Mother Lode Penthouse placed under contract
Ryan Summerlin March 28, 2014
The Mother Lode Penthouse, which has been sitting empty since the finish of its construction in 2009, is under contract for possible sale by April 14, according to the Multiple Listing Service database.
Local residential broker Craig Morris, of Aspen Snowmass Sotheby’s International Realty, is the listing broker for the dwelling, which takes up most of the second story and all of the third story of the building at 314 E. Hyman Ave., as well as some basement space. The Aspen Times is located on the first floor in the building’s commercial space, having moved from its historic Main Street location in late June.
The residential space is owned by Mother Lode Investors LLC. As of Thursday, Morris has had the listing for the past 461 days. The most recent asking price for the penthouse, which has about 9,000 square feet of indoor space, was $21.5 million.
Morris declined to provide any details about the would-be owners on Thursday. He also would not disclose the potential purchase price.
“Everybody likes their confidentiality so there’s not much I can tell you,” Morris said. “I can confirm that it’s under contract.”
Morris spoke briefly about the property, noting that it has “an incredible rooftop deck,” officially listed at 2,900 square feet. He said its number of bedrooms depends on how the space is configured, but added, “It’s suitable for a large family.”
The local Sotheby’s website describes the penthouse as having five bedrooms, eight full bathrooms and one half bath, “inviting living spaces,” common areas, a private two-car garage and “tons of storage.” The rooftop deck has a bar and hot tub. The property comes furnished. Photos can be viewed on the website www.MotherLode Aspen.com.
Though the property is under contract through April 14, the Multiple Listing Service listing notes that the broker is taking backup offers.
The Mother Lode building housed a restaurant bearing the same name for nearly four decades before it was approved for renovation in 2005 under the city’s “infill” development regulations, which encouraged downtown construction. The city since has tightened its development codes so that downtown residential buildings with the size and height of the renovated Mother Lode would not receive approval under current rules.
The current owner purchased the original Mother Lode building in 2005 for $8.5 million. Before its makeover was complete in 2008, the building’s commercial and residential sections were marketed for sale under a single price tag of $37 million. At one time in 2011, the building’s owners offered a 100-ounce gold bar, worth about $160,000 then, as an incentive for the real estate community to sell the property. The gold-bar offer is now defunct.
In August 2012, 310 East Main Street Ventures, in partnership with the Hotel Jerome, purchased the first floor of the Mother Lode, about 3,000 square feet of floor space, for $3.2 million. At some point, the property was transferred to Colorado Mountain News Media, which owns and operates The Aspen Times. 310 East Main Street Ventures then took ownership of the Times’ Main Street property and has yet to announce what it plans to do with it.
The second floor of the building also includes two affordable-housing units that are controlled by Mother Lode Investors.
Sean Gooding, a company representative, could not be reached for comment on Thursday.