Riverfront estate near Aspen goes to auction with no set price

A 73.87-acre legacy estate on the Fryingpan River, just five miles from Basalt and 25 miles from Aspen, is headed to an absolute, no reserve auction on Nov. 15, a rare occurrence for this area. It will be sold to the highest bidder with no mandated minimum.

Porcupine Ranch, as the property is known, includes 1,700 feet of frontage along the Fryingpan River, a 5,739-square-foot mountain residence with five bedrooms and expansive views, a 1,040-square-foot fishing cabin, and two barns.

“It’s one of a very few properties that offers world-class fly fishing and equestrian opportunities with more than 50 acres five to 10 minutes to town and less than 40 minutes to downtown Aspen,” Listing Agent Matt Tate said. “It offers a buyer very unique opportunity. A legacy property like this, intact, is rare.”

And it’s not just the tangible aspects of the land and available buildings or recreational offerings that give the property value.

“All of those things you can experience and enjoy, but ultimately, I feel it is the memories that will be made at this property that you can’t put a price tag on,” said Matthew Rollins of DeCaro Auctions International, the company facilitating the auction that has done work in the Aspen area for over a decade. 

Basalt Mayor David Knight emphasized that aspect of legacy properties throughout the valley — the multigenerational memories that have shaped the rural character up the Fryingpan River. He noted that he hopes new owners in the area are able to help preserve that local identity.

“The character is really about the Fryingpan Valley,” Knight said. “All these legacy properties contribute to it, and it preserves that area for everyone who enjoys it.”

For the sellers of Porcupine Ranch, Rollins said they are also hoping that the next owners use the property to build and preserve their own family legacy. The sellers’ decision to go to auction came after previously listing it for $24 million, as a way to avoid having their home sit on the market for an unknown number of days. 

“The finest assets in the world are sold at auction,” Rollins said, “works of art, really rare automobiles, and homes just like this.” 

Tate noted that listing a home for auction helps bring the market to the seller, giving them the opportunity to see what people are willing to pay. 

“Sometimes, very special and unique properties fit the mold for the auction process,” he said. “If you’re interested, you’ve got to step up now.”

The property is divided into three separately deeded parcels, which does offer a unique opportunity for multi-generation living. Those separately deeded parcels also offer the opportunity for future development, as the owner will not have to go through the entitlement process to split up the parcels or subdivide, but any additional development would be restricted to the building code in Eagle County.

Tate emphasized, however, that the value of the property lies in its wholeness.

“I think that the property is more valuable as a whole,” he said. “It’s like your own little slice of Yellowstone right in the heart of the Roaring Fork Valley.”

The ranch’s website does state its potential as “a high-end wedding and event venue, with revenue projections reaching $45,000 per week,” and the house also has a confirmed rental rate of $40,000 per month, according to the website.

And while there’s no minimum to the auction price, there’s also no cap.

Prior to auction day, DeCaro Auctions International has been launching a global campaign to raise visibility of this opportunity to own on the water in the Aspen area. On auction day itself, Rollins expects a mix of international bidders, nationals, and those who are also more locally-based. While the auction will be held at the property, people will be able to join online or via representatives.

He noted that because of the home’s high value, participants in the auction will have to provide proof of funds — $200,000, by cashier’s check, for example — in order to receive a bidding paddle.

Once the highest bidder is determined, it will be a cash close with no contingencies, different from a normal real estate transaction. Once the money goes into escrow, the sale will close in 30 days. 

“Lovingly shaped over 25 years, Porcupine Ranch is a testament to vision, craftsmanship, and stewardship of the land,” the home’s website states. “Opportunities like this are exceedingly rare — a legacy ranch combining luxury, privacy, and investment potential in one of Colorado’s most sought-after locations.” 

Two open houses are available prior to the auction: 11 a.m. to 4 p.m. Nov. 8 and 9, with a final preview on Nov. 14. To read more about the home, inquire, or register to bid, go to decaroauctions.com/auctions/porcupine-ranch-aspen-area-co.