Industry News
One of Aspen’s most recognizable ultra-luxury ski estates is heading to auction this summer. Elk Mountain Lodge, billionaire Bill Koch’s sprawling ranch compound outside Aspen, Colorado, will go under the hammer in July after sitting on the market for more than 500 days, according to reporting first published by the Aspen Times.
The 52-acre property, located at 125 Rooney Circle along Castle Creek Road near Ashcroft, is currently listed for $99 million. Bidding through Concierge Auctions is scheduled to open July 7 and conclude July 17 via the firm’s online marketplace in cooperation with Compass broker Steven Shane.
Driving toward Ashcroft from Aspen, the estate is difficult to miss. The ranch sits roughly 11 miles from downtown Aspen and features expansive views of the Elk Mountain Range, river frontage, private ponds, and a massive multistructure compound tucked into the Castle Creek Valley.
Koch purchased the former dude ranch property in 2007 for $26.5 million before transforming it into a multigenerational mountain retreat. Today, Elk Mountain Lodge spans approximately 25,277 square feet across eight structures, including a 16,600-square-foot main lodge with seven bedrooms and eight bathrooms. The compound also includes seven guest cabins, a 3,100-square-foot fitness center, and an eight-car garage.
“One of the selling features of this property is that it cannot be replicated,” Shane told the Aspen Times. “You cannot build this quantity of square footage in Aspen ever again.”
The auction marks the latest chapter in the long sales history of the estate. Koch first attempted to sell the property in 2015 for $100 million before lowering the asking price to $80 million the following year. The estate was eventually taken off the market in 2017. In 2020, Koch sold 31 acres of the original holding for $14.5 million, leaving the current 52-acre offering.
The property returned to the market in January 2025 with a record-breaking $125 million asking price, making it the most expensive residential listing in Colorado at the time. In December 2025, Koch reduced the price by $26 million to $99 million. That price cut came amid an increasingly competitive ultra-luxury Aspen market, where billionaire buyers continue to reshape the valley’s real estate landscape.
The current Aspen residential sales record belongs to Palantir CEO Alex Karp, who purchased a monastery ranch estate for $120 million in late 2025.
Despite Aspen’s booming luxury market, selling a $100 million ski estate remains extraordinarily difficult. Shane acknowledged to the Aspen Times that the buyer pool is exceptionally small, requiring not just immense wealth but also a buyer specifically seeking a large-scale mountain compound capable of supporting a multigenerational lifestyle.
Koch himself framed the auction as a transition point for the estate. “I’ve seen firsthand how auctions can unlock extraordinary outcomes across art, wine, and other one-of-a-kind holdings,” Koch said in a statement published by the Aspen Times. “The Aspen property has been an incredibly meaningful place for my family, but the time has come for someone else to enjoy it.”
The estate blends traditional Rocky Mountain lodge architecture with modern luxury amenities. Designed in part by Colorado architecture firm Rowland+Broughton, the property includes timber-beam interiors, soaring ceilings, hiking and cross-country ski trails, multiple hot tubs, and direct access to Aspen’s backcountry terrain. The ranch also sits across from the American Lake Trailhead, placing it within immediate reach of some of the Elk Mountains’ most iconic hiking and ski touring terrain.
Koch, a member of the Koch Industries family dynasty, sold his stake in Koch Industries to his brothers Charles Koch and the late David Koch in 1983 before founding Oxbow Group, an energy development company. In Aspen, he has long been known as both a collector and a major real estate figure.
Whether Elk Mountain Lodge ultimately reaches its $99 million asking price remains uncertain. But with the property now heading to auction, Aspen’s most ambitious private ski estate may finally be nearing a sale after years on and off the market.
Wealth, entitlement, and extravagance. A bad combination.