Denver-area home sells for under asking price

$6 million under, to be precise.

8 Cherry Hills Park Drive in Englewood.

8 Cherry Hills Park Drive in Englewood.

Google Maps, screenshotted Oct.
kyle harris

The Denver metro area may be a competitive seller’s market for everyday home shoppers, but multimillionaire buyers can still strike a deal.

Former Broncos Coach Mike Shanahan and his wife Peggy’s lavish 30,000-square-foot home, which has been on the market for the past five years, recently sold for $15,725,000 — more than $6 million less than the original asking price of $22 million, as reported by the Denver Business Journal.

Over the years, the asking price has gone down multiple times, but never near the assessed 2021 value of $10,900,000 for the home plus $779,350 for the land.

In the Denver-area market, in which working and middle class families are paying more than ever before to buy homes as prices steadily rise in the midst of housing crisis, the Shanahans may not have received the current asking price from July — their most recent listing was $16.95 million — but they still broke the record for the highest recorded home sale in the eleven-country metro area.

Sandy Weigand and her colleague Chuck Gargotto of Kentwood Real Estate struck the deal with an unannounced longtime Colorado resident, according to the Wall Street Journal, which first reported the sale.

Arapahoe County’s Clerk and Recorder’s Office, which is six weeks behind in processing new sales, does not have a record of the buyer.

Weigand, who’s been in real estate since 1978, describes the property as “Denver’s most spectacular estate,” in a promotional video. And it’s pretty spectacular.

The house, at 8 Cherry Hills Park Drive in Cherry Hills Village, was built by the Shanahans and Mesa Properties in 2008. The design screams wealth, with classical architecture, copious columns, a sky-lit, wide-open space for gatherings, stained glass, a two-lane bowling alley, a full gym, a racquetball court and a large outdoor pool, landscaping with fountains and waterfalls. It boasts six bedrooms and thirteen bathrooms, a seven-car garage and even a two-bedroom, four-bath guest cottage.

While Weigand is experienced in selling multimillion dollar properties, the 8 Cherry Creek Park Drive residence far surpasses her 1 Polo Club Lane sale in Denver for $9 million, which she made in June.

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