After more than a half-dozen scheduled and delayed auctions — and mounting frustration from Snowmass officials and the local tourism industry — Wednesday appears to be the final auction date, assured by Hypo’s minimum bid of $138MM.
ASPEN AND SNOWMASS REAL ESTATE – The foreclosure auction for the stalled 1-million-square-foot Base Village in Snowmass Village is scheduled for 10 a.m…Hypo Real Estate Capital Co., the managing agent for a group of four German banks that hold Base Village’s mortgage, has submitted a $138 million minimum bid on the property. The outstanding debt on the property totals $507.3 million…Hypo has put off the auction as it has marketed the property to potential buyers. A bid was made by Related Companies, which bought the development from its original developers: the Aspen Skiing Co. and Intrawest. The SkiCo also submitted a bid on the property to Hypo earlier this year, company spokesman Jeff Hanle said Monday.
By Andrew Travers, Nov. 15, 11 ADN