At the same time that Colorado ranks highest on the nation’s foreclosure list, the very wealthy continue to pay outrageous amounts for mountain real estate.
Today’s Rocky Mountain News. reports that Tommy Mottola, the record company executive many people know better as the former-husband-of Mariah Carey, paid a record $47 million for a 949-acre ranch near the base of Mount Sopris. The amount is believed to be the most money ever paid in the state for a single-family home.
Unlike hundreds of Colorado families, Mottola doesn’t have to worry about defaulting on his mortgage. He paid cash.