LAS VEGAS (KTNV) — After Tony Hsieh retired as CEO of Zappos in August 2020, he moved to Park City, Utah, and began multiple properties.
Park City, a mountain community of about 8,500 residents, is the site of the Sundance Film Festival and many celebrities like Michael Jordan and Will Smith have homes there.
According to the Park City Board of Realtors, the median sales price of single-family homes in March of 2020 was $1.95 million.
According to the Wall Street Journal, Hsieh purchased about $70 million worth of real estate in Park City and surrounding areas.
He used about a dozen limited-liability companies to purchase multiple homes and some of Hsieh’s friends and former employees were still living in the homes in December.
Hsieh’s primary residence in Park City was a 17,350-square-foot mansion with its own lake that he purchased for $16 million.
Hsieh reportedly fell in love with the 11-bedroom property named Crescent Ranch and asked the owners not to return so that he could move in immediately.
He also purchased a 4,395-square foot home worth slightly more than $2 million; a 3,300-square-foot home worth $1.8 million; a 3,251-square-foot home worth $1.8 million; a 3.471-square-foot home worth $2.2 million; a 3,750-square-foot home worth $2 million; and a 2,924-square-foot home worth $1.1 million.
Although Hsieh never articulated his vision for Park City publicly, many of the people who knew him say he hoped to recreate part of what he created in Las Vegas. Reportedly, his residence was covered with thousands of sticky notes that contained information about his vision and commitments to employees, friends and local businesses in Park City.
At this time, it is not known if the Park City properties are currently occupied or what will happen to them in the future.