A billionaire paid $26.5 million for an Aspen compound. Now he's trying to sell it for a record-setting $125 million.
Billionaire Bill Koch has relisted his huge Aspen compound for $125 million, its highest-ever price.
He tried to sell it before with no luck, but he thinks the market is strong enough this time around.
See the estate, which has a 16,631-square-foot main cabin and other amenities across 53 acres.
Winters in Colorado are cold, but real estate in the Centennial State is anything but.
One of the billionaire Koch brothers is trying again to sell his lavish Aspen compound — this time for its highest-ever price: $125 million.
If the estate were to sell for anywhere close to its asking price, it would be the most expensive home ever sold in Colorado.
Two other billionaires, former casino mogul Steve Wynn and financier Thomas Peterffy, set the current record in April 2024, paying $108 million for a 22,405-square-foot Aspen home. It marked the first time a sale in the state reached nine digits, placing Aspen among other rarified communities where properties trade for that much, including New York, LA, Palm Beach, and Miami.
William "Bill" Koch sold his stake in the family conglomerate, Koch Industries, to his brothersfor $470 million in 1983. Fast forward to 2007, when Koch spent a relatively small sum — $26.5 million — on a former dude ranch just outside the posh ski town of Aspen.
Today, after extensive renovations, it has a 16,600-square-foot main lodge and seven cabins, one of which is a home gym. The total square footage of all the structures is about 25,300. The 53-acre property also offers ample Aspen-suitable amenities, including hot tubs, hiking trails, and an altitude-acclimation room.
Koch — who is worth $2 billion as of February 21, according to Forbes — told The Wall Street Journal that the $125 million asking price is fitting given that a few of the area's ultraluxury homes have sold for around $6,000 per square foot.
"If we applied that to our 25,000 square feet, our asking price would be $150 million," Koch told the Journal.
"Scarcity fuels luxury sales in Aspen's real estate market. Just as high-end brands like Hermès and Rolex create demand through limited availability, Aspen's appeal outpaces its real estate demand," Koch's listing agent Steven Shane, of Compass, said in an email.
Take a look inside Koch's massive compound for sale and read about his journey to find a new buyer.
Bill Koch purchased the 53-acre property for $26.5 million in 2007.
According to Architectural Digest, the property was used as a dude ranch and an event venue before Koch bought it.
He added 31 more parcels onto the property in 2015.
Later in 2015, he listed the entire property for $100 million.
He dropped the price to $80 million in 2016, but it didn't sell.
Koch was able to sell the 31 acres he added on for $14.5 million in 2020.
At various points, he's tried renting out the remaining property for $35,000 per night or $300,000 a month.
There are eight structures spread out across the compound.
The main lodge is 16,600 square feet.
It has eight bedrooms and eight bathrooms.
Counting the other buildings, there are 14 total bedrooms and 17 total bathrooms.
The lodge, also known as the primary cabin, is two stories with 30-foot-tall ceilings.
It has a dining room that seats 20 people, a screening room, and a living room with a wall of windows that faces the mountains.
Other amenities around the property include a gym, hiking trails, two hot tubs, and an altitude-acclimation room.
If there's not enough to do on the grounds, the estate is only 11 miles away from Aspen by car.
Read the original article on Business Insider
