Once Listed For $49.5 Million, Aspen's Peace Ranch Closes For $17.15 Million

Forbes reports:

Peace Ranch, the 600-acre spread near Aspen, Colo., surrounded by national forest, closed last week for $17.15 million, according to broker Joshua Saslove of Douglas Elliman Joshua & Col, who had the listing. It had initially been listed for $49.5 million.

The ranch price was cut to $39.9 million, then placed up for auction last fall. The , which did not take place because a buyer appeared just before the Nov. 6 auction date–the day before, precisely, according to Laura Brady of Concierge Auctions.

The great moments of the real estate "recovery".