ASPEN REAL ESTATE – The loan on the Hotel Jerome was auctioned off on the Pitkin County Courthouse steps on Wednesday morning — the second highest dollar foreclosure sale in recent memory.The nearly $39 million sale came almost six months after hotel representatives issued a statement saying that foreclosure actions had been averted because of a deal struck by its owners and senior lender. But the sale, originally scheduled for Jan. 27, was simply postponed until Wednesday.Chicago-based Jerome Property LLC was the sole bidder for the debt, which it bought for $38.91 million, according to documents at the Pitkin County Treasurer’s Office.The foreclosure auction was the latest in a string of moves that now officially puts former owner LCP Elysian Aspen Owner LLC, represented by Chicago luxury hotel developer David Pisor, out of the picture.The next and final step, as long as no junior lien holders make a claim on the property, is for Jerome Property LLC to get the “confirmation deed.” That can happen on June 22, according to Tiffany Wancura of the Pitkin County Treasurer’s Office.
By Catherine Lutz, June 10, 2010 Aspen Daily News

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