Music Veteran Mottola Asks $27.5 Million for Ranch
June 25, 2010 - Colorado
By Juliet Chung from The Wall Street Journal Asia
Music-industry veteran Tommy Mottola is asking $27.5 million for his 324-acre ranch near Aspen, Colorado.
The former chairman and chief executive of Sony Music Entertainment-who has worked with artists including Bruce Springsteen, his former wife Mariah Carey and Billy Joel-bought the property for $14.7 million in 2003.
With a child starting school and other homes in Palm Beach, Greenwich, Conn., and New York, Mr. Mottola says he's selling because he's spending less time on the ranch these days.
The compound has a five-bedroom log cabin-style main home decorated in a Western theme.
There are also two guest houses with four bedrooms in all. Mr. Mottola, 59, speaking of the moment he and his wife, the Mexican singer Thalia, decided to buy the ranch, said: "We sat in the backyard and we looked at the mountains and said, 'That's it."
It's in Wildcat Ranch, the luxury development the actor Michael Douglas helped develop in the 1990s.
Joshua Saslove of Joshua &. Co., a Christie's Great Estates affiliate, has the listing. Mr. Mottola now runs Mottola Co., which includes a music division. He still owns land in the Aspen area.
This article has been republished from Wall Street Journal
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