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Aspen building owner sued

Aspen Times Staff Report
Aspen CO, Colorado

ASPEN ” A complaint filed in Pitkin County District Court alleges that Linden Nelson, owner of the Paragon and Crystal Palace buildings, backed out of an agreement to buy a retail space in downtown Aspen.

The lawsuit contends 409 East Hyman LLC entered into an agreement “on or about” Jan. 23, 2008, with Nelson Ventures LLC that called for him to buy a Hyman Avenue property. The address is listed as 413 E. Hyman Ave.

Nelson Ventures LLC is defined as a Delaware company owned by Nelson. 409 East Hyman LLC filed the complaint Monday.

The complaint states Nelson delivered a $100,000 deposit on Jan. 26, 2008, to Lawyer Title Insurance Corp. for the property.

The closing date for the deal was set at Dec. 9, 2008, “or earlier at purchaser’s discretion” given there was at least 15 business days written notice to 409 East Hyman LLC. However, Nelson “failed to close on Dec. 9 [2008].”

The complaint states the closing date was subsequently extended to “on or about” Dec. 27.

On Jan. 5, the seller’s legal team sent a letter to Nelson informing him of default and “demanding the immediate delivery of the deposit, plus interest.”

On Jan. 8, the title company informed 409 East Hyman LLC that it would not release the deposit without “written direction” from Nelson, which apparently had not been given as of that point.

The lawsuit seeks the deposit, plus interest and other relief. The title company was also named as a defendant in the complaint.


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