Related WestPac auction set at courthouse
August 26, 2009
ASPEN – An auction of $110 million worth of Related WestPac’s Snowmass Village assets will be held, as scheduled, at 10 a.m. Wednesday on the Pitkin County Courthouse steps in Aspen, company President Dwayne Romero confirmed this week.
The properties available for bid include the Snowmass Center, Snowmass Mountain Chalet, Snowmass Inn and three Sonnenblick units. They were used as loan collateral by Related WestPac when it made the majority of its local purchases in 2007.
The deeds of trust on these properties were transferred from Bank of America to the Related Companies on June 24 and it’s believed that Related paid off a portion of what are considered to be “toxic assets” – those that have more debt than value.
As to any other details about the offering, both Romero and Related Companies Vice President, Corporate Communications and Public Affairs, Joanna Rose, remain tight-lipped.
“I am afraid we can’t offer comment until after tomorrow. I would be happy to speak to you then,” Rose said by e-mail.
Mark Moebius, who is in a partnership with Related WestPac for the Daly Lane properties, said that’s more than he has heard from Rose or the Related Companies to date.
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“I have no more insight into what’s going to happen” than the newspapers, Moebius said, adding that the company hasn’t even told him whether the auction was definitely going to take place.
He was informed by the treasurer’s office that it will. However, Tiffany Wancura, chief deputy treasurer and public trustee for Pitkin County, recently told the Snowmass Sun that the auction could be canceled up until moments before its scheduled start time.