The home was valued at between $20 to $25 million dollars, but sold at the bargain price of only $5.2 million, or $5.7 million after transaction costs are included. The buyer was 29-year-old Patrick Wu of Chicago, an investor originally from Evergreen and a graduate of Colorado Academy High School.
Bidding for the property today started at $15 million, but quickly dropped to just $3 million. Bidders moved the price back up to $5.2 million where it finally sold. There were 21 bidders involved in all.
Wu told 9NEWS he had been looking at the property for only the last two weeks.
"You know it's a very unique property and it takes somebody with a unique use for it and I happen to be in the market, so it worked out well, I think," said Wu.
The now former owner of the property, 61-year-old software pioneer John McAfee, told 9NEWS last week he was anticipating the property could sell for as much as $30 million.
"It's an auction, you never expect anything; you simply get what you get. And I'm really happy it went to Mr. WU, he's a wonderful gentleman," said McAfee.
McAfee's former home sits on 280-acres in the shadows of Pikes Peak about 18 miles west of Colorado Springs. The main house includes 10,000-square-feet of living space, and there were several other out-buildings including cabins perched on rock outcroppings.
The power bill for the home is about $30,000 a year.
Wu says he will not subdivide the acreage and plans to vacation in the home.
One expert is saying the low price may be a reflection of the real estate slump in Colorado.
