ASPEN REAL ESTATE – The Stage 3 theater property on Main Street in downtown Aspen was auctioned off for $3.6 million on Tuesday. Jeffrey Cardot, a part-time resident who is a financial trader from Chicago, placed the winning bid for the half-built property at 625 E. Main St. Bidding started at $3 million and lasted less than two minutes.“I think the site represents an incredible value,” said Cardot, 38, who owns a condo in Snowmass Base Village. He added that he expected the sale price to be in the $5 million range.
The auction was ordered by a judge from the U.S. Bankruptcy Court in Dallas as a solution to a dispute between Aspen Main Street Properties LP, the original developer, and Alpine Bank, the senior lender on the project which was reportedly owed $12 million.
By Curtis Wackerle, August 18, 2010 Aspen Daily News

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