Hala Ranch, a mansion near Aspen, Colorado, has its own gas pumps and a car wash. According to Forbes, they are in a mechanical shop on the grounds. The main house covers about 56,000 square feet, with 15 bedrooms and 16 bathrooms.
Prince Bandar bin Sultan, a Saudi royal and former ambassador to the United States, bought the property in 1989 for $3.5 million, per Forbes. Over the next two years, he built the main house and two other mansions on it.
In 2006, Bandar put the ranch on the market for $135 million, making it the priciest home listed in the U.S., according to CNBC. “The hard part is, how many people want to spend $135 million?” said Rich Wagar, as quoted by The Aspen Times.
Nobody bit. In November 2007, the estate was off the market, and the prince’s attorney and agent said he “got no suitable offers,” according to the Associated Press. Broker Joshua Saslove said Bandar had wanted to sell because he was “too busy to enjoy it.”
That same year, a neighboring Bandar home did sell. The 14,395-square-foot house sits on a hillside above Hala Ranch and was built in 2004 for one of Bandar’s daughters, per the Aspen Daily News. It sold for $36.5 million to a company tied to Florida developer Jeffrey Soffer, then a record for a single-family home sale in Aspen.
Hala Ranch itself waited until 2012. Hedge fund manager John Paulson bought it for $49 million, Forbes reported on June 5, 2012. The deal was technically two sales: $41 million for the 90-acre main parcel and $8 million for a 38-acre parcel.
That was just over a third of the original asking price. Paulson said the price was a “substantial discount” to the ask, per Forbes. Aspen real estate experts had estimated the two properties together might have fetched more than $150 million in 2006 or 2007, according to CNBC.
Paulson made his fortune betting against subprime mortgages in 2007, per Forbes. He had already paid $24.5 million in 2010 for another home outside Aspen. Years later, he gave Hebrew University a record $250 million gift.
Aspen broker Maureen Stapleton, who was not involved in the deal, told Forbes that a house this size could not be built in Pitkin County today. She expected the buyer to renovate.
Giant asking prices often come down hard. Bob Hope’s futuristic Palm Springs home sold for just $13 million against a $50 million ask.
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