Vilar clearing up foreclosures
“I remain committed to continue to support philanthropically the Vail Valley as best I can,” Vilar said Thursday in a statement released by his Amerindo Investments offices in New York City.
The bank holding the mortgage on the third property has requested a continuance of the notice and a sheriff’s sale from the county public trustee.
The $2.74 million in foreclosures were initiated earlier this year when Vilar fell behind earlier this year on mortgage payments on two Beaver Creek properties and a third in Singletree.
Foreclosures are made by banks for a number of reasons: non-payment of loans; failure to insure property; failure to pay taxes; or a change in the financial condition of the mortgagee that leads banks to deem the loan insecure.
On the high-tech bubble
The Cuban-born Vilar, 61 made significant and early investment and huge profit in the rise of technology stocks, such as Oracle and Microsoft. But he took a significant economic hit in 2000, when the tech bubble imploded.
He and fellow investor Gary Tanaka founded Amerindo Investment Advisors in 1979, pioneering the management of institutional investment in high tech stocks. The company at one time was valued at as much as $9 million before economic trends caused that to shrivel.
“There are many reasons to believe that technology is likely to be one of the best-performing sectors of the market over the next several years,” he said Thursday.
In March, when his foreclosures made headlines, Vilar penned a press release vowing that he would clear up the foreclosures and bring his financial house and housing in order. And late last month, Vilar brought the $975,000 mortgage from Wells Fargo Bank on his Fairways Drive property in Beaver Creek current, doing the same with a $760,000 loan from WestStar Bank on property at 110 June Creek Drive in Singletree. The foreclosure on the $1.005 million mortgage from Alpine Banks on his exclusive $9 million Beaver Creek residence at 463 Borders Road has been continued at the request of the bank, according to the public trustee’s office.
When Vilar’s income suffered, he continued to pledge support to various charitable organizations but was slow in providing funds, prompting some criticism. He has expressed his displeasure, too, with local publicity over the foreclosures.
Story “had no legs’
“If I were to have a change of heart and decided to stop supporting the Vail Valley, it would be because of your newspaper’s insensitivity to me,” he said Thursday. “It’s not exactly as though the Vail Valley has scores of big donors they can readily afford to lose.”
Vilar also said he felt the foreclosures were a “private matter” and that the story “had no legs.”
“I do not believe any of this information had to be in the public domain, but once the Vail Daily felt compelled to write about me, they should at least have gotten the story right,” he said. “I don’t believe trashing me made many friends for the Vail Daily.”
Vilar’s cultural arts portfolio is significant. Over the last decade he has given nearly $300 million of his estimated $1 billion worth to lyric arts and health organizations. Those donations include:
– $50 million to the Kennedy Center in New York.
– $20 million to Valerie Gergiev’s Kirov Company in St. Petersburg, Russia.
– $25 million to Denver’s National Jewish Hospital and Research Center.
Locally he has donated:
– $10 million to the Vail Valley Foundation for the Vilar Center for the performing arts in Beaver Creek.
– $2 million to the foundation for remodelling the Gerald R. Ford Amphitheater in Vail.
In return for the largesse, Vilar has required his name to appear on the buildings he’s helped build or renovate.
Cliff Thompson can be reached at 949-0555 ext 450 or email@example.com.
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