A four-bedroom, Pitkin County property known as Sage Ridge is now on the market for $30 million.
Former JCPenney executives Peter McGrath and his wife, Janet Fox spent over $17 million to clean up the property and build the home, according to the listing agent Ann Abernethy. Now they are selling it because they love the process of home building and plan to do it again nearby.
“When you go to ranches, or you start listening to the names of ranches, a lot of them are descriptive of the land that they sit on like twin creeks or big sky,” said McGrath. But it wasn’t always like this, according to Ann Abernethy, who is the broker associate with Compass Real Estate Aspen. “There was a caboose on the property, a real train caboose on rails that had to be removed,” Abernethy said. “Just tons of debris and barbed wire that had to be cleaned up.”
“It’s been a very long term project. It’s very difficult to build in Pitkin County because there are very restrictive building regulations that limit growth and limit what you can do,” she said. “This house was built under very restrictive energy requirements. So all of that just causes it to cost more and take longer.”
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