Thursday August 27, 2009
Change is good. But that often depends on how change affects those involved. Winners (sort of) and losers yesterday at the steps to the Pitkin County Courthouse auction—one bid—one buyer: for six foreclosed properties in Snowmass Village—casualties of the weak economy but returning to dominance: New York based Related Groups, buying Snowmass Mountain Chalet, the Snowmass center, some luxury condos at Sonnenblick—-at just under 101 million dollars. Stability: finally here—says Related Westpac President Dwayne Romero, who says Related New York plans to continue development at Base Village—no plans to sell.
To make this more clear—–Westpac’s Pat Smith lost money—and all the other other investors in the four LLC’s of Westpac’s that held the properties—-Related New York, although the name is often joined with Westpac—is in fact a separate company. Related has now taken over complete, total ownership of these crucial Snowmass village properties. All the former partners can do is watch their equity, sweat and cash, following the purchase at auction by Related: “formerly” disappear.
We are going to be featuring comment in news on KSNO and KUUR from Snowmass Village Mayor Bill Boineau –about the buy. Stay tuned.
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