{"id":2447694,"date":"2019-08-19T00:00:00","date_gmt":"2019-08-19T06:00:00","guid":{"rendered":"https:\/\/www.aspentimes.com\/?p=311423"},"modified":"2019-08-19T00:00:00","modified_gmt":"2019-08-19T06:00:00","slug":"business-monday-snowmass-spec-home-goes-bankrupt","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/kspn\/local-news\/business-monday-snowmass-spec-home-goes-bankrupt\/","title":{"rendered":"Business Monday: Snowmass spec home goes bankrupt"},"content":{"rendered":"
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The developer of a spec home in Snowmass Village, once advertised for $16 million, has placed the property in bankruptcy.<\/p>\n

The Chapter 11 bankruptcy was filed Aug. 12 in Denver by a limited liability corporation called 999 Brush Creek Road, which is controlled by Peter Droste, whose family sold the Brush Creek Ranch open space for $17 million to Pitkin County in 2010.<\/p>\n

The bankruptcy comes when lender Okean Investments of Florida Inc. is trying to foreclose on the property because the LLC has defaulted on a $6.75 million loan, according to the Pitkin County Treasurer\u2019s Office. A foreclosure sale had been scheduled the same day the LLC declared bankruptcy.<\/p>\n

\u201cIt looks like this was a spec house that\u2019s been for sale for a while,\u201d said Adam D. Stein-Sapir of Pioneer Funding Group LLC, a Florida firm that watches bankruptcies. Stein-Sapir has not been involved with the Brush Creek Road bankruptcy or foreclosure proceedings, which are now on hold because of the Chapter 11 move. \u201cIf there\u2019s a foreclosure, then Mr. Droste\u2019s equity would be gone.\u201d<\/p>\n

Carbondale attorney John LaSalle, who filed the bankruptcy, declined comment last week. Droste also could not be reached.<\/p>\n

The property had been listed for sale as of Thursday, but not longer was on the market Sunday, according to Zillow, a website that tracks real estate listings.<\/p>\n

At one time it had been listed for $16 million, and more recently was advertised for $8.5 million.<\/p>\n

\u201cIt\u2019s a beautiful property; it just never moved,\u201d said Jim Bineau of Coldwell Banker Mason Morse Real Estate. Bineau and his wife, Anita, most recently had the listing.<\/p>\n

Marketing materials have described the property as an \u201celegant 14,688 square foot home on 46 private acres\u201d featuring a \u201cgrand salon with carved fireplace, large kitchen, butler\u2019s pantry to serve the dining room which can seat two or 32.\u201d<\/p>\n

The home also includes a \u201cmain floor office, guest master and soundproofed theater,\u201d as well as other luxury amenities.<\/p>\n

Construction on the six-bedroom, 10-bathroom home was completed in 2015.<\/p>\n

The property\u2019s bankruptcy file was scant on details through Friday. There are no unsecured creditors. A status conference is set Sept. 17 before Judge Joseph G. Rosania Jr.<\/p>\n

The loan could have been cured with a $1.2 million payment, according to foreclosure records in the Pitkin County Treasurer\u2019s Office. However, Droste did not respond to the Aug. 6 deadline to express his intentions to cure the loan, records show.<\/p>\n

Okean Investments began foreclosure measures on the property in April. AD&D Mortgage of Florida originally held the note.<\/p>\n

rcarroll@aspentimes.com<\/a><\/p>\n

via:: The Aspen Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The developer of a spec home in Snowmass Village, once advertised for $16 million, has placed the property in bankruptcy. The Chapter 11 bankruptcy was filed Aug. 12 in Denver by a limited liability corporation called 999 Brush Creek Road, which is controlled by Peter Droste, whose family sold the Brush Creek Ranch open space […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-2447694","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-local-news"},"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-06-27 03:10:53","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KSPN The Valley's Quality Rock","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/kspn","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2447694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/comments?post=2447694"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2447694\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/media?parent=2447694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/categories?post=2447694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/tags?post=2447694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}