The popular Bear Creek Falls and the land surrounding it in Telluride are on sale for $15 million.
The land owners include majority holder, Birch Properties, the descendants of three-time Colorado Gov. Alva Adams and minority holder, San Miguel Conservation Foundation.
Included in the sale is 33.93 acres, but the smallest portion, the Wild Yankee Mill Site Claim, has the picturesque Lower Bear Creek Falls, which is owned entirely by Birch Properties.
In 1995, the foundation purchased what’s now known as the Bear Creek Preserve, which provides access to falls via a 2.5-mile trail from downtown Telluride. It was put into a conservation easement and then conveyed to the town to be preserved as a public open space.
Since then, the attraction’s popularity has consistently landed it at the top of tourism lists across the nation. A quick Google search will show you it’s the second most recommended attraction in the town after the free gondola ride to Telluride Mountain Village.
Talks about the foundation acquiring the land now listed for sale to the public began with Birch Properties back in 2016, but San Miguel Conservation Foundation Executive Director Chris Hazen said a dollar amount was never specified and the acquisition failed.
“We have consistently expressed an interest in acquiring his holdings in entirety,” Hazen said. He told CPR News that the owners had been working with other conservation organizations in the state including Great Outdoors Colorado prior to listing the land for sale this year, but nothing ever came from it. “I can only speculate on that, but I think ultimately it had something to do with the dollar amount that the owner would like for the property.”
Nearly a decade after talks began, economists from Stone Bridge Analytics, hired by Birch Properties, have placed the land’s value between $20.5 million and $75 million based on the opportunity to monetize access to Bear Creek Falls.
“They put together a really professional package that demonstrates why this property is not just your normal patented mining claim that sells for $10,000 an acre,” said listing agent Shane Jones. “I think the $15 million price tag is at a substantial discount compared to what the actual market valuation would be for a property of this significance.”
But Hazen said the value is all being placed in what could happen if the area were to charge access fees similar to Hanging Lake Trail near Glenwood Springs.
Access to Hanging Lake trail costs between $10 and $12 per person depending on the season. It’s estimated the direct economic value to the city of Glenwood Springs from those fees exceeds $4.6 million annually. The revenue goes in part toward long-term sustainability of operations and management of the landmark.
The mayor of Telluride, Teddy Errico, told CPR News that even if someone does purchase the land at the current price tag, he doesn’t believe access to the falls are at risk. He also doesn’t believe the new owners would find success in monetization.
“The current owners only have access at the very tippy top of Bear Creek Trail, and so I just don't see how they can monetize hiking up and down it,” Errico said.
Right now, the popular falls are still visible from publicly accessible U.S. Forest Service Land and the Bear Creek Preserve, giving Errico confidence that the sale would not impact the town economically should the new owner decide to shut down public access.
“My personal opinion as a 28-year resident of Telluride, a 25-year real estate broker and mayor of Telluride is that it's overpriced,” Errico said. “But – they have the right to sell it and get whatever somebody is willing to pay for any other transaction.”
Jones said the sellers are concerned about the conservation of the land and the liability attached to potential injuries at the falls.
“They would really just like to pass the baton to another entity or another person that could properly manage, conserve and preserve the property as it should be,” Jones said.
In 2023, Colorado had 93.3 million visitors, a 31 percent increase in visitors over the previous decade. As risk of overtourism becomes a real concern across the state, Bear Creek Falls is no exception.
Right now, the falls are estimated to receive between 100,000 and 300,000 hikers annually. But the privately owned land is also accessed by skiers who take the Telluride Ski Resort lifts up the mountain, then ski outside the resort boundary through a United States Forest Service Gate. The path takes them straight through Birch Properties' land and into town.
Jones said the valuation package put together by Stone Bridge Analytics outlines opportunities for the future owner to improve the trail and incorporate infrastructure like a viewing deck.
However, similar plots of land in the area were sold for conservation efforts for far less than $15 million.
Bridal Veil Falls, another nearby tourist attraction, sold to the foundation for $100,000. Another mining easement that holds a landmark known as “the big rock” near Bear Creek Falls was sold to the foundation in 2004 for $200,000.
“We are certainly disappointed by the listing and the price point,” Hazen said. “We respect private property rights, but it’s hard when the public open space has been accessible and in use for years and suddenly someone is trying to monetize something that has been a part of this community for free. I think the frustrating part is that we’ve worked with other landowners and come to an agreement.”
For now, the town has no plans to pursue the property at its current price point.
“$15 million goes a long way towards affordable housing and other infrastructure needs that Telluride has, but I'm more than willing to listen to what my locals want as mayor,” Errico said. “Things can change based on feedback from the community, but we would have to be shown in a different way that [the purchase by a private owner] would dramatically affect [the trails] current use.”
