ASPEN REAL ESTATE – For the second time in two days, a local judge ruled on Friday that next week’s scheduled foreclosure sale of the unfinished Dancing Bear condominium project can proceed.Also on Friday, German bank, West LB, the partially-completed project’s lender, submitted its minimum bid for Wednesday’s auction to the Pitkin County Public Trustee. If there is no successful appeal to a higher court, bidding for the two-parcel fractional ownership project that lost its financing during the recession will start at $34.9 million, representing about 55 cents on the dollar from the $62.7 million in principal and interest the bank is owed, according to foreclosure documents.The auction — which splits the sale into two parts — starts on July 6 at 10 a.m. on the front steps of the Pitkin County Courthouse.Located on Monarch Street across from Wagner Park, the first phase of the Dancing Bear is a luxury private residence club that opened in February 2009. Bidding for that parcel starts at $20.4 million, and consists of the 40 unsold fractional shares in the completed building and includes the space that currently is home to the restaurant Brexi.Construction stopped in summer 2009 on the project’s second phase, located across Durant Avenue from phase one, as financing was cut off. Bidding for the second phase starts at $14.5 million, and consists of the unfinished building and its land-use entitlements, which are good through 2014.
By Curtis Wackerle, July 2, 2011, ADN
Dancing Bear Project is across from Wagner Park in the center of Downtown Aspen