The buyers of Silver Lining Ranch, Meriwether Companies and Revere Capital, intend to rent out the mansion on a nightly basis as a short-term rental.
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The $69 million sale of Silver Lining Ranch in Aspen, Colorado, has become one of the biggest deals to ever hit the popular mountain town, The Wall Street Journal reported.
The six-acre property situated along the Roaring Fork River was sold by John and Elizabeth Burgess, according to records. John Burgess is co-founder of the British private equity firm BC Partners.
Colorado-based Meriwether Companies and Texas-based Revere Capital purchased the mansion, a company spokeswoman told The Journal. The real estate companies also recently purchased the Aspen Club, a tennis and fitness club, and plan to transform that property into a hospitality, health and wellness and culinary center, the spokeswoman said.
With Silver Lining Ranch, the firms intend to rent out the mansion on a nightly basis as a short-term rental in order to help boost business at the Aspen Club, which is located nearby.
The ranch, which already has a short-term rental license, Meriwether and Revere’s spokeswoman said, spans about 18,000 square feet across three stories and has 10 bedrooms.
The Burgesses purchased the property in 2010 for $10.5 million, according to the sales history on Zillow. Prior to their taking ownership, the property was owned by a nonprofit called the Little Star Foundation, which used the facility as a getaway for terminally ill children.
Although the property was originally zoned specifically for Little Star Foundation and its mission in the late ’90s, the foundation ultimately fell into financial trouble and in 2007 sought to have the land rezoned to facilitate the sale of the mansion to a private buyer as an influx of capital to the nonprofit. After years of conflict within the community about the use of the land and mansion, in 2010 the Aspen City Council approved converting the property to a single-family residential parcel. The sale to the Burgesses came just a few weeks after the approval.
The priciest deal to date in Aspen was the 2021 sale of a mansion overlooking downtown Aspen, purchased by retired Canadian hockey player Patrick Dovigi for $72.5 million. The seller was Lewis A. Sanders, founder and chief executive of New York investment firm Sanders Capital, who had owned the property since 2009.