Vilar clears all but one foreclosure
December 10, 2003
Vilar was subject to $2.74 million in foreclosures last spring by three separate banks on four properties he owned in Beaver Creek and Edwards. In May he was able to bring payment on those properties current, but in September Vilar was again behind on payments and was again subject to foreclosure actions.
At the time of the first foreclosures, Vilar vowed, in a letter to this newspaper, to clear them up.
Last week he brought payments current on his property on S. Fairway Drive in Beaver Creek. The sole remaining property being foreclosed upon is his $9 million slopeside home at 463 Borders Road in Beaver Creek, records from the Eagle County Clerk and Recorder’s Office show.
Two months ago he sold his property at 110 June Creek Drive in Singletree for $760,000. A second transaction involving his Fairway Drive properties made it appear he was purchasing additional property in Beaver Creek, but that was due to a recording discrepancy. In fact, he was remortgaging the property.
Vilar, 61 made his fortune as a high tech investor who has built a huge business on investing in tech stocks. He invested early and aggressively in Oracle, Microsoft and other emerging tech stocks. He and fellow tech investor Gary Tanaka formed Amerindo Investments, which has an estimated worth of $9 billion.
Vilar at one time was on the Forbes list of the 400 wealthiest people on the planet.
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When the tech stock bubble burst in 2000, Vilar’s fortunes declined with the market.
He’s also known for his philanthropy, having donated an estimated $300 million of his $1 billion net worth to the lyric arts, medical research and to individuals seeking higher education. Lately, however, his donations have been reduced.
He donated $10 million to the Vail Valley Foundation for the Vilar Center and also donated $2 million for remodelling the Gerald R. Ford Amphitheater in Vail.
Vilar did not comment for this story.
Cliff Thompson can be reached at 949-0555 x450 or firstname.lastname@example.org