Attorneys for 29 condo owners in the Capitol Peak Lodge claim in a lawsuit that Aspen Skiing Co. “participated in a joint scheme” with other Base Village developers to defraud condo buyers. The suit claims that Skico, along with Intrawest, The Related Cos., Related WestPac and other corporate entities involved with Base Village, purposely overstated […]
Category: Snowmass
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Base Village owners want to lower its valuation by $94M
SNOWMASS VILLAGE — The Pitkin County assessor has estimated the value of the properties in Base Village, now held by four European banks in the name of Snowmass BV HoldCo, to be $190 million. But the banks’ representatives have appealed a portion of the county’s valuation to the state and are seeking to shave $94 […]
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Related loses appeal in suit against Hypo
A panel of judges in a New York state appeals court Feb. 16 unanimously dismissed $406 million in damage claims from an entity controlled by The Related Cos. against Hypo Real Estate Capital Corp. and three other Base Village lenders.
Posted inSnowmass
Base Village receivership ends, project still for sale
SNOWMASS VILLAGE — A chapter in the ongoing saga of Base Village quietly ended on Jan. 28 when a local judge officially approved of the “winding up” of a court-appointed receivership.
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The Related Cos. refutes charges from Hypo over bonds tied to Base Village metro districts
SNOWMASS VILLAGE — Attorneys for The Related Cos. have responded to charges in a lawsuit by its European lenders that it fraudulently moved $32.5 million tied to bonds issued by the Base Village metro districts from one corporate entity to another.
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Receiver: Related’s bond moves hurt metro districts
SNOWMASS VILLAGE — Interest rates on $32.6 million in bonds two Base Village metro districts issued in July 2008 have shot up to 10 percent from 1 percent as a result of actions taken recently by the Related Cos., the former owner and developer of the project at the base of the Snowmass Ski Area.
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Lowe Enterprises signs new contract to manage Base Village
The project’s previous owner was Base Village Owner, LLC, an entity controlled by Related Cos. of New York, which defaulted on a $520 million acquisition and construction loan in April 2009.
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New owners of Base Village issue first statement
It wasn’t much, but it was one of the few public statements made by an owner of the project since the previous owners, Base Village Owner LLC, a subsidiary of the Related Cos. of New York, walked away in 2009 and defaulted on a $520 million loan from the banks.
Posted inSnowmass, Wealth and Property
Related to NYC court on Base Village: It’s the banks’ fault
After a foreclosure sale on the steps of the Pitkin County Courthouse on Nov. 16, the Related Companies and its entity Base Village Owner LLC no longer own the Base Village project. But the giant private real estate firm based in New York is still wrangling in court with the new apparent owners of the […]
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Developer Related not faring well in Base Village lawsuits
SNOWMASS VILLAGE — The developers of the stalled Base Village project at the base of the Snowmass Ski Area have been quick to blame the Great Recession for the project’s current state. But as a series of lawsuits between the developers and its lenders and investors show, there were a number of decisions made along […]