Foreclosed property sells for fraction of price at its height

SNOWMASS REAL ESTATE – The new owners of the Sinclair Meadows free market property say they hope to create a vibrant neighborhood out of the 17 lots that are located off Owl Creek Road and behind the deed-restricted units that were completed last fall.The property, which was initially owned by Aspen Skiing Co. and later sold to C SnowCo LLC for $13.5 million, is now in the hands of the Sinclair Meadows Holding Company LLC, according to Andrew Light, who, along with Bob Daniel, are managing the project on behalf of a group of investors.Listed for sale as recently as two years ago for $34 million, the foreclosed property changed hands on April 14 for $12 million, according to the Pitkin County Treasurer’s Office. The buyer at that time was Alpine Bank, which held the note on the property.Light said he was not able to divulge how much his group paid the bank for the 8.6-acre property but one source listed that amount in the $8–8.5 million range. The sale took place last week.
By Madeleine Osberger, May 19, 2010 Snowmass Sun
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