The highest-priced home to sell in the Denver area last month tripled its value in 12 years.
The 11,500-square-foot mansion in Cherry Hills Village sold for $5.27 million on June 6, triple its closing price in 2004. It was listed by Gina Lorenzen of The Kentwood Company.
The property at 5800 S. El Camino Drive, built in 2005 by Harrison Custom Homes, sold for more than $459 per square foot.
The six-bedroom and nine-bathroom house was originally listed for $5.92 million and had been on the market for nearly two years, according to listing service REcolorado. It went under contract in April.
Upstairs highlights include a master suite with a five-piece bathroom and a balcony. The kitchen has custom cabinets and granite countertops. And the ground floor features a wet bar, exercise room and rec room leading to the patio and pool outside.
Property records show that $31,700 in taxes were due in 2016.
The sellers were Thomas Clarke Octigan and Jill T. Octigan, according to Arapahoe County property records. They purchased the two-acre property in 2004 for $1.67 million.
T. Clarke Octigan is listed on Morgan Stanley’s website as the managing director and complex manager of the wealth management firm’s offices in the Denver Tech Center and Boulder.
The buyer is El Camino Diggs, an LLC whose registered agent is listed as Steve Knudson. Knudson is president and CEO of Denver-based data center Fortrust. Knudson cofounded the company in 2000 and attended the University of Colorado Boulder, according to his LinkedIn profile.
Fortrust is based at 4300 Brighton Blvd. and has additional data centers in Arizona and New Jersey.
The 2004 sale was for the land to build the new home on… Stating the value of the existing home tripled in 12 years is a bit misleading.