Aspen house sells for $36.5M

Rick CarrollAspen CorrespondentGlenwood Springs, CO Colorado

ASPEN – A Florida concern has shelled out $36.5 million to live like a prince. That’s how much one of Prince Bandar bin Sultan’s properties fetched in a deal that was recorded Wednesday in the Pitkin County Clerk & Recorder’s Office, making it the county’s most expensive real estate transaction of the year and possibly its loftiest price ever paid for a single-family home.While not part of the Bandar compound that had been on the market for $135 million, the 14,395-square-foot home is also located in the exclusive Starwood neighborhood, outside of Aspen. Bandar pulled his larger estate, the 55,965-square-foot property, known as Hala Ranch, off the market last month after putting it up for sale in 2006.The smaller home, located at 1025 N. Starwood Drive, was not listed for sale.”Somebody came along who appreciated the property and since [Prince Bandar] decided to keep the ranch, he decided to sell this,” said Aspen attorney William Jordan III, who represents the former Saudi Arabian ambassador to the U.S. in his local affairs. Jordan said Bandar used the home typically to host members of his family. The sale of the Bandar property makes it one of the priciest real estate deals ever in the Pitkin County area. A record $47 million was paid in July 2006 for the Crystal Island Ranch, located south of Carbondale, in July 2006. In February 2004 the Mandalay Ranch, located outside of Snowmass Village, sold for $46 million. Those properties, however, covered 949 and 650 acres, respectively. The Starwood home sits on 66.5 acres, according to public records.Joshua Saslove, whose firm was the listing broker for Hala Ranch, also represented Bandar and the buyer in this week’s transaction. Saslove said the deal may set a local record for the sale of a single-family home.”Both Crystal Island and Mandalay were large pieces of land that had development rights,” Saslove said. “This one (the 1025 N. Starwood address) does not.”The $36.5 million price tag equates to roughly $548,872 per acre. The home, which has five bedrooms and 12 baths, includes an indoor pool/gymnasium, and has a 5,000-square-foot patio. It was designed by local architect Bill Poss and was built in 2004 by Aspen firm Silich Construction Inc., Jordan said.Bandar bought the land it sits on for $1.222 million in November 1992. In 2006, the property’s tax bill was $75,865, according to the county assessor’s office, which lists its actual value at $28.2 million and its assessed value at $2.2 million. Records show the buyer is Star Mountain 3 LLC, which formed Oct. 16, according to the Colorado Secretary of State. Registration papers link the LLC to one of the addresses of the Soffers, a prominent Florida family who developed Aventura, Fla., an exclusive community in North Dade County. The family has also built a high-rise condo community in Las Vegas, and owns other property in the Aspen area. Officials involved in the sale would not confirm that the Soffers are the purchasers.

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