Michael Bloomberg Pays $44.79 Million for Henry Kravis’s Colorado Ranch
The deal for the roughly 4,600-acre property closed about six weeks after the former New York City mayor dropped out of the presidential race
In the wake of his presidential campaign, billionaire businessman Michael Bloomberg has paid $44.79 million for a Colorado ranch, according to people with knowledge of the transaction.
Mr. Bloomberg bought the roughly 4,600-acre ranch in northwest Colorado from Henry Kravis, co-founder of private equity giant KKR. Known as “Westlands” and located about an hour’s drive from Aspen, the property was listed for $46 million early last year.
The deal closed April 14, about six weeks after Mr. Bloomberg dropped out of the presidential race.
Mr. Bloomberg, the co-founder of Bloomberg LP and former New York City mayor who spent hundreds of millions of dollars on his bid for the White House, already has a portfolio of pricey homes around the world, including a mansion on Manhattan’s Upper East Side, a house in Bermuda and a townhome in London.
Mr. Kravis bought Westlands for about $5.5 million in 1991. He built the property’s sprawling main house, which spans about 19,000 square feet with five bedrooms, a wine cellar, a theater and an indoor hot tub. The ranch also includes a swimming pool, four-hole golf course, tennis court, helipad, helicopter hangar, two large guest cabins and a carriage house, in addition to outbuildings for staff, horses and ranch support facilities.
When listing agent Brian Smith of Hall & Hall first put the property on the market, he told The Wall Street Journal the listing price included most of the property’s furniture, some of which was made on site by French craftsmen. It is not known if Mr. Bloomberg purchased the furniture along with the ranch. A spokesman for Hall & Hall declined to comment on the deal.
The deal is a major transaction for the Colorado ranch market, which had been lagging for the past few years amid an oversupply of product. The property is located just a few miles from a ranch owned by professional golfer Greg Norman, complete with a restored 1800s-era dance hall, which is listed for $40 million.
A spokesman for Mr. Bloomberg didn’t respond to multiple requests for comment. A spokeswoman for Mr. Kravis declined to comment.