Avon, CO – The Ritz-Carlton Bachelor Gulch at Colorado’s Beaver Creek ski resort is in foreclosure. At $61 million, it’s believed to be the largest foreclosure in Eagle County, Colorado’s history.nPublished reports list the creditor as Lehman Brothers. The Ritz-Carlton Bachelor Gulch’s $443,286.24 property tax bill for tax year 2010 also has yet to be paid.

The 180-unit ultra-luxury property is owned by the Gencom Group, founded and operated by Karim Alibhai. Gencom Group is currently involved in seven The Ritz-Carlton projects in various stages of development according to the company’s website, including Molasses Reef, a Ritz-Carlton Reserve, in the Turks and Caicos Islands. Its Ritz-Carlton property in Hawaii went into foreclosure in 2010, and a $600 million Ritz-Carlton it was developing in Rancho Mirage, Calif., has sat unfinished since construction stalled over funding concerns in 1998.