Old Snowmass Becomes the Most Expensive Estate in Colorado After a Listing for $75 Million

The record for the most expensive estate in Colorado is held by Hala Ranch which was sold by the Saudi Prince Bandar in June for $49 million. The record is threatened by a new listing of the Old Snowmass property which is the most expensive listing in the state and one of the most expensive in the country. The property is owned by Patti Wheeler and her husband Tom who are an author of children’s books and an entrepreneur respectively. The estate located on Watson Divide is spread over 800 acres and has been listed for an asking price of $75 million. Joshua & Co., an affiliate of Christie’s International Real Estate is handling the listing for the estate that has wood fencing running all the way from above the High Way 82 to Snowmass Creek.

The Estate is Spread Over 876 Acres

The first impression of a local real estate agent who toured the estate was that it is it “probably the nicest house I have ever been through.” The home built on the sprawling grounds provides 18,500 sq ft of living space with six bedrooms and 11 bathrooms. The property measures a total of 876 acres. It has a swimming pool with a private beach club and two additional pools. There are 15 miles of hiking trail on the grounds. The main house features a movie theater with onyx columns, spa, video room and an indoor/outdoor pool. The elaborate house took six years to build and was completed in 2007.

The Real Estate Market in the Region is Bouncing Back

The real estate market in the region had slumped badly during the recession like everywhere else. But the last two years has seen some kind of recovery with some big ticket properties being sold. There have been estates on Wildcat Ridge, Willoughby Way and West Buttermilk that have found buyers for over $30 million. Patti Wheeler who has written “Travels with Gannon and Wyatt” for her children’s book series was talking to the Wall Street Journal about the proposed sale of her estate. Her children are nearing college age and she felt it was time to downsize. It was with the intention of selling the estate that the owners had organized a tour for the local real estate agents earlier this summer.

Fifth Most Expensive Listing in the Country

Joshua Saslove of Joshua & Co. was not available for comment but it is evident that the real estate market in the region is bouncing back. A report on the matter was issued by Coldwell Banker this week which confirms that million dollar homes in the Denver area are coming to the market in increasing numbers and finding buyers. Such sales recorded a 52% increase over the same period last year. Properties at this price point are generally not advertised actively because of the security concerns of the owners. They normally prefer a low key listing and private negotiation for the price. The Old Snowmass property will become the most expensive estate in the region if it fetches anything close to the listing price.  It is the fifth most expensive property listed in the US with the most expensive being a Los Altos mansion which is listed for $100 million.

Via: aspenbusinessjournal

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