By Juliet Chung from The Wall Street Journal Asia

The developers of an 813-acre ranch property outside Aspen, Colo., have cut its price by 33% for a new asking price of $59 million-still one of the priciest listings in the area.

The property has a 5,750-square-foot home built last year; the great room, with a maroon leather floor, has ceilings of more than 30 feet and mountain views.

There's a restored ranch manager's home and a 10-stall barn. A creek runs through the property, which has several ponds and can be further developed; the sellers anticipate the main home eventually being used as a guest home.

The property is located in Woody Creek, where Hunter S. Thompson lived and where Ringo Starr bought a home.

Sports enthusiasts can hunt, hike and horseback-ride on adjacent public land. Joshua Saslove and Tommy Latousek of Joshua and Co., a Christie's Great Estates affiliate, have the listing.

This article has been republished from Wall Street Journal