According to real estate executives and attorneys, a Rocky Mountain home owned by Roman Abramovich, a Russian oligarch would be one of the first assets to be frozen by the U.S. government in the event that he was sanctioned by President Barack Obama in response to the conflict in Ukraine.

A 14,000-square foot modern megahome built on 200 acres of Snowmass in Colorado is one of Abramovich’s global real-estate awards. In 2008, the Russian billionaire bought the property for $36.5million. His yacht fleet, giant home in London, France, and St. Bart’s made him well-known in West. Local brokers say the property would likely sell for well over $50 million given soaring prices — making it the second most expensive home ever sold in the Aspen area.

“It’s an incredible property, and very rare,” said Riley Warwick, co-founder of Aspen-based brokerage team Saslove & Warwick at Douglas Elliman Real Estate. It has been a popular topic of conversation with my clients.

Local property records show that Abramovich owns a 5500 square-foot home-style chalet in Snowmass Village. He bought it in 2008, for $11.8 million. According to local agents, the smaller property just down from Abramovich’s larger home likely functions as a ski house, caretaker house or guest house due to its proximity to the slopes.

According to experts, the properties could be subject to an asset freeze if Abramovich gets sanctioned. Local property records show that the Snowmass properties, unlike most real estate owned by oligarchs in the U.S. were bought and are still in Abramovich’s hands. Assets that have been officially owned by a sanctioned person can be seized more quickly and easily than assets which are not subject to legal processes.

To hide the true owners of U.S. real estate, most Russian billionaires and oligarchs hold it through anonymized shell companies. Numerous oligarchs in the United States have transferred U.S. assets to their relatives and/or associates over recent years. Oleg Deripaska, a relative, has recently transferred U.S. real property, which includes two Manhattan townhouses and a Washington, D.C. home. Abramovich sold three Manhattan townhouses in 2018 to Dasha Zhukova, his ex-wife.

Abramovich is currently being sanctioned in Canada, the U.K., and in the European Union. However, he has not been sanctioned in America or in the European Union. People familiar with the talks say that Abramovich’s inclusion in next-round sanctions is under consideration by the White House.

A spokesperson for Abramovich could not be reached for comment. Brad Schacht (a Denver lawyer) represented Abramovich against a suit. ComcastThe cable was part of a fiber-optic construction on the property. They didn’t reply to our request for comment.

Aspen has been a small, wealthy town filled with large homes and a wealth of assets that is now under threat from the Justice Department. Wal-MartAnn Walton Kroenke is a heiress. Leslie Wexner founded L Brands. Food-and-beverage entrepreneurs Stuart Resnick and Linda Resnick also own properties there. Jeff Bezos’Parents and media tycoon Byron Allen. Kurt Russell and Goldie Hawn are both long-time Aspenites. Kevin Hart, Kate Hudson, and Kate Hudson are also regular Hollywood guests.

Locals claim that Abramovich once had a greater profile than he does now. In 2008, he hosted the Pussycat Dills New Year’s Eve Party. Abramovich has donated to local charities, and his name was prominently displayed as a donor side by side with the Chabad in Aspen. Local tax records indicate that he was recently invoiced $68,000 in property taxes on the large property and $29,000 on the smaller.

Abramovich, for the most part, has been quiet over the last decade. Residents and business owners say that Abramovich rarely visits, if at all. It is located in a 200-acre private area, at the end of a narrow, mountainous road, with one home. According to locals, Abramovich could make the short drive of 15 minutes by his private jet and still stay at his residence without being subjected to public scrutiny.

Warwick, a real estate broker, stated that the house was very private and far from people. He could slip in and out of the house without anybody being aware.”

This home, designed by Voorsanger Architects in New York City is well-known within architectural circles. It rises nearly 1,000 feet high above Snowmass Village and looks like a huge glass wedge on Wildcat Ridge. The steel folding-plate roof looks almost like a huge wing and was built to withstand heavy snow loads. It cantilevers up to 40 feet above the driveway.

The home’s interior is finished in black walnut. Floor-to-ceiling windows offer stunning views of Capitol Peak and Mount Daly as well as the Roaring Fork valley. The east and west wings are separated by a 12-foot tall moss-rock wall. Brokers claim that Abramovich spent millions on improvements to the house, which included space underground.

The U.S. Justice Department’s KleptoCapture Task Force will likely be authorized to place a freeze on the property but not take it. According to Sanctions Experts, the government will only be able to take possession of the property if it can show that Abramovich is guilty of a U.S. Crime.

Potential wealthy buyers have been circling in the meantime. Aspen is like other wealthy towns that have experienced the effects of the pandemic. Aspen does not offer many luxury homes to buy, and there are more buyers than seller. Douglas Elliman Real Estate reports that Aspen’s supply of single-family homes has dropped 60% compared to a year earlier. Aspen has a new record for the average house sale price at $13 million.

Warwick said that many of his clients have been asking about the current status of their home, including whether the house has been frozen. “There have been no details.”

Warwick stated that brokers looking for listings may have reached out to Abramovich as well to try to convince him to list.

He stated that he was not the most easy person to contact right now. But I don’t think it would surprise me if many brokers tried.”