The Dancing Bear is a two-phase luxury fractional ownership project near Wagner Park. The first phase opened in February 2009 and contains nine fractional ownership units with eight shares each, a restaurant and other amenities. The second phase is an unfinished steel and concrete frame on Durant Avenue where construction was halted in the summer of 2009 due to a loss of financing.
ASPEN REAL ESTATE – A federal judge has granted bankruptcy protection to Aspen’s Dancing Bear fractional residence project.In a ruling issued Monday, U.S. Bankruptcy Judge Michael E. Romero granted an involuntary bankruptcy petition filed in June by four unsecured creditors who claim they are owed a total of $390,000 by DB Capital Holdings, the real estate development company led by Tom Divenere that owns the project.The same judge denied a voluntary bankruptcy petition filed by Divenere just days before the involuntary petition was filed.Judge Romero, in a separate ruling issued Monday, denied a motion to dismiss the involuntary bankruptcy filed by Aspen HH Ventures, an Illinois LLC and secured creditor that invested $6 million in the Dancing Bear project and is at odds with Divenere.
By Curtis Wackerle, Nov. 30, 2010 Aspen Daily News