Aspen’s luxury real estate market continues to soar with another record-breaking sale. Patrick Dovigi, the former professional hockey player turned entrepreneur, has made a significant purchase, acquiring the historic Newberry House in downtown Aspen for $59.75 million. This off-market deal, involving a property once owned by actor Jack Nicholson, marks one of the largest transactions in Aspen’s West End.
The Newberry House, built in the late 1800s and listed on the National Register of Historic Places, is a 7,900-square-foot residence with six bedrooms. The home was sold by Ellen Bronfman Hauptman and Andrew Hauptman, prominent figures who previously undertook a major renovation of the property after purchasing it from Nicholson in 2013 for $11 million. Originally acquired by Nicholson and producer Lou Adler in 1980, the home served as a retreat where they could catch Lakers games due to better TV reception in the area.
Dovigi’s track record in Aspen real estate is impressive. Earlier this year, he sold another Aspen mansion for $108 million, following a trend of high-value sales in the area. Aspen’s luxury market has experienced a significant boost since the pandemic, with property prices continuing to rise. According to Tim Estin of Aspen Snowmass Sotheby’s International Realty, the median sale price in August 2024 was $15.2 million, up from $13 million the previous year.
So, how does the $59.75 million price tag for the Newberry House make sense? When breaking down the value, the prime location on an oversized lot in Aspen’s West End, combined with the home’s extensive renovations, contributes to its hefty price. Recent comparable sales in the area suggest lot values ranging from $8 million to $12 million, with new construction costs for a home of this quality approaching $2,750 per square foot. Factoring in the time and effort involved in renovating a historic home, along with the off-market premium, the deal becomes more understandable for those familiar with Aspen’s high-end real estate dynamics.
This sale is another testament to the strength of Aspen’s luxury market, which remains a top destination for high-net-worth individuals seeking unique, historic properties with modern updates. As Dovigi continues to invest in the Aspen real estate scene, it’s clear that the allure of the Colorado ski town is as strong as ever.
Stay tuned for more updates on Aspen’s ever-evolving real estate market at AGASPEN!
