One Steamboat Place foreclosure sale delayed, trustee confirms
March 9, 2011
Steamboat Springs — Routt County Public Trustee Jeanne Whiddon confirmed Wednesday morning that she formally has been notified by a representative of the seven banks involved that the scheduled foreclosure sale for the unsold luxury condominiums at One Steamboat Place has been postponed until April 13.
The foreclosure sale, tied to almost $100 million in unpaid construction debt on the completed condominium project at the base of Steamboat Ski Area, had been scheduled for March 16.
Timbers Resorts CEO David Burden, speaking on behalf of the development group SV Timbers LLC, reported Tuesday that the date had been put off 30 days and negotiations were ongoing.
"We thought that you should know that the banking group for the balance of the loan on the remaining inventory at One Steamboat Place has agreed to extend their deadline another 30 days in acknowledgement of the ongoing negotiations with our investment group for a longer term extension," Burden wrote in an e-mail.