Luxury penthouse in Downtown Denver sells for $3.9M after hefty price reduction

A penthouse atop the One Lincoln Park condo building in downtown Denver sold last month for $3.9 million, setting a record for the building even after a hefty price reduction.

Elise LoSasso with The Agency-Denver, who represented both the seller and the buyer, knew that selling 2001 Lincoln St., Unit 3223, would be challenging.

The downtown condo market is struggling, and luxury penthouses are especially difficult to sell. And the unit was asking a whopping $5 million.

Sellers John Stambaugh and Charles Knight purchased the penthouse in the 32-story building for $1.8 million in 2011. At the time, it was a double unit, which they separated.

They spent $750,000 renovating the 4,100-square-foot condo with three bedrooms and four baths, adding gold- and silver-leaf domes, marble slabs in the kitchen and bathrooms, repurposed antiques, custom cherry closets, imported exotic tiles and vein-cut marble planking, plus Swarovski crystal and Venetian glass chandeliers.

“They had five-star taste,” LoSasso said. “The bathrooms have marble slabs — not granite, not quartz — marble.”

Knight and Stambaugh moved to Denver in 1979 and owned AmeriFile, a medical industry filing system. The couple split their time between Denver and Florida, where Stambaugh recently completed renovating another condo. Knight died in March 2024.

The penthouse had previously been listed with another agent before LoSasso took it on. She listed it for $5 million in August 2024 and in January persuaded the seller to reduce the price to $4.8 million.

In the spring, LoSasso organized a collaborative group open house, with multiple downtown agents showing properties.