom DiVenere’s DB Capital Holdings and related companies in a 50-page complaint accuse the bank West LB, the project’s primary lender, of bad faith and predatory lending practices. The lawsuit, filed in Pitkin County District Court, seeks a temporary restraining order that would halt the auction for up to 10 days, and then a preliminary injunction hearing that could delay the foreclosure sale for longer, or stop it entirely. “We’ve always had solutions, and we continue to have solutions to this day,” DiVenere said. But the bank has repeatedly engaged in misconduct to frustrate any efforts to see the project to completion, DiVenere alleged.
By Curtis Wackerle, June 30, 2011 ADN
Dancing Bear Phase 1, Downtown Aspen opposite Wagner Park.