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Redstone Castle may go to the highest bidder

Jeremy Heiman

A castle may be up for grabs Wednesday on the steps of the Pitkin County Courthouse.

Don’t show up looking for a real steal though. The minimum bid exceeds $2.5 million.

The Redstone Castle, also known as Cleveholm Manor, is slated to be sold at auction Wednesday if a buyer does not come forward before then.

The 97-year-old mansion, which now operates as a bed and breakfast, is to be sold in a foreclosure action by the previous owner, Redstone Investment, Inc., against the owner, Cleveholm Manor, Inc. of Redstone. Legal notices published in The Aspen Times indicate Cleveholm Manor, Inc., was in default on payment of $2.5 million as of Dec. 10,1998.

The auction will take place at 10 a.m. at the courthouse if the debt is not settled and another buyer is not found by that time. Carol Foote, the county’s deputy public trustee, said attorneys for Redstone Investment, the lender, could call off the sale or postpone it if they so choose.

Foote said last week she has heard “rumblings” that the auction might not take place.

Melissa Feher-Peiker, of Castle Consulting, the Denver firm that manages the mansion, said her company was “interested” in buying the property.

“We would like to buy it before or even at the auction,” Feher-Peiker said.

If the sale is held, Foote said, the minimum bid accepted would have to exceed the amount of the debt plus any court costs, attorney’s fees and general expenses, such as copies and postage, incurred in the foreclosure and sale.

According to The Associated Press, Redstone Investment sold the castle for $3 million two years ago. Figures furnished by the Pitkin County assessor’s office show the property was valued at exactly $2 million – a figure arrived at through a tax protest, in 1997.

Foote said the 1997 property tax on the property, in the amount of $29,886, is delinquent. With penalties and interest, she said, the total owed the county is $33,161 and change.

Nina Victor, general manager at the castle, said the 42-room mansion is open seven days a week, year-round, providing bed and breakfast service and tours daily.

Coal mining magnate John C. Osgood built the mansion in 1902 as a summer home for business entertaining.


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