Watkins’ Beaver Run Ranch in Woody Creek set for auction
September 23, 2010
ASPEN – The Beaver Run Ranch on Woody Creek Road is scheduled to be sold at a foreclosure auction next week, according to the Pitkin County Treasurer’s Office.
While details are murky, Scott Gordon, an Alpine Bank employee familiar with the matter, said property owner Floyd Watkins has encountered complex financial issues and struggled to make timely loan payments.
Watkins recently filed for personal bankruptcy in Florida.
He was sick and unavailable for comment Wednesday. Watkins has been looking to sell the property, a 45-acre estate located at 6090 Woody Creek Road, for several years.
It was originally placed on the market for nearly $30 million, but the price has dropped significantly since.
In addition to his financial troubles, Watkins has been fighting a battle with terminal cancer.
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Watkins staved off previous foreclosure efforts from Alpine Bank and Rocky Mountain Equity Mortgage that could have totaled between $3.5 million and $6 million.
He then filed for Chapter 11 bankruptcy in Florida, citing massive losses in stock market investments. Watkins changed the ranch deed to share his wife’s name in 2008, according to county records.
The Pitkin County Assessor’s Office lists the market value of the Beaver Run Ranch at nearly $7.3 million.
In 1985, the property was sold to Janelle Renee Watkins for $335,000.