High End Aspen Real Estate Is Selling

Aspen real estate near the base of West Buttermilk sold this week for $31.5 million. The real estate brokers believe it was the most expensive home sale this year in Pitkin County.

This selling price makes it of Aspen’s most expensive home sales in Pitkin County history
The sale was recorded on Friday.
WBR Associates LLC of Woodside, Calif. sold the home to Aspen Grove Properties LLC
Aspen real estate broker Joshua Saslove of Saslove and Co. represented the seller, who is Robert L. Zangrillo, who lives in Aspen and contributes to the local Aspen Education Foundation.

The buyer was represented by Steven Shane of Steven Shane SDS Real Estate in Aspen.

“The buyer is a very elegant and understated gentleman with a family, and that is why he took title as an LLC,” Shane said. “It is a legacy property that should provide enjoyment for this family for years to come.”

The home was completed in 2008 and was first listed for $60 million. The current listing price for this prime Aspen real estate was $47.5 million. The sale price of $31.5 million was a $16 million reduction from today’s the list price.

“The best indicator of the value of a property is what a ready, willing and able buyer agrees to pay for it,” Joshua Saslove said.
This Aspen real estate is near the end of the West Buttermilk Road.  It is below the bottom of the West Buttermilk chairlift on 44 acres. It overlooks the Owl Creek valley and has views of Buttermilk and the Snowmass Ski Areas.

The property the estate is built on was sold to Zangrillo in 1999 by a member of the Pfister family, which once owned much of the private land surrounding Buttermilk Mountain.

The main house is comprised of over 13,000 square-feet and the property has a 4,517 square-foot eight-stall horse barn and a 1,112 square-foot guest house.

This Aspen real estate is comprised of an “old-world” feel with two master suites, a huge “great room,” a private office with fireplace, bath, shower and deck, and of course other amenities such as a downstairs wine room with tasting table.

Both Saslove and Shane thought the $31.5 million sale was the highest price this year. In June, hedge fund manager John Paulson paid $24.5 million for a house off of McLain Flats.

A house on Willoughby Way on lower Red Mountain sold for $43 million in July 2009.

Other sales in the Aspen area include the $36.375 million sale of a home on Wildcat Ridge to Russian billionaire Roman Abramovich in April 2008 and a $36.5 million dollar sale of a residence owned by Prince Bandar to Jeffrey Soffer in December 2007.

For Saslove and Co, the high-end sale represents almost business-as-usual, as the company represented both sides of the sale in the $43 million Willoughby Way property, represented the seller in the $36.375 million sale on Wildcat Ridge and represented both sides in the $36.5 million sale to Jeffrey Soffer.

For Steven Shane, who was the broker for the buyer of the $31.5 million West Buttermilk property, the deal is the most expensive his growing Aspen real estate firm of 23 brokers has done to date.

“It’s a real shot in the arm to the market,” Shane said. “Buyers who have been on the sidelines might now feel compelled to do something. And I think we are seeing more activity at the higher end of the market.”