#breckenridge #colorado #realestate
Uncertainty continues to surround the Uptown 240 condominium project in downtown Dillon as documents filed in U.S. Bankruptcy Court District of Colorado indicate a scheduled bankruptcy sale was vacated.
Uptown 240 received two bids last month during the sales process for the stalled condominium project but neither was enough to cover the company’s debts, Dillon Town Manager Nathan Johnson told the town council Tuesday, Oct. 3.
The highest bid for the 80-unit luxury condo project at 240 Lake Dillon Drive came in at $12.75 million, “which is not enough to eliminate the debt on the title,” Johnson said. He hinted at a bleak picture that appears to be painted for unsecured debtors, including 41 individuals who collectively put $6 million in deposits down on units.
