After heading to a public, no-reserve auction earlier this month, William I. Koch’s 52-acre legacy ranch known as Elk Mountain Lodge is under contract for $33.515 million.

The highest bid is a dramatic discount from the property’s peak asking price of $125 million in 2025, which then dropped down to $99 million prior to heading auction with Concierge Auctions, in cooperation with Steven Shane of Compass. Concierge Auctions opened bidding at $30 million, according to a July 13 press release.

“I think the buyer got a steal,” Chris Klug of Chris Klug Properties told The Aspen Times. “Why did it trade how it did?”

According to Klug, many current buyers are looking for more mountain contemporary or mountain minimalist design as opposed to the traditional lodge style. He also highlighted that the upkeep of such a large property — maintenance and management — can be daunting for many.

“This is a big undertaking,” he said of carrying the overhead.

He added that the “fishbowl nature” of the lodge could also be a deterrent, with little privacy from the road, and the distance from town could have also played a roll, with many desiring less of a commute.

The ranch is located at 125 Rooney Circle, 11 miles from Aspen down Castle Creek Road. While it does require a drive to and from town, its location offers direct access to the American Lake Trailhead, Pine Creek Cookhouse, Nordic skiing trails and more. The compound boasts 25,277-square-feet, including eight structures, two ponds, river frontage and Elk Mountain views.

“Elk Mountain Lodge has been an extraordinary place for my family for many years,” Koch said in the July 13 release. “It’s a property defined not only by its beauty and craftsmanship, but by the experiences it has made possible.”

Klug, who’s familiar with the property from time spent there in the 1990s under previous owner Dave Middleton, emphasized the value of the property for the new buyer.

“It’s an iconic property in one of the most special valleys in the world, in my opinion,” he said. “I think it’s one of the most magical places there is.”

He added that, coming off a historically low snow winter, the real estate market’s first half of the year has been slower in terms of dollar value, but he noted that pricing is still strong and inventory is still tight.

“Dollar value is down, but I think that can be explained that we had the worst winter in the history of our lives,” he said. “This is a ski and snowboard town. This is how we all make our livelihood.”According to him, however, the summer season has been picking up since the week following the Fourth of July weekend, and it appears promising for the second half of the year.

“I’m still very optimistic that this summer is going to turn out strong,” Klug said. “I believe in this valley. That’s still very much in demand. People still want to be here.”

Tim Estin, broker associate with Aspen Snowmass Sotheby’s International Realty, echoed that sentiment in a blog post about the Elk Mountain Lodge sale, writing, “I do not believe this should be viewed as representative of the Aspen market at large.”

Reporting by the Wall Street Journal confirms the sale is set to close in 30 days.