In all, 573 reservations were received for the available condos. Unlike a regular lottery, where a tickets cost $1, this lottery required an entry fee of a $100,000 refundable deposit. The reservations are expected to be converted into firm contracts in the next few months.

And unlike the winner of a regular lottery sweepstakes, in this case winners get to pay between $1 million and $14 million for units, ranging from in size from 1,600 sf to 8,200 sf. In other words, units are selling from roughly $672 per sf to $1,707 per sf. The 63 reserved condominiums represent approximately $203 million of real estate revenue; all 67 represent approximately $226 million of real estate revenue.

In addition, Vail Resorts Development Corp. entered into contracts to sell all 16 residences at Gore Creek Place, which range in price from $3 million to $5 million. In total, the 16 residences represent approximately $64 million in real estate revenue. Both developments were listed by the brokerage firm of Slifer, Smith and Frampton, 50% owned by Vail Resorts.

Adam Aron, chairman and chief executive officer of Vail Resorts, says "there is nothing but smiles at Vail," following the auction. In addition, the area recently benefited from fresh snow, he notes.

The Arrabelle at Vail Square is part of Vail Resort Development Co.'s $500-million redevelopment effort in the heart of the Town of Vail. It includes an all-new pedestrian village just steps from the base of the Eagle Bahn gondola in what is now known as Vail's LionsHead. The condominium hotel project will be managed by RockResorts, also a subsidiary of Vail Resorts.