Aspen Legacy properties sell for $17.75 million | AspenTimes.com

Aspen Legacy properties sell for $17.75 million

Aspen Times staff report
Aspen, CO Colorado

ASPEN – The Aspen Legacy properties, located in the downtown core, sold Tuesday for $17.75 million, according to Mark Wyman, the listing agent for the property.

The buyer was Aspen Core Ventures, a firm incorporated Nov. 1, according to the Colorado Secretary of State’s website.

A court order, signed Nov. 4 by Pitkin County District Judge Gail Nichols, referred to Aspen businessman Nikos Hecht as the “respective purchaser.”

The acquisition takes the property, located on Hyman Avenue, out of foreclosure proceedings spurred by Carbondale-based Downtown Aspen Investments, which claimed that the property’s owner – Aspen Legacy Holdings LLC – owes $13.8 million on a loan default. Aspen Legacy Holdings is controlled by the Dingilian family of New York.

The property includes the Little Annie’s Eating House building, the former Huntsman Gallery building and a parking lot at the intersection of East Hyman Avenue and Hunter Street. Wyman stressed that the restaurant operation was not part of the sale.

The Aspen Legacy properties most recently were listed for $19.9 million – $2.15 million more than the sale price. The same properties were listed for $39 million in August 2007. In August, the properties were appraised for $24.5 million, according to property description on the Multiple Listing Service.

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The properties cover a combined 15,000 square feet and are zoned as commercial core, which would allow retail and restaurant development on the ground floor, and office and residential development on the upper two floors.

Wyman said Aspen Legacy is an “unusual property” that he likened to a company whose stock performed poorly during the recession but still remains a strong company. Aspen Legacy’s sale price was affected by the foreclosure proceeding.

“The signal it sends is a signal of distress” regardless of the patience of the lender, he said.

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