Three buyers make offers on $3.5 million Redstone Castle
Offers for the Redstone Castle, a landmark in the Crystal River Valley, have begun to come in from out-of-state buyers.
And, though it claims to have an ownership deal pending, Castle Consulting, the firm that operates the historic mansion as a bed and breakfast, may not be in the running.
The castle was claimed in a foreclosure auction last month by Redstone Investment, Inc., the company that sold the mansion to present owner Cleveholm Manor Inc., a subsidiary of Morgan Rothchild, a Canadian company. But during a 75-day redemption period after the foreclosure auction, other buyers have the opportunity to purchase the property out of foreclosure.
Vail Real Estate’s Tamara Richardson, exclusive listing agent for Morgan Rothchild, said Tuesday she has received three offers, one from an Illinois buyer and two from Texans.
“We hope that one of these three deals will work, but we’re accepting other contracts,” Richardson said. But she said someone must take over the property in about the next 30 days, before the close of the redemption period.
Richardson said if the property does not sell, Morgan Rothchild would be forced to pull money together from other assets, so as not to let the property go. “No matter what, it won’t go to final foreclosure,” she said.
The property is listed for $3.5 million, and the present offers have come in at that amount, Richardson said. That is the amount at which Morgan Rothchild would break even on its investment with the interest it has paid, she said. Morgan Rothchild offered the castle for sale for $3.9 million last year.
Richardson said she hasn’t received an offer from Castle Consulting. “We’re the only one they can negotiate a contract with, and nobody’s heard from them in some time,” she said. “They couldn’t negotiate with Morgan without going through us.”
Castle Consulting has managed the Castle as a bed and breakfast with fine dining and some health spa services since last May. Richardson said around that time the management firm put the property under contract with a minimal down payment and took early possession of the property. Though the deal was scheduled to close last October, she said, Castle Consulting has not made any payments to Morgan Rothchild even though Castle Consulting was taking the income from the business.
Melissa Feher-Peiker, of Castle Consulting, told The Aspen Times Monday that an announcement of some kind would be made today. She could not be reached for comment Tuesday.
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