Fort Worth, Texas, oilman Duer Wagner III had owned the 6-acre property since 2004. He finished construction in 2010 on the lavish mountain mansion featuring seven bathrooms, seven bedrooms, 11 fireplaces, two elevators, a swimming pool and 4,000-square-foot deck. Vested development rights for the home allowed it to more than triple Pitkin County’s cap of 5,750 square feet.
Wagner, according to published reports, also was riding high on the price of oil and gas. Crude oil was fetching nearly $100 a barrel in 2013. The market was strong, but a glut reversed the industry’s fortune. On Wednesday, the price of crude oil plummeted to $26.19 a barrel, the lowest since April 2003, before spiking to $32.19 Friday.
On May 15, oil and gas company Duer Wagner Inc. and 11 of its affiliates filed for Chapter 11 reorganization in the United States Bankruptcy Court in Fort Worth.
The house is on sale for $40m in 2019.