Billionaires are buying a small Colorado town – and locals are crazy.
Illustration by The Daily Beast / Getty The mountain village of Crested Butte, Colorado, is less than a square mile and nearly 9,000 feet taller than its width. So when a Chicago billionaire quietly began buying an old building, the residents took a note, “I was alarmed that a large amount of commercial property would be entered in the community,”; said former Commander Jim Star. Gunnison County told The Daily Beast. “That has never happened before. We have a few owners who own two or three different commercial properties. But the size of this is bigger than we have ever seen. ”The billionaire in question is investment banker Mark Walter, CEO of Guggenheim Partners, a highly media-shunned figure, has accumulated a net worth of approximately 5.3 thousand. Millions of dollars, according to Forbes, with little fanfare. His most open public move came in 2012 when Walter partnered with Magic Johnson and several other entertainment figures to buy the Los Angeles Dodgers for $ 2.15 billion. Record-breaking But Walter’s activities in Crested Butte have attracted local interest among the population of approximately 4,700. This year alone, Walter has purchased six commercial properties, including several historic buildings in the State of London. A town and family resort called Almont located at the intersection of the East River and Taylor. Walter closes the deal under a limited liability company registered at his Chicago office address. ‘It’s a secret’ – but not prepared for what he’s going to do with the building, ”Crested Butte Mayor Jim Schmidt told The Daily Beast Realtor Eric Roemer echoing his uncomfortable feeling:“ Nobody really knows how. What are his plans for the game? ”Zuckerberg Gobbles Up Another Big Chunk of Hawaii Beachfront.“ I don’t know what Mr. Walter is planning to do, ”says George Sibble, writer and Gunnison County native. I don’t think anyone will, either, including Mr. Walter. ”In his new investment, Walter bought a building called Forest Queen for $ 1.55 million, a spa-like commercial property. And a $ 1.85 million tattoo shop, a restaurant called Wooden Nickel for $ 1.85 million, a health club for $ 1.7 million, an undeveloped lot for $ 5.5 million, and a resort for $ 6.3 million. More than $ 20 million, Walter did not respond to multiple requests for comment. Here are some patterns for him. In the comments section of Crested Butte News, local writer Mark Reaman explained that contacting the CEO of the brokerage to see if he could discuss future plans “after she finished laughing,” Reaman wrote. I might have a better chance for Donald Trump to talk to me about Almont. ”Even Roemer, who owned Wooden Nickel before Walter bought it, said he wasn’t. “The only thing we’ve been told by his agent is, at the very least, with Wooden Nickel, he’s interested in continuing as it has always been,” Roemer said. Or not now But he plans to open that business at the end of May. ”The purchase confused Schmidt, as commercial real estate in the ski town could create a difficult economy. Usually, he said, commercial buildings sell for about three times the price of local housing. But in the high-end skiing area at home is very expensive, math can make it harder for small businesses to profit. “You have to overcharge for a hamburger,” he says. “That’s a challenge.” Live is what Walter has to do with the undeveloped lot north of town, headed for the ski slopes. The sprawling real estate, locally known as “Sixth Street Station,” was approved to build a large hotel and residential complex in 2017, according to Schmidt, it will be the largest in Crested Butte, but it hasn’t. It is clear whether Walter has plans for a construction project or not .. Walter has been quietly in the Crested Butte neighborhood for the past decade. He and his wife have owned a house in Mt. Crested Butte since 2009, and in 2011 he bought a commercial complex called the Grubstake Building for $ 766,700.Grubstake is home to a teahouse, café, art gallery and fishing shop. In which Walter remained in the works for a while, the CEO followed a local authorization process to transform the building into a music and dance venue, according to Starr and Schmidt later he supported. A one-time plan for city street parking. “He doesn’t like the parking fee instead, which we apply to every business,” Schmidt says. Too much considering what he paid for a third-line midfielder for the Dodgers. ”Years ago, the city had an advertising slogan,“ Crested Butte – something Aspen used. That would be, and Vail was never going to be. ”The joke is that Crested Butte is“ Colorado’s last great ski town, ”one town that hasn’t been bought by the wealthier outsiders yet. Finding seasonal stays But some residents worry that Walter’s investments could change. “Of course, one of the concerns is that as people have more commercial properties like that, rents tend to go up, which makes it more difficult for business owners. “And we are experiencing a severe shortage of affordable housing here, so this may eventually exacerbate the problem as well,” said Star. “There wouldn’t be even a Colorado city if it weren’t for outside money,” he said, referring to some Kansas bankers who invested in ski slopes in Crested Butte and distilleries in Te. “Before that, it was of course a coal mining town and a town of Colorado Fuel and Iron based in Pueblo,” Sibley said. But Walter’s investment may be announcing a new wave of outsiders. ‘We have come to a point where billionaires are pushing billionaires out,’ said Star, “which a lot of us who have lived here for a while, hopefully never will.” Read more at The Daily. Does the Beast have a secret? 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