ASPEN — There was no bidding war and little drama Wednesday during what is believed to be the largest foreclosure sale in Pitkin County history, according to Tiffany Wancura, chief deputy treasurer and public trustee for Pitkin County. Noteholder The Related Companies LP retaining the rights to six Snowmass Village properties — the Snowmass Center, Snowmass Mountain Chalet, Snowmass Inn and three Sonnenblick units. They’d bought the deeds of trust on these properties in June from Bank of America for what has been suggested by sources as a below-market value.Related’s combined bids Wednesday totaled $100,980,000, or about $11.5 million less than the loan and interest amount, according to the treasurer’s office. The properties were used as collateral by Related WestPac when it made the majority of its Snowmass Village purchases in 2007. (Related Companies is Related WestPac’s managing partner.)
By Madeleine Osberger, August 26, 2009 Aspen Times

Link to article