- In Aspen, Colorado, Red Mountain, nicknamed "Billionaire Mountain," is home to the rich and famous.
- The Walmart heiress Ann Walton Kroenke and Jeff Bezos' parents have houses there.
- Billionaire Mountain boasts record-breaking real estate that sells for as much as $49 million.
- Visit Business Insider's homepage for more stories.
Aspen, Colorado, is America's most expensive ski town — but it gets even pricier the more skyward you get.
Towering over Aspen is Red Mountain, also known as "Billionaire Mountain." It's home to high-end real estate, with sales prices as high as $49 million, staggering square footage, and scenic views of downtown Aspen and the surrounding mountains.
It's a haven for the 1%. From the candy mogul William Wrigley Jr. to the casino magnate Neil Bluhm, many notable names have had a home there.
Here's a glimpse at what life (and real estate) is like on Billionaire Mountain.
Once a small mining town, Aspen is now the most expensive ski town in America — and only one of four ski destinations in the world where homes consistently sell for over $25 million.
Source: Business Insider (1, 2, 3)
You can find Aspen's 1% on Red Mountain, aptly nicknamed "Billionaire Mountain" by a former Forbes staff writer, Morgan Brennan, in a December 2012 article. It's known as a popular winter destination for the rich and famous.
Source: Business Insider, Forbes
Divided into upper and lower neighborhoods, Billionaire Mountain boasts views of downtown Aspen, peaks in the Elk Range, and the Aspen Snowmass, which comprises all four of Aspen's ski mountains.
Source: Aspen Sojourner, Forbes
Aspen's center is about a five-minute drive down the mountain, which is also near outdoor adventures, from fishing in Independence Pass to biking alongside Roaring Fork River.
Source: Carrie Wells Real Estate
Billionaire Mountain's "phone book reads like a Davos VIP list," Brennan wrote for Forbes.
Source: Forbes
"It's always been a cornerstone of residential real estate in Aspen," Joshua Saslove of Douglas Elliman told Forbes.
Source: Forbes
The Walmart heiress Ann Walton Kroenke, the oil billionaire Sid Bass, the candy mogul William Wrigley Jr., and the casino magnate Neil Bluhm have all had houses there, ranging in price from $7.4 million to $38.4 million, per Forbes' December 2012 report.
Source: Forbes
Billionaires' family members also call the elite neighborhood home. According to Forbes, as of 2012, Amazon CEO Jeff Bezos' parents had a 10,600-square-foot home valued at $20 million in Lower Red Mountain, and Dell CEO Michael Dell's grandparents owned a $10.5 million, 8,520-square-foot home in Upper Red Mountain.
Source: Forbes
The 1% pays top dollar for Billionaire Mountain's pricey real estate —properties now on the market there range from $2.45 million to $33.5 million.
Source: Realtor.com
The active average home price on Billionaire Mountain as of June 2018 was $15.8 million, with an average cost per square foot of $2,225, according to the Aspen Sojourner, a local magazine.
Source: Aspen Sojourner
Billionaire Mountain's real estate is quite literally record-breaking, especially when it comes to America's most expensive homes.
There you'll find the 90-acre Hala Ranch, which is larger than the White House. Once the most expensive home in the US, it was listed by the Saudi Prince Bandar bin Sultan for $135 million in 2006. It sold to the hedge-fund billionaire John Paulson for $49 million in 2012.
Source: Mansion Global, Business Insider
The Summit House sits atop Billionaire Mountain on nearly 6 acres of land. It was Colorado's most expensive available home when it was listed for $65 million in 2014. Its current asking price is a slightly more manageable $39.5 million.
Bill Koch put his Aspen compound on the market for $80 million, according to Curbed, but that property was "not listed for public consumption" — making Summit House Colorado's most expensive house, according to Realtor.com.
Source: Sotheby's International Realty
The 17,000-square-foot lodge boasts seven bedrooms, seven full baths, four half-bathrooms, and a 4,150-square-foot deck.
Source: Business Insider
But Summit House is far from the only high-profile, ultra-luxurious property in the area. In March 2019, an $18 million ranch on Billionaire Mountain's largest, most private lot went on the market. Known as Erickson Ranch, it's owned by one of Aspen's founding families, the Paepcke family.
Source: Business Insider
Nestled at the base of Billionaire Mountain, the 6,802-square-foot property sits on 12 acres of land and includes seven bedrooms and 5 1/2 baths.
Source: Business Insider
Even the neighborhood's undeveloped land carries a hefty price tag. In May 2019, an anonymous buyer broke two Aspen real-estate records, dropping $24.2 million on an empty 4.4-acre Billionaire Mountain plot.
Source: Mansion Global via Business Insider
At the time, it was the most expensive empty residential lot ever sold, and the highest residential sale in 2019.
Source: Mansion Global via Business Insider
It was previously part of a massive 40-acre estate owned by Marian Rubey Lyeth Davis, whose family started the company that eventually became Maxwell House Coffee.
Source: Mansion Global via Business Insider
Most of these homes are vacation homes. Billionaire Mountain is "best known for large, mostly vacant mansions," Scott Condon wrote for The Aspen Times in 2008.
Source: Aspen Times
But resident homeowners also put the land to other use. In 2018, the Red Mountain Ranch Homeowners Association donated a 55-acre parcel to Pitkin County for its Open Space and Trails Program. The parcel extends about 150 yards up the mountain from the top row of homes.
Source: Aspen Times
A minority of homeowners wanted to sell the parcel to the highest bidder, according to Jerry Murdock, the president of the homeowners association. He told Pitkin County commissioners at the time that he persuaded the majority to support the donation. He didn't reveal how much the property would've been worth on the open market.
Source: Aspen Times
Billionaire Mountain continues to attract new residents. There's a particularly high demand for remodels and new homes there, according to Carolyn Sackariason of the Aspen Sojourner.
Source: Aspen Sojourner
Local brokers told Sackariason in 2018 that Billionaire Mountain had an "aging inventory" but was still one of the highest-performing neighborhoods on the market. Single-family-home sales increased by 100% from 2016 to 2017.
Source: Aspen Sojourner
As Sackariason wrote, "when it comes to this level of exclusivity, criteria like lifestyle and prestige tend to outrank price."
Source: Aspen Sojourner
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