by friends of Donald Trump
It seems it’s become Eagle County summer tradition.
One (big?) so-called ‘Absolute’ Real Estate Auction a summer. What hasn’t changed is that the State of Colorado still doesn’t regulate Real Estate Auctions – so it’s 100% probable (and legal) for the word ‘Absolute’ to mean different things to the Seller and prospective Buyer.
The latest and certainly most publicized property headed to the Auction Block – has an advertised early bid on their books at about $6 Million for that Arrowhead located trophy property. This prompted some local Brokers to claim “Hey! that’s NOT an ‘Absolute Auction’ – this amounts to an Auction with a ‘$6 Million dollar Reserve bid’!
What else do we know, ECT? The most recent numbers from the office of the Assessor in Eagle County shows this property with a valuation of $9,191,430.00 (Click Here)
Further a public record search reveals that the property currently has a first mortgage of $4.5 Million (to Midwest Bank) and a 2nd of $1.4 Million to (Community Bank). By the ECT’s math that’s about $5.9 Million in debt – just shy of their $6 Million Bid – allegedly on their Auction books today.
This is the point at which the public record information dwindles. Speculation at this point ramps up. We don’t know the exact Sales dollar figure that will allow the current owner to deliver title to the property at closing – without permission from the banks holding his mortgages. ECT has been told (per the Auction contract) there is a 10% buyer premium paid to the Auctioneer plus a 1.5% transfer fee payable by the buyer at the time of closing.
Allegations, Allegations. Some local Brokers insisting it is legal for this property to be pulled off the Auction Block before the advertised ‘Absolute’ Auction date of August 6th this year…if a certain number (well north of $6 Million?) isn’t Bid before August 6th.
Absolute Auction? You decide. Time will tell. We’ll certainly know more by August 7th.