Bair Chase joint foreclosure auctions set for April 12 |

Bair Chase joint foreclosure auctions set for April 12

A foreclosure auction of the Bair Chase property set for Wednesday has been postponed until April 12, said public trustee Bob Slade. The foreclosure will coincide with a second foreclosure auction set for April 12 on a $14 million first mortgage on the 280-acre property. The March 29 auction was intended to satisfy a second mortgage on the land for $440,000.Both mortgages are held by Plains-Capital Bank of Austin, Texas.Last week, Slade said the auction could be continued if he didn’t receive an opening bid from an attorney for PlainsCapital Bank of Austin, Texas, which holds two mortgages on the land.The developer owes $24 million to lenders and contractors. Slade also said last week that one problem with the foreclosure is that the outstanding debts total more than $24 million but the land itself is valued at only $7 million.

Support Local Journalism

Support Local Journalism

Readers around Glenwood Springs and Garfield County make the Post Independent’s work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Each donation will be used exclusively for the development and creation of increased news coverage.


Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User