The Crystal Palace Building at 300 E. Hyman in downtown Aspen core was scheduled for a public foreclosure auction today but there were no bids.The property sold in May 2008 for $8.9MM and an adjacent building at 321 E. Hyman sold at $4MM in Oct. 2007 – at the peak of the market, both to the same buyer, Linden Nelson, a businessman from Michigan. They are now valued at $7.8MM and $3.13MM respectively by the Pitkin County Assessors office based on comparable sales for the two year vauluation period of July 1, 2010 through June 30, 2012. (Pitkin County uses sales data from a 24-month period ending June 30 of even numbered years, from July 1, 200x to June 30, 200x, to establish real property value). After a failed restaurant attempt during the recession – the Crystal Palace Grille featuring Kobe steak, the building’s owner has recently had preliminary discussions with Aspen’s Mayor, Mick Ireland, on redeveloping the historic building site with lodging and a restaurant. [Tim Estin, editor]
Link to article By Carolyn Sackariason, Feb. 27, 2013 ADN
Additional article on Investigation of Crystal Palace debt by Federal authorities, April 29, 2012 ABJ By Catherine Lutz
The Crystal Palace Building and an adjacent smaller building located at 300 and 312 E. Hyman at the corner of Hyman/Monarch in downtown Aspen sold for $8.9MM and $4MM in 2007 and 2008.