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March 2, 2023
Local shop Avatar Financial Group announced the recent provision of an over $8.7 million bridge loan for renovations of a trophy ski home in Park City, Utah. The so-called “Monitor's Rest at the Colony” is on the market, listed by Paul Benson of Engel & Volkers, with an asking price of $50 million, following the renovations. Benson previously brokered the original sale, for $39.6 million, from developer Iluminus Group to the current owner. Carney Logan Burke Architects and Magleby Construction collaborated on the six-bedroom, 11-bath home, which spans 17,567 square feet. It sits on 5 acres, with ski-in/ski-out access to the Park City resort. Avatar's T.R. Hazelrigg IV said in a statement, The estate's stunning setting and master-level artisanship are on par, and complement each other seamlessly. Avatar was delighted to be Iluminus Group's capital partner and to play a significant role in making this dream home a reality.” The Wall Street Journal reports that the seller is billionaire Russ Weiner, creator of the Rockstar Energy beverage empire, which he sold three years ago to Pepsi for about $3.2 billion.