A tech billionaire just purchased one of Colorado's most pristine pieces of land, and the sale is making waves for more than just its record-breaking price tag, reported Realtor.com.
Palantir CEO Alex Karp paid $120 million to acquire St. Benedict's Monastery, a 3,700-acre property in Snowmass that Trappist monks called home for 68 years.
The deal broke records for Pitkin County as the priciest home purchase ever recorded there. Karp, whose net worth is estimated at $18.2 billion, bought the property for $30 million under its original $150 million asking price.
For those concerned about what happens when massive land holdings change hands, this sale offers some reassurance. The property has stayed largely untouched since monks relocated there from the East Coast in 1956. The land features waterways winding through more than 5 miles of terrain, with historic rights allowing irrigation across 1,200 acres of meadows.
Strict zoning rules in Pitkin County block any large-scale building projects on the land. The agent who listed the property sought someone interested in preserving the acreage rather than developing it. Karp plans to make the sprawling compound his home.
Builders put up the 24,000-square-foot monastery in the 1950s, with a separate building for retreats going up in 1995. By the time the deal closed, the monastery housed just five monks.
People on both sides of this transaction have weighed in.
"It's extraordinary to find 3,700 acres in that area that has been relatively untouched," said Ken Mirr of Mirr Ranch Group, who handled the listing, per Realtor.com.
The monks who called this land home for nearly seven decades are now searching for their next home. On their website, per Realtor.com, they shared an update with their supporters: "We continue discerning with our order where to live our Cistercian monastic life, keeping you informed as this process unfolds."
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