Thursday, February 12, 2004
The auction of remaining condominiums at the Canyons Grand Summit Resort Hotel near Park City, Utah, has been postponed two weeks, to Feb. 21.
The Canyons and Steamboat ski areas are under the ownership of American Skiing Co. The entity selling the real estate is Grand Summit Resort Properties, a division of ASC.
The auction will take place at 11 a.m. Feb. 21 at the Salt Lake City Marriott City Center.
A significant number of interval units at the Steamboat Grand Resort and Conference Center remain unsold. However, an ASC spokesman said no inference should be drawn from the Canyons' sale that ASC's real estate division would pursue an auction here.
"This was a decision made for the Canyons," Erik Preusse said in December, when the original auction was announced. "They are two distinct products. The Canyons Grand Summit is a more mature product. It's had about one more year of sales."
Grand Summit Resort Properties intends to auction 40 individual quartershares in the Canyons Grand Summit, and 20 "whole-share residences" comprising all four quartershares for a specific hotel unit.
A Web page maintained by auctioneer Sheldon Good indicates a number of the quartershares will be sold at "absolute auction," regardless of price. Otherwise, the opening bid for the smallest of quartershare units at the Canyons Grand will be $15,000. Original asking prices were $55,900 to $84,900 for the studio units, which range in size from 368 to 589 square feet. Bidders will be required to provide a certified check of $5,000 to purchase a studio unit at auction.
Two-bedroom quartershares at the Canyons Grand originally carried asking prices of $204,900 to $244,000; bidding will open at $50,000. Bidding on three-bedroom quartershares will open at $100,000.
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