In December fashion designer Tommy Hilfiger bought a slopeside house in Aspen, CO, for $31-million. This week he sold the same property for $50-million, netting a $19-million profit in three months. The Wall Street Journal reported the sale on Tuesday.
The plan was never to flip the home, according to the Aspen Times, it was originally bought as a legacy property for his children and grandchildren. However, the ridiculous state of the mountain real estate market right now meant it was an opportunity too good to miss.
“The fact of the matter is, Tommy and Dee had no intention of buying and flipping the property. This was going to be a legacy property for their children, their children’s children, for years to come.”
– Steven Shane of Compass in Aspen
The home, built in 2003, has 7,150 square feet of livable space, seven bedrooms and eight bathrooms, and is located just above the base of Aspen Mountain.
In Aspen, the average single-family home sale price was $16.1 million through February, according to a report by Land Title Guarantee Co.