Unfinished Aspen Property Up For Auction

by Deidre Woollard (RSS feed)
Jun 26th 2010 at 8:01AM

A prime piece of Aspen real estate will be auctioned off in August through Sheldon Good & Company. The site was at one time the location of The Stage 3 Movie Theater and now contains a partially-built, three-story building (rendering shown above) which, when completed could house 30,000 square feet of residential, retail and office space. The building wasn't completed because it has been involved in Chapter 11 bankruptcy proceedings. Around 15 percent of the total construction, including the basement and foundation, was completed before the owners suspended construction and filed for bankruptcy.

This is a Section 363 sale in the Bankruptcy Court and title will be delivered to the successful bidder free and clear of all liens and encumbrances which is important for any developer interested in later selling or leasing individual commercial and residential units. In addition to over 10,000 square feet of retail and office space there are five penthouse residential apartment homes and five for-sale affordable housing units to satisfy Aspen's Affordable Housing Program. Patio decks, valet space and below-grade, private parking are also included. Decks have views of Aspen Mountain, Red Mountain, Smuggler Mountain and Independence Pass.

The property will be sold absolute, regardless of price, with a suggested opening bid of $3 million. The auction will be held on August 17 at the St. Regis Aspen Resort. Buyers will be required to provide $300,000 cashier's check.

For more information, call Sheldon Good's auction line at 800-374-4881. You can also FAX the company at 303-740-6124, or visit its 625 E. Main St. auction webpage at www.sheldongood.com/mainstaspen.php

Tags: aspen, colorado real estate, real estate auction