Tom Cruise is off the market — well, at least his Telluride estate is.
The “Mission: Impossible” star sold his 320-acre dwelling for the full asking price of $39.5 million, making it the highest residential sale ever in the Telluride region.
The 11,512-square-foot, custom-built home features seven bedrooms, nine full bathrooms. A guest house has three additional bedrooms.
The luxury property, which was listed in March, was on the market for less than a week before it was under contract, said its co-listing agent Dan Dockray. A Telluride-based senior global real estate adviser for LIV Sotheby’s International Realty, Dockray said Monday he and co-listing agent Eric Lavey had expected to have Cruise’s mountain abode signed by April 1.
The fast transaction illustrates Colorado’s red-hot real estate market, where the median price for a single-family reached over $500,000 for the first time in April. Celebrity homes, especially those like Cruise’s, don’t become available too often, Dockray said.
“This is an uncommon property,” he said. “With a property like this, we don’t have comparables. We priced it in the zone that made it attractive.”
Francois Mori, Associated Press file
Tom CruiseCruise, who completed the custom home in 1994, tried to sell the estate for $59 million seven years ago, but did not have a public listing. The market has changed since those days.
“It was priced correctly and correctly placed for such an incredible property,” Dockray said.
While Dockray is familiar with the Telluride market, Lavey is seeing its potential. The Beverly Hills, Calif.-based agent, who is also a senior global real estate adviser for Sotheby’s, called it, “one of the most special places in the world.”
“You’re not going to Telluride and find luxury cars,” Lavey said. “Locals are passionate about keeping it T-ride.”
Lavey said his client, who he did not disclose, and the locals are involved in the community and described Telluride as “not a playground for the rich.”
As a whole, Telluride does not have many properties with price tags over $20 million, and those that do often are not the subjects of a bidding war, Dockray said.
“We’re still a much younger market than Aspen and Vail,” Dockray said. About 20 luxury dwellings sell in both Aspen and Vail annually, he said, but Telluride only averages a handful.
One of the factors for Telluride’s growth has been the pandemic, with people leaving highly populated areas like New York, Chicago and Los Angeles for more private settings that offer family activities, Lavey said. While the worldly centers are opening up again, these second- and third-tier markets will continue to attract house hunters who demand remarkable homes.
“These markets have been the best possible during that last 12 months,” he said.
Both Dockray and Lavey foresee high-end listings performing well in Telluride beyond this time, with Lavey calling it a “once-in-a-quarter-century scenario.”
“People are seeing the value of Telluride,” Dockray said.
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May 19, 2021 at 07:00PM
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