Buttermilk mansion sells for $12M | AspenTimes.com

Buttermilk mansion sells for $12M

Rick CarrollThe Aspen TimesAspen, CO Colorado
Janet Urquhart The Aspen Times

ASPEN A Buttermilk mansion avoided a foreclosure auction when it was acquired for $12 million, or less than half of its original listing price of $26 million.The 13,544-square-foot home, located at 220 Buttermilk Lane, was sold by Alpine Bank to a Delaware-based concern on Friday.The sale comes after Alpine Bank seized the property in February after the mortgage holder at the time, Buttermilk Landowner LLC, failed to make good on a $4.6 million loan, according to public records. Buttermilk Landowner LLC is controlled by Basalt resident Dan Coleman.Alpine Bank took possession of the home by assuming a deed in lieu of foreclosure, which gives the lender back the property without it going into foreclosure.Even so, a foreclosure sale auction was scheduled for April 29, but Alpine Bank notified Pitkin County Chief Deputy Treasurer Tiffany Wancura on Monday that there would be no auction, she said.Listing broker Eric Cohen, of the realty firm Morris & Fyrwald, did not return a telephone message seeking comment for this story.Public records identify the buyer as Mountain Songs LLC, and show that it incorporated in Delaware on March 26. Jon Tollefson, a senior vice president at the Aspen branch of Alpine Bank, said Tuesday there was a fair amount of interest in the property.We are not in the real estate business, he said. Our goal was to get as much money as possible in as little time as possible.He added: There are no winners in this deal.Tollefson said he knew little about the buyer.The offer was clean, and we did not want to hold on to this for the long term, he said.The listing price of the seven-bedroom, six-bathroom home, which sits near the top of the superpipe at Buttermilk, took a significant drop when no one bit at the $26 million price tag. Its most recent listed price was $19 million.While the $12 million deal did not come close to its originally advertised price, it still marked the most expensive transaction in Pitkin County so far this year, public records show.Construction on the home, which sits on more than 8 acres, was completed last year. During the Winter X Games it was rented out by Target Corp., which played host to parties for competing athletes. rcarroll@aspentimes.com

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