New Aspen penthouse owner is executive at Bain Capital
May 21, 2014
The new owners of one of Aspen's most high-profile penthouses have a connection to a company that dealt with loads of media scrutiny in the 2012 presidential election.
Paul Edgerley is a managing director of Bain Capital, the Boston private-equity firm that was founded by Mitt Romney and two other partners in 1984. Public records list Edgerley and his wife, Sandra, as the principals of 314-PH Hexagon, a Brookline, Massachusetts, limited liability company that closed Friday on its purchase of the 9,000-square-foot penthouse located on the second and third floors of the Mother Lode building on Hyman Avenue.
The Edgerley couple's three LLCs paid a total of $17 million for the top-floor penthouse, a second-floor residence and the basement space, according to Pitkin County Property records. The LLCs were formed on May 2, records show.
The Edgerley couple also bought a Starwood home for $19.537 million in February 2011.
Aspen broker Carrie Wells, who represented the Edgerleys in Friday's deal, did not respond to a voice message left with her on Monday.
The Edgerley's downstairs neighbor is The Aspen Times, which moved into the ground-level office space in June.
Aspen property agent Craig Morris, the listing broker for the seller, Mother Lode Investors, said that at one time both the residential and commercial properties had been advertised for sale as one property. Eventually the owners decided to market the properties separately, which made the residential property more sellable, he said.
"It's difficult to sell commercial and residential together," he said, noting that the two had been advertised together for up to $30 million at one time. The most recent listing price for the penthouse was $21.5 million.
Asking prices for high-end residential properties have been coming down lately, which has resulted in some high-figure sales.
A single-family home on Willougbhy Way fetched $14.5 million last week. The year's highest-price transaction so far occurred on April 17 with the $19 million sale of a home in the Oklahoma Flats area.
Through Monday, there have been eight transactions over $10 million this year, according to Pitkin County records.
"What you're seeing are sellers becoming more realistic," Morris said, noting that prices are coming down for many high-end properties on the market.