The penthouse atop Dancing Bear Aspen sold recently for $18.3 million, or more than $6,000 per square foot.
While that square footage price is being touted as a new Aspen record — it could not be independently confirmed — what’s also notable is that the new owner bought all eight shares of the luxury downtown Aspen fractional project sight unseen and within two weeks from when the property was reintroduced to the market, according to broker associate Andrew Ernemann of Aspen Snowmass Sotheby’s International.
Ernemann said Thursday he was not at liberty to identify either party involved in the transaction. But in December 2016, Aspenite Mark Friedland confirmed he was the manager of the eight LLCs that used Monopoly board names such as New York Avenue LLC, Pennsylvania Avenue LLC and the like in purchasing the Dancing Bear fractional shares for $16 million. At the time, the $5,427-per-square-foot sale price was believed to be the highest in Aspen. The property was sold as an unfinished white box.
The penthouse, which in addition to its 3,000 square feet of interior space, has a 3,500-square-foot deck that spans the entire fourth floor of the Dancing Bear’s Mountainside building. It’s located on the former Chart House restaurant site. The Dancing Bear’s original building, Parkside, is situated across Durant Avenue and both structures housing fractional units are connected underground by a tunnel approved in 2014 by Aspen City Council.
According to the June 7-13, 2020, Pitkin County property transfers, the eight Monopoly-themed LLCs managed by Friedland sold to a limited-liability company that is identified only as AV1-8 DB LLC. Each one-eighth fractional share sold for $2,287,500, to total $18.3 million.
Dancing Bear’s penthouse has an interesting history and has been on and off the market since it was originally listed, as a finished and furnished unit in January 2017, for $29.95 million, or nearly $10,000 per square foot.
“That caught a lot of attention,” Ernemann said, but didn’t result in a sale.
The property was eventually removed from the active listings “because we felt the market was getting over supplied at the higher end levels,” he said.
Once it was re-listed this spring at what Ernemann called “a significant price reduction of just under $24 million,” things started to happen. A three-dimensional virtual tour showcased the property’s amenities, including two hot tubs on a deck featuring a 360-degree view.
“This was a buyer who moved very quickly once it was identified this was the property they wanted,” he said.
Units at this price point have found a market of late as the multiple listing service has six units in downtown Aspen that have sold since February 2016, at or above $4,000 per square foot.