Fractional ownership company Pacasso selling Tynes Canyon home

The Park City Council delayed a decision on a code amendment targeting fractional ownership at a June meeting. The proposed laws under consideration would ban the practice in certain parts of the city, including Tynes Canyon Drive, which is owned by Pacasso.

The council could still pass new restrictions, meaning the Tynes Canyon home owned by Pacasso would not work for their purposes.

Ahead of any council decision, Pacasso’s 5,000-square-foot luxury home on Tynes Canyon Dr. is now listed for $7.7 million. Pacasso bought the house earlier this year for the same price, with more detailed service.

The company previously tried to sell to eight parties for $1.1 million. Each owner can use the house 44 days a year.

Founded in 2020 by former Zillow executives, Pacasso LLC will provide property management services to home equity buyers.

Holding property in a limited liability company, or LLC, is not new. However, as the use expands amid the Pacasso development, there are also complaints from neighbors about problems associated with short-term occupancy.

Brian McGuigan, Pacasso’s director of corporate communications, told KPCW that the company is moving out of the Tynes Canyon Dr. property as a “goodwill gesture.”

He said the future of fractional ownership in Park City is promising and the company continues to work with the city council.

Some residents accused him of rebranding the company’s timeshares. Jamie Johnson, CEO of the Park City Board of Realtors, disagreed and told KPCW it’s a different product.

“Families buying these fractional properties are investing millions of dollars,” Johnson said.

Johnson said the Pacasso model will increase the use of second homes and that it’s her job to protect property owners.

“We certainly support the community as a whole and we want individuals to love where they live,” she said. But we strongly support property ownership when it comes to fractional ownership.

The company has faced pressure in resort communities across the country. On Monday, Pacasso announced the formation of a new government advisory board to help inform the organization’s actions on housing policy, community engagement and development.

Members include Denver Mayor Michael Hancock and Austin Mayor Steve Adler.

The City Council is set to take up potential restrictions again in October.

Pacasso Public Affairs Manager Sara Filosa said the company has held off on purchasing additional Park City properties until the City Council finalizes any new amendments or restrictions.

In the meantime, anyone applying for a fractional home must comply with the proposed rules — state law must follow pending rules for 180 days.

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