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Why Billionaires are Flocking to Aspen in the Summer

From Town & Country

Aspen has long been prized for its natural beauty, bountiful black diamonds, and cultural outlets that rival those of cities many times its size.

Does that explain the hot real estate market for outsize primary residences? Perhaps it's connected to the recent expansion of the Aspen Art Museum (design by Shigeru Ban; free admission courtesy Amy and John Phelan) or the renovation of Theatre Aspen (at the hands of former Goldman Sachs VP Bob Hurst).

Or is it simply that the one percent is addicted to Colorado's 4.6 percent flat personal income tax rate? (Manhattan's is 12.7 percent, L.A.'s 13.3 percent.) "Surely taxes have something to do with it in some cases," concedes local real estate broker Susan Guggenheim Lodge. And while the migration may not be as palpable as the one in the 1980s to Palm Beach-where the tax rate is zero-those few percentage points seem a fair trade for fresh air, world class hiking, and the accompanying healthy lifestyle. In other words: The IRS-mandated 180 days will fly by.

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Here, a few properties on the market:

11 FALL CREEK ROAD: $8.7 MILLION (LISTED WITH SOTHEBY'S INTERNATIONAL REALTY)

ELK MOUNTAIN LODGE: $80 MILLION (LISTED WITH DOUGLAS ELLIMAN)

455 SUNNYSIDE LANE: $36 MILLION (LISTED WITH BOWDEN PROPERTIES)