Owner of one of Colorado’s priciest homes files for bankruptcy

New York /
Jul.July 07, 2017 05:45 PM

The owner of a lavish estate in one of the most expensive ZIP codes in the country has just filed for Chapter 11 bankruptcy, records show.

Owned and developed by Leathem Stearn, the 21,000-square-foot property at 1011 Ute Avenue in Aspen, Colorado, was listed in 2013 for $45 million, though it never sold.

Although it is not clear from the filing what creditor, in particular, is forcing the bankruptcy filing, it is most likely the mortgage lender. Stearn filed for bankruptcy through the entity Ute Mesa Lot 2.

“Normally, when a mortgage lender is about to foreclose, bankruptcy can stop the foreclosure process. I’m imagining that’s why they filed this,” said Adam Stein-Sapir, a bankruptcy specialist at Pioneer Funding Group who was not involved in this case.

That lender appears to be Paul J.A. van Hessen, a private lender from the Netherlands who provided an estimated $10 million loan, documents show.

The lawyers for the developer and lender could not be reached for comment.

The home was built in 2011, and its listing price dropped from $45 million to $39 million over the years, though it no longer appears to be on the market. Rihanna reportedly rented it in 2014. It comes with a 54-foot pool, hot tub and a ski-in, ski-out option.


Related Articles

arrow_forward_ios
Bikram Yoga guru lists former Kushner UES pad for $4M

Bikram Yoga guru lists former Kushner UES pad for $4M

Bikram Yoga guru lists former Kushner UES pad for $4M
The Cartier “Tank” turns 100

The Cartier “Tank” turns 100

The Cartier “Tank” turns 100
Spitzer’s secret squeeze is an NYC property manager

Spitzer’s secret squeeze is an NYC property manager

Spitzer’s secret squeeze is an NYC property manager
Billionaire to stand trial after allegedly smuggling Picasso painting on his yacht

Billionaire to stand trial after allegedly smuggling Picasso painting on his yacht

Billionaire to stand trial after allegedly smuggling Picasso painting on his yacht
President of Brown University lists Tribeca crash pad for $1.7M

President of Brown University lists Tribeca crash pad for $1.7M

President of Brown University lists Tribeca crash pad for $1.7M
Board Approved: 720 Park Avenue

Board Approved:
720 Park Avenue

Board Approved:
720 Park Avenue
Kristin Chenoweth wants to defy your expectations

Kristin Chenoweth wants to defy your expectations

Kristin Chenoweth wants to defy your expectations
Papers, please

Papers, please

Papers, please
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...