A biotech entrepreneur has paid $57.25 million for a home in Vail, Colorado, setting a record sales price for the affluent mountain town.

Kevin Ness, the chief executive of the Colorado-based biotech company Inscripta, said he bought the property as a "generational" family home. The seller was a limited company tied to Mexican investor Alejandro Rojas, records show.

The deal is the highest priced home sale in Vail since 2017, when a house owned by philanthropist Ann Smead sold for $28.7 million, according to Tye Stockton of LIV Sotheby’s International Realty, Mr. Ness’s agent.

Mr. Ness’s new home is a six-story, Modern Mountain-style house spanning about 15,000 square feet, on less than an acre near the center of Vail.

The previous owner, Mr. Rojas, bought the property for $14.5 million in 2014. Mr. Rojas said he had completely reconstructed the home over three years and divided it into two large apartments.

Together, the two units have 11 bedrooms, two pools, two hot tubs, two elevators, a movie theater and numerous terraces overlooking Vail’s Gore Range.

The property has modern interiors with maple ceilings and wall paneling. Mr. Ness said he plans to partially connect the two units.

Mr. Stockton said the Vail market has been strong in recent months, following the coronavirus-related shutdown. "It has been unprecedented," he said.

"The chase to buy real estate here at all price points is like nothing I’ve ever seen in my career. We’ve done over a year’s worth of business in the last 70 days."

The seller was represented by Eustaquio Cortina of Ron Byrne & Associates Real Estate.

Via WSJ - Photos: SCOTT CRAMER