$11 million dollar price reduction!

$11,000,000 discount and who knows if they'll take less...

Yes, even in Aspen we are seeing foreclsoures - four have been filed so far in '09 - certainly a very small number in comparison to many parts of the country but it shows that even the super wealthy can be affected by the economic downturn.

This particular home was featured during the X-Games as the base for Target's extreme athletes - replete with private chefs - big screen tvs, masseuses and so on - 14,400 square feet on 8.5 acres.

Built as a spec home and originally listed at $26 million, the asking price has already been reduced to $19,5 million. The note that is being foreclosed on is a paltry $4.6 million but there are many more (24) additional liens filed against the property.

It seems most likely that the home will be purchased before the note is foreclosed, probably at a pretty steep discount. They say cash is king and in the current market it seems especially true.

to find this listing, and every other in the Aspen valley, visit the View West Properties website

blog posting courtesy of julian hardaker, re/max mntn west