Billionaire Bill Koch has cut the asking price of his Aspen, Colorado, compound to $99 million—a more than 20% discount from the $125 million it was asking previously.
The business mogul purchased the 53-acre property in 2007 for around $26.5 million, and converted what was an event venue called Elk Mountain Lodge into a private estate, which includes the 16,600-square-foot main house, seven cabins, two ponds and a riverfront.
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The property is located about 10 miles from downtown Aspen, nestled among the foothills of the Elk Mountains. The red-roofed main lodge has eight bedrooms, a great room with 30-foot ceilings, a double-height stone hearth and floor-to-ceiling windows that take in the views, as well as a formal dining room that leads to a stone patio and pool deck that overlooks one of the ponds.
“It’s a true outdoorsman’s paradise,” said listing agent Steven Shane of Compass.
The cabins have between one and three bedrooms each across roughly 10,000 square feet combined, and one has been converted to a 3,100-square-foot standalone gym.
Other amenities include two hot tubs, two offices, a wine cellar and an altitude acclimation room, which can be pumped with oxygen to avoid altitude sickness, Shane said.
This isn’t the first time Koch has tried to sell. He had previously listed the property in 2015 for $100 million before lowering the price to $80 million and then $60 million a year or so later. It was removed from the market in 2017 and returned earlier this year with Shane.
After nearly a year on the market, the homeowners were ready to reevaluate, and understood the need for a large price reduction, he said.
The $99 million price tag was a choice, as well, to engage “a different group of buyers who may have had a price threshold, in this instance of $100 million.”
Koch purchased the property soon after marrying his wife, Bridget Rooney Koch, in 2005. They put the home back on the market this year after their daughter reached college age.
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Koch is the brother of Charles Koch and the late David Koch of Koch Industries, though he is not directly involved in that branch of the family business. He is an accomplished sailor, a wine collector and the founder of fossil fuel company Oxbow Carbon. He could not immediately be reached for comment.