Related WestPac officials have confirmed that the $110 million loan it and other investors defaulted on was used as financing for the Snowmass Center and Snowmass Mall properties now in foreclosure proceedings. Company officials still won’t say, however, whether or how they plan to cure the default, and insist there may be other investors with responsibility for it as well.The Snowmass Center, the Snowmass Mountain Chalet, the Snowmass Inn and three units in the Sonnenblick Condos will be sold at public auction in August if the Bank of America loan isn’t satisfied.
By Catherine Lutz, May 1, 2009, Aspen Daily News

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