Russ Dalbey spends $5,500, 000 (of your money) just for the land for his new home (and swimming pool and orchard) in Boulder Colorado.
I live in Boulder and read the following news report about his $5,500, 000 land purchase. I thought you might like to know where your money is going:
DailyCamera (Boulder's Newspaper)
Development battle averted
Financial educator buys former academy grounds for home
By Greg Avery, Camera Business Writer
October 11
A former Olympic-caliber cyclist turned real estate investment instructor may resolve a Boulder land controversy by building a dream home next to Mount Sanitas.
Russ Dalbey, founder and chief executive officer of the Westminster-based Dalbey Wealth Institute, bought the 5.8-acre former Boulder Junior Academy property at Boulder's western edge last week.
He has indicated that he plans to build one large home with an orchard and swimming pool on the grounds, pleasing neighbors who had battled to stop a previous owner's proposal to build a whole neighborhood there.
Mount Sanitas LLC sought to replace the departed Seventh-day Adventist school with upscale homes and condominiums on the edge of city-owned foothills.
First, 24 houses were proposed and rejected by the city planning board. Then, late last year, a proposal for 42 houses and row homes also met defeat.
Some leaders of Friends of Mount Sanitas, the group formed to fight the development proposals, recently talked with the new buyers who sought the group's backing.
The buyers committed in writing to the single-home project, an 8,000- to 10,000-square-foot Spanish-style hacienda, in exchange for the neighborhood group's general support for the idea, which it received.
"The general feeling is that this a better outcome than the alternatives we'd been faced with previously, " said Norm DeHart, president of Friends of Mount Sanitas.
The county recorded a purchase of the 2641 4th St. Property on Friday. The county lists the buyer as Fourth Street LLC, a company registered with the state Sept. 19.
Fourth Street LLC's registered address is the Westminster headquarters of the 210-employee Dalbey Wealth Institute.
Dalbey, 43, who trained with U.S. Cycling team two decades ago in Colorado Springs, splits his time between Colorado and Los Angeles.
He could not be reached for comment.
Dalbey and his attorney have talked to city planners about the possibility of building a home on the former academy campus.
There appears to be nothing that would automatically prevent it, though staff-level city approval would be needed at least, said Charles Ferro, a city planner who has reviewed previous proposals for the site.
Presumably, the 24,000-square-foot school and other features would be demolished. County tax records estimate the land to be worth at least $5.5 million.
Contact Camera Business Writer Greg Avery at (303) 473-1307 or [email protected].
0 comments