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Got $15 million? This Park City home may be for you

Published: Monday, Jan. 3 2011 10:45 p.m. MST

Auctioneer Robert Olson walks through the King Road Estate, which is for sale, in Park City Wednesday, Dec. 29, 2010. The house and 56-acre site will be auctioned Jan. 25 during the Sundance Film Festival.

Jeffrey D. Allred, Deseret News

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.

If you take a drive on a winding road about a mile above Park City's historic Main Street, you’ll come to a fancy gate. Punch in the code and drive up the road a little farther and you’ll see it.

“This is probably one of the nicest, hidden, exclusive private ski area homes that I've seen in a long time," said Rob Olson, owner of Erkelens & Olson Auctioneers of Salt Lake. “And I’ve sold property all over the United States, 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. Olson will handle all the bidding.

“It's a bankruptcy sale, a Chapter 7”, he said. “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.

“Italian marble, Carrera marble and granite” Olson explained. “The finest woods there are. There’s a quarter million dollars in furnishings here.”

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

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

And when he describes the size of the shower, Olson puts it: "You could hold a family reunion in the shower."

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,” he 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. There will be a lot of Hollywood types here, a lot of parties going on."

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

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