Gorsuch deal a land flip for the ages
So … in late February 2019 Mr. Gorsuch, decked out in his fur and Stetson, knocked on my door looking for my “yes” vote on the March 5, 2019, referendum.
His big selling point was local ownership of the planning, development and operation of the overall project. Their commitment was to Aspen and the community first and foremost.
Fast forward to this March 5, 2022. Mr. Gorsuch sells the .95 acre Gorsuch Haus site for $76,250,000. He had acquired this site in July, 2021 from Aspen Skiing Co. for $10 million.
Goodbye to the local Gorsuch ownership pitch.
I would venture a guess that this is the best real estate flip in Aspen’s history.
I would also venture a guess that Aspen Skiing Co. was told prior to their sale in July, 2021 that $10 million was the top price that could be paid to keep the proposed Gorsuch Haus project viable.
Based on my experience working with a Dutch real estate investment group, I would posit that the sale to Mr. Doronin’s LLC did not happen overnight.
This deal was probably in the works for a considerable period of time prior to the recordation date of March 4, 2022. Just how considerable is anyone’s guess.
If I were an investor in Skico, I might be asking how they potentially left up to $66,250,000 on the table.
Only in Aspen.
FYI, I voted “no” on the referendum.
Alan Waters
Aspen
