Auction for stalled project attracts lots of gawkers but few bidders; Chicago trader places winning bid

ASPEN REAL ESTATE — The former Stage 3 theater space was purchased for $3.6 million Tuesday in an auction that attracted few bidders and reaped significantly less than the bankrupt developer had sunk into the project.Jeff Cardot, 38, a financial trader from Chicago who is a part-time homeowner in Snowmass Village, placed the winning bid.“I think the property represents a lot of value,” Cardot said. He said he figured it would sell at the auction for around $5 million.The auction, organized by Sheldon Good & Co. of Denver, was a lot like a horse race — the pomp and ceremony at the beginning lasted much longer than the bidding. Bidders registered, then entered the ballroom at the St. Regis while Aspen musician Dan Sheridan played tunes. (Sheridan did not play his famous song “Big Money,” a lament about the changes wealth has wrought on the town.)
By Scott Condon, August 18, 2010, Aspen Times

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