In all, the assessor put the value of property in Base Village, as of mid-2010, at $282 million. An entity controlled by Related, Related WestPac, bought the project from Aspen Skiing Co. and Intrawest in 2007 for $169 million. At the time, Related forecast $1.3 billion in gross revenue from the project and a profit of $194 million. It was expecting $1.2 billion from residential sales, $126 million from commercial sales and $40 million from metro bonds sales, according to an exhibit from a lawsuit in Delaware between Related and investors in the project.
SNOWMASS VILLAGE REAL ESTATE – The Pitkin County assessor has estimated the value of the properties in Base Village, now held by four European banks in the name of Snowmass BV HoldCo, to be $190 million. But the banks’ representatives have appealed a portion of the county’s valuation to the state and are seeking to shave $94 million off the county’s estimate. The county’s assessment reflects its estimate of what the properties in Base Village were worth on June 30, 2010, which was the date the county was required to use to set values for the 2011 tax year. The largest area of dispute between the county and the banks is the value of the Viceroy hotel, which includes 154 condos and hotel rooms and eight commercial spaces.
By Brent Gardner-Smith, February, 29 2012 AT (from: AspenJournalism.org)
Rendering of Hayden and Capitol Peak Lodges completed Phase 1 in 2005/2006 of the proposed new Snowmass Base Village.