The 10 Richest People in Aspen

ASPEN, CO - Billionaires are a part of the Aspen experience, in one way or the other. Love it or hate it, this simple yet controversial reality is a flattering testament to Aspen’s international magnetism and gravitational pull. When the billionaires began moving into town in the late 1980s and 1990s, they began pushing out millionaires into slummy places like Independence Pass, the Smuggler Trailer Park, Owl Creek, and the Aspen Meadows. Depending on a resident’s socio-economic level or property investment, the “millionaire” housing panic invoked headstrong and heated community reactions, some even making national news with stories on CNN and in the New York Times. Yet time and time again, Aspen is mentioned in the glossy pages of fantasy luxury travel magazines and labeled “a playground for the rich.” For over two decades, Aspen’s thin air, natural beauty, and secluded remoteness has attracted members of the Forbes billionaire club to buy trophy real estate with snowcapped views or build their second (or third or fourth or fifth) home… even if it is only used for one week a year, between Christmas and the New Year.

For most of us bottom-of-the-money-food-chain commoners - meaning the wage-paid hungry, tired, and poor - it can be difficult to fully envision one billion dollars, particularly if you’ve never stepped foot in a Red Mountain estate or flown first class, much less in a private jet where the stewardess offers caviar instead of airline peanuts or Dom Perignon for mouthwash. For the mathematically handicapped, a billion dollars is a one followed by nine zeros. A little unscientific research from around the Internet concludes that a billion minutes ago, the Roman Empire was still in its prime, with one billion minutes equaling somewhere in the ballpark of 1,900 years. In pennies, a billion dollars would cover almost 14 square miles, an area four times the size of the downtown Aspen municipality.

All this begs one question: Who are these mysterious and faceless billionaires? It isn’t difficult to grasp or conceptualize their influence on the town, even though they may not be household names on the cover of a grocery store gossip magazine. Here is a list of the 10 billionaires or one-time billionaires who own or have at one time owned homes in Aspen. According to Forbes, the financial crises in late 2008 and 2009 left many members of this group scrambling, so not everyone on this list is still worth nine figures.

Sources for this list include Brent Gardner-Smith's September 2007 expose in the Aspen Daily News and Forbes.com's list of Playgrounds of the Rich and Famous, amongst other compiled information.

#10

Melvin Simon

A self-made real estate baron based in Indianapolis, Melvin Simon runs a lucrative private trust called the Simon Property Group. The group has interest in 386 shopping mall properties in North American, Asia, and Europe, including the Mall of America, outside Minneapolis. Simon is also the owner of the Indiana Pacers. According to the Aspen Daily News, he has an Aspen estate on the slopes of Red Mountain.

Forbes 2009 Estimated Wealth: $1.3 Billion
Ranking on the Forbes 2008 World’s Billionaire List: #559

#9

Leslie Wexner

When Leslie Wexner bought the 102-acre lot on Red Mountain adjacent to his existing 60-acre lots with a 25,000-square-foot home for 15 million dollars, it was mentioned in the New York Times Business section. Since 1963, Wexner has founded and ruled atop the throne of a suburban-mall friendly retail empire, Limited Brands. Stores include Victoria's Secret, Express, Limited Too, the upscale Henri Bendel, Bath and Body Works, and C.O. Bigelow. Wexner is a major art collector, once paying 45 million dollars for a Picasso painting. The painting was donated to the Wexner Center for the Arts at The Ohio State University.

In addition to the Red Mountain Estate, the Aspen Times, and Aspen Daily News recently reported Wexner also owns two large ranches near Carbondale at the base of Mount Sopris and a 513-acre tract known as the Sutey Ranch. Wexner recently proposed a land swap with a large tract of land to consolidate and link his property holdings.

Forbes 2009 Estimated Wealth: 1.7 Billion
Ranking on the Forbes 2008 World’s Billionaire List: #430

#8

Sid and Ed Bass

After inheriting an oil fortune, the Texas-based Bass brothers have expanded oil operations around the globe and wisely invested in oil prospecting enterprises. According to the Aspen Daily News, Sid owns a home on Red Mountain and is a Platinum Premier Sponsor of the Aspen Music Festival and School. His brother, Ed, owns a home east of Aspen along the Roaring Fork River.

Forbes 2009 Estimated Wealth: $2 Billion
Ranking on the Forbes 2008 World’s Billionaire List: #334

#7

Leonard Lauder

The 76-year old son of cosmetics industry pioneer Estee Lauder owns a house practically adjacent to the Aspen Meadows and Aspen Institute. The family’s 70% stake in the popular cosmetics company is estimated to be worth six billion dollars. According to the Aspen Daily News, he serves on the Aspen Institute’s Board of Trustees and Executive committee.

Forbes 2009 Estimated Wealth: $2 Billion
Ranking on the Forbes 2008 World’s Billionaire List: #334

#6

Lester Crown and Family

Compared to Lester Crown and family, even the most successful Aspen-based business owner or real estate agent is a mere serf. The Chicago-based Crown family is the closest thing to genuine royalty in Aspen. As the owners and operators of Aspen Ski Company, the Crown family has numerous high profile properties around town, including condos at the exclusive Maroon Creek Club. Locally, the Crowns call the shots on ski operations on Aspen's four mountains as well as own the Snowmass Club, the Little Nell Hotel, and the brand-new Snowmass Base Village.

Yet Aspen Skiing Company is merely a small fraction of the family’s highly diversified fortune. The group owns a massive defense contracting company called General Dynamics, as well as huge stakes in Maytag, Alltel, JPMorgan Chase, Hilton Hotels, New York City’s Rockefeller Center, basketball's Chicago Bulls, and a 10% share in baseball's legendary franchise, the New York Yankees.

Forbes 2009 Estimated Wealth: $3.1 Billion
Ranking on the Forbes 2008 World’s Billionaire List: #196