Aspen’s Elk Mountain Lodge sells for just $33.5M at auction after initial listing of $125M

July 23, 2026 - 02:15

A historic Aspen property once owned by billionaire William I. Koch has changed hands for a fraction of its original asking price. Elk Mountain Lodge, a sprawling estate in the heart of Colorado's elite ski town, sold at auction for just $33.5 million. This figure marks a steep drop from its initial listing price of $125 million on the open market.

The lodge, known for its rustic luxury and prime location, failed to attract a buyer at its peak valuation during a period of cooling demand in the ultra-high-end real estate sector. The auction process, managed by a specialized firm, drew bidders looking for a discount on the 11-acre property. The final sale price reflects the gap between seller expectations and current market realities, even in a destination as coveted as Aspen.

Koch, a prominent energy executive and yachtsman, had owned the property for years. The estate includes a main lodge with multiple bedrooms, guest cabins, and extensive outdoor amenities. While the $33.5 million price is a fraction of the original ask, it still represents one of the higher auction sales in the region this year. The new owner's identity has not been publicly disclosed.