Bandar keeping big Aspen spread but sells another for $35.5M

Associated Press

ASPEN, Colo. (AP) ” Two weeks after pulling his $135 million Aspen ranch and mansion off the market, Saudi Prince Bandar bin Sultan has unloaded a smaller house for a comparatively modest $36.5 million.

Bandar, the former Saudi ambassador to the U.S., sold a 14,395-square-foot home in the exclusive Starwood neighborhood to Star Mountain 3 LLC. The sale was recorded in the Pitkin County Clerk’s office Wednesday.

Star Mountain 3 is controlled by Florida real estate developer Jeffrey M. Soffer, public records show.

In November, Bandar withdrew his 90-acre Hala Ranch and its 56,000-square-foot house from the market. It had been for sale since 2006.

Bandar’s Aspen attorney, William Jordan III, said the prince and his family had decided to keep Hala Ranch. Real estate broker Joshua Saslove said no one had made an offer that was acceptable to Bandar.

The Hala Ranch house, also in the Starwood neighborhood, has 15 bedrooms, 16 bathrooms, a racquetball court and an indoor pool. The home Bandar just sold has five bedrooms, 12 baths, an indoor pool and gymnasium and a 5,000-square-foot patio.

The smaller home hadn’t been listed on the market.

“Somebody came along who appreciated the property and since (Bandar) decided to keep the ranch, he decided to sell this,” Jordan said.

The $36.5 million is a record price for a single-family home in Aspen, Saslove said.

At least two properties in the area have sold for more: A 949-acre ranch went for $47 million in 2006 and another ranch, of 650 acres, fetched $46 million in 2004.

Both have potential to be developed, however, and the 66.5-acre property that Bandar just sold does not, Saslove said.

Bandar served as ambassador to the United States from 1983 to 2005. He is now head of Saudi Arabia’s National Security Council.

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