A second financial institution has sued the rich Aspenite Dan Burrell for not repaying an eight-figure mortgage and is asking a decide to let it take a $39 million home of his in lieu of fee.
Alpine Financial institution, which is headquartered in Glenwood Springs, sued the businessman March 25 in Aspen. It mentioned that Burrell owes $18 million on an $18.5 million mortgage issued in 2021.
Alpine is asking Choose Anne Norrdin to let it foreclose on the mortgage’s collateral: 768 Hunter Creek Street in Aspen, an 8,400-square-foot dwelling that’s listed for $38.5 million.
“Mr. Burrell has a superb working relationship with Alpine Financial institution,” an unnamed consultant for Burrell mentioned in an announcement to BusinessDen this week, “and anticipates that he’ll resolve the matter of his Hunter Creek dwelling within the coming weeks.”
However Alpine is just not the one Colorado financial institution that wishes the property. First Western sued Burrell in November, claiming that he hasn’t repaid $56 million in loans which might be collateralized by the identical home in Aspen that Alpine is in search of, together with 5 different luxurious properties.
In January, a decide in Eagle County dominated that First Western can promote properties Burrell owns at 969 and 1043 Willits Lane in Basalt. These foreclosures gross sales haven’t occurred but. Burrell can also be being sued in Aspen by U.S. Financial institution for allegedly not repaying a $3.5 million mortgage.
Burrell, 45, has various enterprise pursuits. His Burrell Aviation develops cargo amenities at airports and his Burrell Diversified Investments consists of actual property holdings, funding funds, medical expertise firms and building, in accordance with its LinkedIn web page.
Exterior Colorado, Burrell is auctioning off his 190-acre ranch close to Taos, which features a 27-bedroom, 27,000-square-foot primary home and 10,000-square-foot visitor home. He purchased it for $9 million in 2019, with plans to make it a retreat for youngsters with web addictions however borrowed towards it, resulting in foreclosures makes an attempt, in accordance with media stories.
Burrell’s $56 million dispute with First Western has confirmed extra contentious than his different banking quarrels. In January, he countersued the Denver financial institution, accusing it of predatory lending for giving him enterprise loans understanding he would spend the money on automobiles, a yacht and divorce funds. He additionally accused First Western of publicly outing him as being in debt.
First Western is asking Pitkin County Choose Christopher Seldin to throw out that countersuit. Burrell is “a complicated Yale-educated lawyer and entrepreneur” who lied about how he would spend the enterprise loans and due to this fact can’t declare he was fooled, the financial institution mentioned.
“Burrell’s try to seek out refuge in these shopper protections,” it wrote to Seldin on March 21, “is instantly at odds with the knowledge (he) provided to First Western and flies within the face of the intent of the statutes that had been enacted to guard customers from predatory lenders, not multi millionaire refined businessmen who wished to buy yachts.”
First Western’s attorneys are Trevor Bartel and Frances Scioscia Staadt with the Denver workplace of Lewis Roca Rothgerber Christie. Alpine Financial institution, which declined to touch upon Burrell, is represented by Jason Buckley and Trent Lauridson at Garfield & Hecht in Aspen.
Burrell’s attorneys are Sarah Auchterlonie and Courtney Bartkus within the Denver workplace of Brownstein Hyatt Farber Schreck.
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This story was reported by our companion BusinessDen.
