Aspen-area ranch sells for $24.5 million |

Aspen-area ranch sells for $24.5 million

The Aspen Times

— Pitkin County's most expensive single-family home sale in nearly a year closed Tuesday when a McLain Flats area estate fetched $24.5 million.

Aspen Lakes Ranch was built on spec in 2009 by Aspen developer Bob Bowden. Bowden is the president and owner of ALR II Development, the seller of the property. The buyer is Aspen Lakes Ranch LLC, whose return address is in New York, public records show. The LLC was formed in May, according to the Colorado Secretary of State.

Bowden and Brian Hazen, of Aspen-based Mason Morse, who represented the buyer in the transaction, said the sale is significant given the downturn in the Aspen real estate market during the past two years. Bowden said negotiations with the buyer carried on for six weeks. There were six potential suitors, he said.

The ranch was listed less than a year ago. It was originally advertised at $26.5 million and most recently at $29.5 million, said Bowden, who bought two of the undeveloped parcels from former resident Kenneth Moore for $7 million in August 2007. A home and caretaker unit were built there in 2009, Bowden said.