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The city of Aspen claims the owner of the Hotel Jerome undertook a “fraudulent conveyance” of the property as part of a broader scheme to avoid paying a hefty real estate transfer tax bill.
The city government contends hotel owner Jerome Property LLC took the unusual step of foreclosing against a company that is its wholly-owned subsidiary, Jerome Ventures LLC, after the city determined the sale of the Hotel Jerome wasn’t exempt from its 1.5 percent Real Estate Transfer Tax (RETT). The two limited liability companies contend that the foreclosure “extinguished” any lien for a RETT the city may have held.
A tax bill of at least $405,000 is at stake in the dispute.
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