Goldman CEO finally sells Aspen home after dividing it

Washington

DAVID Solomon is beginning his third year as chief executive officer of Goldman Sachs Group with a bang.

Last week, the 58-year-old DJ-cum-banker completed the sale of his 83 acre (33.6 ha) Aspen estate in Colorado after nearly three years of trying to find a buyer.

The Goldman chief sold the property by dividing it in two. The 13,000 sq ft house, sitting on 45.6 acres on land, went for US$19.5 million, and a vacant 38 acre lot fetched US$7 million, netting a total of US$26.5 million, according to the Multiple Listings Service (MLS).

That total is nearly US$10 million below its initial asking price of US$36 million in 2017, representing a more than 26 per cent discount. Mr Solomon, through a representative, declined to comment.

The sale comes on the heels of a three-month stretch of record-breaking sales in the Colorado resort town.

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In September, new signed contracts for homes from US$10 million to US$19.99 million were up 800 per cent (nine were signed, compared to one the previous September), while two homes sold for more than US$20 million, according to a new report by Douglas Elliman.

"Last year, there were no sales above US$20 million," said Jonathan Miller, the president and CEO of appraiser Miller Samuel.

"Now, we have 11 under contract in September above US$10 million, which is highly unusual, and reflects part of this 'co-primary' phenomenon", whereby Aspen is increasingly seen as a location to live, rather than simply vacation in, he explained.

"Aspen is perhaps seen as less seasonal now," he added.

August was similarly booming (a 75 per cent year-over-year increase for prices from US$10 million to US$20 million) and an unprecedented July saw a staggering 23 new contracts signed in that range, representing a 1,050 per cent year-over-year increase.

Mr Solomon's seven-bedroom, nine-bathroom house was built in 2009, and includes a home theatre with leopard-print carpet, a billiards room, a sauna, and a large open-concept kitchen and living room ornamented by a massive chandelier, according to listing photos.

There is also a formal dining room, a wood-panelled office, and multiple informal seating areas, according to the same listing. The manicured grounds include an outdoor pool and hot tub, terraced gardens, and views of Aspen's upper valley.

The buyer put down 5 per cent in earnest money, according to the MLS. Taxes cost US$36,970 a year. BLOOMBERG