Casino Kingpin Steve Wynn And Billionaire Neighbor Bet Big On $108 Million Aspen Mansion
Casino mogul Steve Wynn joined forces with his billionaire neighbor to buy a home in Aspen, Colorado, for $108 million.
Wynn, founder of the Bellagio and Wynn resort casinos, and Thomas Peterffy, founder, chairman and the largest shareholder of Interactive Brokers, purchased the house. Green for Life Environmental CEO Patrick Dovigi, a former professional hockey player in Canada, was the seller, according to an April 17 article in The Denver Post.
"It is great for the market. It is a testament to how special a community Aspen is on a global scale," listing agent Riley Warwick of Douglas Elliman Real Estate told the Post.
Dovigi paid $72.5 million for the home in 2021. He and his wife, an interior designer, remodeled the 22,405-square-foot house, which was built in 2009. The house has 11 bedrooms, 17 bathrooms, a guest house, a large garage and a heated outdoor pool.
Pitkin County, where Aspen is located, has since limited future home construction to 9,250 square feet.
The sale elevates Colorado to one of the few states that can boast a single-family home sale topping $100 million, a milestone first achieved in the U.S. two decades ago. Before Wynn's purchase, about two dozen homes sold for $100 million or more, with most of those in Manhattan, New York; Miami and Palm Beach, Florida; Los Angeles and Malibu, California; and Hawaii, according to The Wall Street Journal.
"Only a few markets have reached that kind of sale," said Julie Morrah, president of Aspen Title & Escrow, which handled the title and escrow work on the purchase.
The sale shattered a short-lived Colorado record set last week when a 12,655-square-foot home on 60.78 acres — also in Aspen — sold for $77 million. Furnishings and artwork were sold in a separate sale for an undisclosed price.
A $100 million home sale signifies more than just the value of a physical structure. It reflects the value of location, architectural prowess and craftsmanship. Beyond their monetary value, the sales often are indicators of broader economic trends and the pulse of the luxury real estate market.
The compound annual growth rate for U.S. luxury residential real estate market is expected to clock in at 3% over the next five years, according to Mordor Intelligence. Since the COVID-19 pandemic, many buyers have sought bigger homes with spaces for offices and for their children to attend school remotely.
By: Margaret Jackson| Benzinga I April 18, 2024