UBS O’Connor to Take Over Bankrupt Aspen Ranch
UBS O’Connor, a private equity firm, is set to take over the bankrupt Aspen Ranch, a sprawling property in Colorado that was once owned by natural gas tycoon Aubrey McClendon. The firm has agreed to purchase the ranch for $45 million, which is a fraction of the $80 million that McClendon paid for it in 2012.
Background of the Aspen Ranch
The Aspen Ranch is a sprawling property located in the Rocky Mountains of Colorado. It consists of more than 2,000 acres of land, including a main house, guest houses, a lake, and a golf course. The property was originally owned by the late Aubrey McClendon, a natural gas tycoon who was the founder and CEO of Chesapeake Energy.
McClendon purchased the property in 2012 for $80 million, making it one of the most expensive real estate purchases in the state’s history. He had planned to turn the property into a luxury resort, but his plans were derailed by his death in 2016.
UBS O’Connor to Take Over
UBS O’Connor, a private equity firm, has agreed to purchase the bankrupt Aspen Ranch for $45 million. The firm plans to turn the property into a luxury resort and is expected to invest an additional $50 million in renovations and improvements.
The purchase of the property is subject to approval by the bankruptcy court. If the purchase is approved, UBS O’Connor will become the new owner of the Aspen Ranch.
McClendon’s Legacy
The purchase of the Aspen Ranch marks the end of a chapter in the life of Aubrey McClendon. The natural gas tycoon had big plans for the property, but his death in 2016 derailed those plans.
McClendon’s legacy will live on in the Aspen Ranch. The property will be a reminder of his ambition and his vision for the future.
UBS O’Connor’s Plans for the Aspen Ranch
UBS O’Connor plans to turn the Aspen Ranch into a luxury resort. The firm is expected to invest an additional $50 million in renovations and improvements.
The firm plans to open the resort in 2024 and will offer a variety of amenities, including a spa, a golf course, and a lake. The resort will also feature a variety of restaurants and bars.
Conclusion
UBS O’Connor has agreed to purchase the bankrupt Aspen Ranch for $45 million. The firm plans to turn the property into a luxury resort and is expected to invest an additional $50 million in renovations and improvements. The purchase of the property is subject to approval by the bankruptcy court, and if approved, UBS O’Connor will become the new owner of the Aspen Ranch. The purchase of the Aspen Ranch marks the end of a chapter in the life of Aubrey McClendon, and his legacy will live on in the property.