Wednesday’s sale didn’t include the Whole Foods building, although the grocery space is intricately tied to the property offered in the sale. The foreclosure sale covered seven of 10 blocks in Willits Town Center, according to documents filed with the public trustee’s office.
ASPEN EAGLE COUNTY REAL ESTATE — A large chunk of Willits Town Center in Basalt formally fell back in the hands of Bank of America Wednesday when the lender was the only bidder in a foreclosure sale.While some attorneys representing prospective bidders called to inquire about the offering in the days proceeding the sale, none materialized, according to a spokesman for the Eagle County Public Trustee’s Office, which held the sale. No Bank of America officials attended, either.Bank of America was required by law to submit an initial bid, which came in at $10,545,000. The lender claimed developer Joseph Freed and Associates (JFA) defaulted on a loan with $36.1 million remaining on the principal. Interest and fees boosted the total indebtedness to $38.3 million. That left a deficit of $27.78 million after the bank’s bid — representing the loss of property value during the recession.The uneventful sale raised more questions than it answered. It leaves the future of a proposed Whole Foods Market unresolved.
By Scott Condon, Sept. 16, 2010 Aspen Times