Australian billionaire James Packer and his former wife, Erica, have sold their estate in Aspen, Colorado, for $42.68 million. The property was initially listed for $48.9 million and remained on the market for about five months.
The sale price is equivalent to approximately A$62 million. Packer and Erica bought the property in 2013 for $15.6 million, or about A$22.67 million.
Tech entrepreneur buys the estate
The new owners are tech entrepreneur Alex Davis and his wife, Lindsey. Davis is the grandson of the late billionaire Marvin Davis, who made his fortune in the oil industry and acquired the Twentieth Century Fox film studio in 1981.
Alex Davis is the founder of Dallas-based investment firm Disruptive. Among the companies it has invested in is chipmaker Groq. Disruptive recently announced plans to raise up to $10 billion for a new investment fund.
Estate spanning nearly 1,400 square meters
The residence is located in the prestigious Buttermilk area and was built on a lot of approximately 2.01 acres. The living area is approximately 15,000 square feet, or nearly 1,394 square meters.
The house has seven bedrooms and eight bathrooms. The property features a swimming pool, water slide, hot tub and a dedicated fire pit. The building was designed in the Tuscan style using wood and natural stone.
“While we are seeing some softening in the lower price segments, demand for truly exceptional properties remains strong,” said broker Stephanie Lewis of Christie’s International Real Estate, who brokered the deal together with Wendy Wogan.
Luxury real estate market slows
The sale comes amid a slowdown in the luxury housing market in Aspen. Through October 2026, transactions in Aspen and Snowmass were down 19% by value compared with the same period a year earlier, according to an analysis by local real estate specialist Tim Estin.
The reason for the sale is related to changes in Packer and Erica’s family circumstances. His former wife and their three children now live in the United Kingdom, which has made it less frequent for them to use the Colorado estate.