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Massive Park City estate up for auction

By Keith McCord  |  Posted Jan 3rd, 2011 @ 10:00pm


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PARK CITY -- In today's real estate market, trying to buy or sell a home of any size and in any price range can be a challenge, but there are deals out there if you look hard enough.

There's a great deal in Park City right now. In fact, you might be able to get the place for about half price -- which means you will spend somewhere between $10 million and $15 million.


This is probably one of the nicest, hidden, exclusive private ski area homes that I've seen in a long time.

–Rob Olson, Erkelens & Olson Auctioneers


"This is probably one of the nicest, hidden, exclusive private ski area homes that I've seen in a long time," says Rob Olson, owner of Erkelens & Olson Auctioneers of Salt Lake.

The home is located on a windy road about a mile above Park City's Historic Main Street.

"I've sold property all over the United States," Olson said, "but this is definitely one that matches anything that we've sold."

The property is called the King Road Estate. It will be sold at an auction later this month, and Olson will handle all the bidding.

"It's a bankruptcy sale, a Chapter 7," he explained. "When that happens they appoint a U.S. trustee to oversee the sale, and then they contact us for the marketing and to auction it off."

When the estate was built in 2007 it was part of a grand resort plan that when totally developed would include living space, spas, a theater and other five-star amenities. The entire property sits on 56 acres overlooking the Park City area.

The finished house, which has never been lived in, is about 7,000 square feet -- and it's loaded.

Exclusive Private Hilltop Estate
House specifics:
  • "Ski in Ski out" private home just off of the Payday run on Park City Mountain Resort
  • 56 acre lot
  • 180 degree views of Deer Valley and Park City
  • 6,800 square foot Home
  • Four Bedrooms, five bathrooms w/Bunkhouse
  • Last asking price was 21.5 million
  • Completely furnished with high end appliances, art, and designer pieces
  • One mile to Park City's historic Main Street

"Italian marble, Carrera marble and granite" Olson says; "the finest woods are here; there's a quarter-million dollars in furnishings here."

There are fireplaces in every room and flat screen TVs too.

In the huge master bath, the marble floors have radiant heat and there are even warming drawers for the towels.

"You could hold a family reunion in the shower," Olson joked.

The property once had an asking price of $24 million. Olson thinks it will sell somewhere in the teens. He's already shown the house to several people; tours are by appointment only.

"I think the interest is going to be OK", Olson said, adding that while not everyone in today's market can buy a multimillion dollar property, there are still some who can buy a property of this size.

"We've already shown it to two guys who work on Wall Street," he said. "It could be one of those types, it could be a neighbor. You never know."

Olson will conduct the auction in the main living room. Bidders can show up in person or be represented by phone. In order to participate, prospective bidders have to put down a $100,000 deposit.

"Would I like 10 bidders? Absolutely," Olson said. "Are we going to have 10? I don't know. But it only takes two bidders at the auction who want it."

Olson is doing worldwide advertising for this sale, which takes place Jan. 25 at 2 p.m. He chose the date for a reason.

"It's dead center in the middle of the Sundance Film Festival. Sundance is from the 20th to the 30th (of January). There will be a lot of Hollywood types here, a lot of parties going on," Olson said.

More information and photos are available at www.salesandauction.com.

E-mail: kmccord@ksl.com

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