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Location: Aspen, Colo.
The Skinny: Some enterprising developers in Aspen have renovated a tiny historic cottage, added an adjacent modern wing, and slapped a mind-bogglingly huge $17.995M price tag on it, which is one way to get around pesky preservation ordinances while still cashing in on a perpetually hot luxury market. The cottage, which was built in 1885 by a local candyman and now functions as the compound's guest house, has been returned to its original exterior appearance, while the interior has been renovated and modernized. Its two-story modern addition is crammed into the same lot as the old home, and adds 6,000 square feet of living space, including five bedrooms, eight bathrooms, and a rooftop patio with tremendous mountain views. The décor is what you might expect from a luxury spec home, tasteful and uninspired, creating the sort of atmosphere where, per the listing photos, you'd feel comfortable casually tossing your fur throw on an easy chair before heading out for a long day on the slopes.