The billionaire's bolthole that won't sell despite slashing $26M from asking price: Drastic move to find a buyer

Surrounded by mountains and without any prying eyes from a next door neighbor, it looks like the ultimate retreat but this sprawling compound has failed to sell despite a whopping price drop. 

Known as Elk Mountain Lodge, the 52-acre Colorado estate belonging to billionaire Bill Koch, was originally listed for $125 million in 2025.

But it failed to attract a buyer so the price was slashed by $26 million to $99 million. However, the property has remained unsold so it will now go to auction next month.

Koch, who bought the estate in 2007 for $26.5 million, transformed it into a vast private mountain retreat in Castle Creek Valley, just 11 miles from downtown Aspen.

At the heart of the estate stands a 16,631sq ft log lodge with eight bedrooms and 10 bathrooms. 

Each room in the property is lined with rustic wooden panels and there is a cozy oasis feel. 

The wider estate includes seven additional cabins, bringing the total accommodation on the compound to 15 bedrooms across 25,277sq ft meaning there's plenty of room to host friends and family.

The expansive grounds include private trails, ponds, a tennis court, river frontage and hot tubs overlooking the mountains.

Situated in Castle Creek Valley, the property is 1.5 miles from one of Colorado's top cross-country ski routes, Ashcroft Ski Touring, and Pine Creek Cookhouse, a luxurious and prestigious mountain-top restaurant. 

And if you haven't worn yourself out after a day on the slopes, there is also a fitness suite on the compound.

Not one to pinch pennies, Koch has also invested a state-of-the-art indoor basketball court and humidity-controlled wine room.

An eight-car garage is stationed on the property to accommodate any privileged guests who are lucky enough to obtain an invite.

Steven Shane of Compass Aspen, who holds the listing, said the ranch 'stands among the most significant property offerings in Aspen, not only because of its scale and craftsmanship, but because estates of this caliber and provenance simply cannot be replicated today.'

The estate was an event venue when Koch, 86, bought the property in 2007 for $26.5 million. He later added another 31 acres.

Koch previously tried to sell the property in 2015 with a price point of $100 million that was later cut to $80 million, before the 31-acre parcel of the land was sold off in 2020 for $14.5 million.

Now, after repeated attempts to shift it, Koch has turned to a no-reserve online auction in July in a last-ditch effort to finally secure a buyer.

'I’ve seen firsthand how auctions can unlock extraordinary outcomes across art, wine and other one-of-a-kind holdings,' Koch, who is estimated to have a net worth of $2 billion according to Forbes, said in a statement. 

He continued: 'The Aspen property has been an incredibly meaningful place for my family, but the time has come for someone else to enjoy it, and I look forward to seeing its next chapter unfold.'

Speaking about the area, the listing states: 'Aspen defies the ordinary. Home to four world-class ski mountains, Aspen offers far more than legendary slopes. 

'Gold-medal fly fishing, extraordinary hiking and biking, championship golf, kayaking, revered art, music, theatre, and exceptional dining and shopping define a lifestyle unlike anywhere else in the American West.

'The celebrated Aspen Music Festival and School presents more than 400 performances each summer, while the Aspen Art Museum anchors the cultural landscape with internationally recognized contemporary art.

'Theatre Aspen provides Broadway stars performing in an intimate setting. The renowned Aspen Institute brings global thought leaders and intellectual discourse to the community year-round. 

'Beyond its beauty and sophistication, Aspen remains deeply community-oriented - with outstanding schools, family-centered living, and a safe, caring atmosphere. 

'Refined yet adventurous, cosmopolitan yet authentic, Aspen is one of the rare places where world-class culture and pristine wilderness exist in perfect harmony.'   

Koch is a father-of-six and the brother of Charles Koch and the late David Koch. He sold his stake in the family conglomerate, Koch Industries, for $470 million in 1983.

This prompted a legal feud with his brothers over the payout that lasted two decades. The case was settled for an undisclosed amount in 2001. 

The Kansas native is now the founder of petroleum coke and sulphur products company Oxbow Carbon Corp.

The estate will go under the hammer through Concierge Auctions which will be accepting bids until July 17.