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Bair Chase closer to foreclosure

Bair Chase, once a grand plan for an upscale golf community, is inching toward foreclosure this week. The developer owes $24 million to lenders and contractors. A foreclosure auction of the 280-acre property south of Glenwood Springs on Highway 82 is set for Wednesday.But that sale may not take place, as attorneys jockey behind the scenes.According to deputy public trustee Bob Slade, the sale could be continued to another future date if he does not receive an opening bid from an attorney for PlainsCapital Bank of Austin, Texas, which holds two mortgages on the land.”We must have the opening bid by noon the day before the sale,” which is March 28, he said.Slade said he had heard the attorney for the bank was considering postponing the sale but added he’d not received direct word from the attorney. A court order is also required for the sale to take place, Slade said.Wednesday’s sale is for a second mortgage on the land, or $440,000, Slade said. A foreclosure sale on the first mortgage, for $14 million, is slated for April 12.Gould Construction Inc. and the engineering firm of Schmueser Gordon Meyer, both of Glenwood Springs, have filed a joint lawsuit seeking to block the public trustee sale. They want to be first in line to collect on debts owed to them. The suit is asking $1.12 million for Gould and $127,000 for Schmueser Gordon Meyer, plus interest.Slade said the lawsuit would not necessarily stop the sale next week. What is problematic about the foreclosure is while outstanding debts total more than $24 million, the land itself is valued at only $7 million.The Aspen Valley Land Trust is pursuing the possible purchase of the parcel off Highway 82. AVLT would place part of the property under a conservation easement.


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