‘I Turned a Run-Down Fishing Shack in Aspen Into an $11 Million Mountain Retreat’
A retired real estate agent has revealed how he turned a run-down Aspen fishing cabin into an $11 million sanctuary—complete with its own water well and picturesque river views—after carrying out an extraordinary four-year renovation on the once-humble dwelling.
Gary Hughes and his wife splashed out $2 million on a three-bedroom, two-bathroom cabin in Woody Creek, CO, in 2020, shortly before the COVID-19 pandemic swept the globe.
Hughes tells Realtor.com® that while the couple knew they had something "special" on their hands when they first saw the property, it required a huge amount of work—having been built in 1973, with few updates or upgrades made in the years since.
Aware that the dwelling was located on a plum spot next to the river, Hughes and his wife knew that there was plenty of potential to turn the outdated dwelling into a much more magnificent abode, a process that they had a great deal of experience in, having transformed 28 other properties in the past.
"We're always looking for properties. This is our 29th house. We find something that's special and improve it," Hughes says of their former projects, most of which have been in Colorado and Arizona.
Still, when the COVID-19 pandemic hit, the couple initially feared they had made a huge mistake, not knowing how the global outbreak would impact the housing market in the local area.
"We had no idea COVID-19 was happening when we bought this tiny fisherman cabin," he shares. "We had just put a contract on this 1,560-square-foot fishing cabin that was built in 1973 and was owned by a family that used to share it."
Luckily, their concern was quickly set aside six months after the purchase, when hoards of buyers came "flocking" to Colorado, sending house prices skyrocketing—making their investment in the property all the more lucrative.
"The property was so magnificent, and we realized after six months we had done a good thing because prices skyrocketed, and everyone started flocking to Colorado," Hughes explains.
In the end, he and his wife spent four years transforming the property into the opulent dwelling that exists today, going to great lengths to create a feeling of luxury and tranquility while working to take advantage of its stunning surroundings.
Although in a prime location, when Hughes purchased the property, you could not see the river, which was one of the main advantages of the abode.
"We bought this little place, and you couldn't even see the river. It was just a tiny fishing cabin, and we slowly started to renovate it. I did a lot of the work myself," he recalls, explaining that they trimmed back the trees significantly in order to improve the views from the house.
"We lollipopped the trees and brought them up about 20 feet; and then, all of the sudden, we had this magnificent view of the Roaring Fork River, and then we just slowly started to renovate it," he continues.
"We kept half the house the same; the main frame of the house is still there on the left."
Although they were initially concerned about the pandemic, Hughes says he and his wife never felt like the project was too much for them to handle, noting that it became a great place for him to focus his energy after his retirement.
"These are some of the things we experienced that got better and better with time," he says. "I never felt that it was too much work; it was just something that I enjoyed doing after I retired from Sotheby’s, and I hired a bunch of contractors to help me.
"We spent $100,000 on the metal beams that we put in that house, and then we put subfloor heating and air conditioning.
"We also bought our own appliances, doors, furnishings; and when you do it that way, you can save a lot of money, but it took us about four years from start to finish."
All of that hard work more than paid off—resulting in a beautiful home that is surrounded by lush greenery and crystal-clear water, perfectly marrying a country aesthetic with a modern touch.
Today, Hughes says the dwelling is worth more than five times what they paid for it, placing its value at $11 million.
However, he and his wife are still busy enjoying themselves—particularly, the serene surroundings that they're able to soak up from their 12-foot patio deck, where they can enjoy the magnificent views.
"We have incredible outdoor patios that look straight down to the river and all these trees that have been there a long time," Hughes shares. "It takes your breath away, it's so spectacular, and we can fly fish right off the edge of our property because we have water rights to the river."
And it's not just the panoramic views that leave them bursting with pride for their passion project; the couple also has access to their own water well.
"Having your own access to water 50 feet down is remarkable; having your own water is wonderful, it's the most crystal clear water. We also have our own septic tank, so the house is really self-sufficient," he reveals.
While it is a fishing cabin, the home oozes modernity thanks to its white-and-black panels on the facade.
Hughes says, "There's a Jacuzzi outside, and you have access to the outside from the kitchen, and it's an eight-person Jacuzzi, so it's pretty comfortable; we enjoy that a lot."
Inside the home, which is a mere seven minutes from Aspen, a similar chic white-and-black palette abounds, alongside a chef's kitchen, a wood-burning fireplace (the couple's favorite place to lounge), and cozy bedrooms.
"Everyone meets at the wood-burning fireplace, which is in the living room, so we all gather there and look out at the magnificent views," he adds. "It's spectacular."
Although they are no strangers to flipping abodes, the couple revealed that they have no plans to sell this property because of how "special" it is, adding that they have rented it out in the past.
By: Kelsi KarruliI Realtor.com I June 8, 2025