Billionaire ‘Condo King’ Lists Aspen Mansion for $30 Million—More Than Three Times What He Paid in 2020

Jorge Pérez, the billionaire real-estate developer widely referred to as the “condo king” of Miami, is looking to make a significant profit on his home in Aspen, Colo.

His roughly 10,000-square-foot property, just outside downtown Aspen, is coming on the market for $30 million, according to listing agent Melanie Muss of Elliman. That is more than three times the $9.5 million Pérez paid for it in 2020, records show.

Muss said the price escalation is warranted because of the extreme uptick in the Aspen market since the Covid pandemic.

“Demand for all different types of properties in Aspen and all of its surrounding areas surged so incredibly high starting in 2020,” she said, noting that she believes the Five Trees neighborhood where the property is located was “undervalued” before the pandemic. The house  last sold for less than $1,000 per square foot at a time when the average price per square foot for single family homes over 5000 square feet in Aspen was around $1,700, she said.

She said the value is compounded by the fact that the property is larger than could be built today, because new development restrictions have been put in place since the property was constructed in the early aughts.

A spokesman for Pérez didn’t immediately respond to a request for comment.

Located at the base of Aspen Highlands, the Pérez property sits on close to an acre of land. A Mountain-style home, it has multiple balconies, sprawling indoor and outdoor areas for entertaining, six en suite bedrooms, two offices, a formal dining room, eight fireplaces and a temperature-controlled wine room and tasting area, according to Muss. There is also a three-car garage. While the property doesn’t sit directly on a ski run, it has access to runs via trails that run through the neighborhood, Muss said.

Muss said the sellers love the property but their family is growing and they want a bigger home.

Pérez, chief executive of the Related Group, has long had a taste for pricey properties.

Earlier this year, he donated his South Beach penthouse to the Miami Foundation, which sold it for $10 million. He had once asked as much as $20 million for the unit, which was located in a building developed by his firm. In 2021, he sold his waterfront Coconut Grove estate for its asking price of $33 million.

Muss said she is seeing some signs that the Aspen market is returning to its pre-pandemic conditions, with a growing level of inventory.

However, “the demand remains really strong for unique, special properties,” she said.