[Daily with Heather] Locals React to Billionaire Buying Crested Butte

There are a lot of changes in Crested Butte and it by no means just started with the onset of COVID.  However, the pandemic has been a driving factor for the large injection of hasty buyers into our usually semi-predictable real estate market.

The current news has brought about the question of change in our small valley.  The news that has been circulating is of billionaire Mark Walker who purchased some notable real estate and in rapid succession in our small town.  Mr. Walter is an investment banker, CEO of Guggenheim Partners and reportedly has accumulated a net worth of approximately $5.3 billion, according to Forbes.  He is currently being referenced as the “LA Dodgers guy” as he, along with several other entertainment figures such as Magic Johnson joined forces to purchase the previously mentioned sports team in 2012. 

In an article in the Crested Butte News, editor Mark Reaman “invited” the billionaire to speak with him in regards to his intentions of all the commercial property he had been purchasing.  When he asked Walter’s realtor to see if he would potentially be interested in an interview to discuss his plans, she simply and politely laughed it off.

This year, it is known that he has purchased six commercial properties which include the Almont which is a well-known family resort, the Forest Queen, the Commercial building that used to host the Gunnison Bank & Trust, the Wooden Nickel restaurant space, the previous commercial that holds Elk Avenue Prime and a classic local building known as the Forest Queen. As well, he purchased the 6 contiguous lots along Elk Ave that were initially approved to be the Sixth Street Station.  

However, his rapid purchase of several notable local businesses has been fully scrutinized.  From the local perspective, I have had a past client state that he thinks it will bring more stability to the business economy.  Locals on a Facebook forum discussed their unease, however one local pointed out that there were others that also held a significant amount of real estate in Crested Butte and nobody seemed to be addressing this fact. 

The biggest question is; what will happen to these commercial properties?  

List of real estate purchased:

501 Elk Ave:  Sold for $1,850,000 Cash.  Click HERE to view property.

226 Elk Ave:  Sold for  $6,000,000 Cash.  Click HERE to view property.

222 Elk Ave:  Sold for $2,150,000 Cash.  Click HERE to view property.

129 Elk Ave:  Sold for $1,550,000 Cash.  Click HERE to view the property.

10209 State Highway 135:  Sold for $6,300,000 Cash. Off-market sale.

TBD Sixth Street: Sold for $5,500,000 Cash.  Click HERE To view property.

Link to article:  Billionaire is Buying up Small Colorado Town. . . 

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