Downtown Aspen Properties Scheduled To Close Today

Several parcels of Aspen real estate, including the Little Annie’s building, is expected to close today for $17.75 million.

A court order from Nov. 4 which is signed by District Judge Gail Nichols discloses  the purchase price and identifies Aspen real estate developer Nikos Hecht as the purchaser.

This sale would end months of legal issues over the property, which includes the former Huntsman Gallery building and a parking lot at East Hyman Avenue and Hunter Street.

The sale or this Aspen real estate means the property would not be subject to a foreclosure action initiated by Downtown Aspen Investments LLC.  They say that Aspen Legacy Holdings LLC, the current owner of the property, owes $13.8 million and have defaulted on the loan. Aspen Legacy Holdings is under the control of the Dingilian family of New York.

This past Friday, Downtown Aspen Investments LLC filed a court notice looking to foreclose on the property. If the sale goes through today then there would be no foreclosure.

“If the sale goes through and closes, the foreclosure will be withdrawn,” said Robert Holmes, the  attorney from Denver who filed the foreclosure papers for Downtown Aspen Investments LLC. “Those two [the judge’s court order and foreclosure notice] are not in opposition to each other but are being done in a coordinated fashion.”

Also, Denver attorney David S. Cohen, who has been appointed as the receiver for the property this past September, stated that a foreclosure sale would not occur if the property sells.

“A Rule 120 [foreclosure proceeding] would not stop the sale as long as it’s before the foreclosure date,” Cohen said.

Judge Nichols’ court order says that Cohen, who is the receiver, would pay off the lender from the proceeds of the sale. The balance of the surplus funds would then go to a Colorado Lawyer Trust Account Foundation which is controlled by Thomas Genshaft PC, a Snowmass Village-based law firm.

Nikkos Hecht, the buyer, is tied to several other downtown Aspen properties. These include the Wienerstube building on Hyman Avenue, which is to be the future home of the Aspen Art Museum, and the Red Onion property on Cooper Avenue.  Hecht is also a managing member of investment firms Sopris Capital Advisors and Aspen Advisors.

Mark Wyman is  the listing broker for the Aspen Legacy properties being sold today.

The Aspen Legacy properties latest list price was $19.9 million. This makes the sales price $2.15 million less than the asking price. These properties were listed for $39 million in August 2007. At that time the properties were appraised for $24.5 million says the property description in the Aspen Multiple Listing Service.

The properties include 15,000 square feet of land and are zoned as commercial core.  This would allow retail and restaurant development on the ground floor, and office and residential development on the upper two floors.