Tommy Mottola, former chairman and CEO of Sony Music Entertainment, has sold his Wildcat Ranch property in Pitkin County for around $17.8 million, according to a news report by Wall Street Journal.

The 324-acre ranch, located near Aspen, Colorado, was sold to an unnamed buyer for about 35 percent less than his initial asking price of $27.5 million in June 2010.

The American music executive, Mottola, bought the ranch in 2003 for $14.7 million with a help of actor Michael Douglas and developed in the 1990s.

The property is located between Aspen and Snowmass Village with unobstructed views of the Elk Mountain range.

According to the WSJ report, there is a five-bedroom, 11,000-square-foot log cabin-style main house decorated in a Western theme and two guest houses are located within the private, gated Wildcat Ranch subdivision.

We sat in the backyard and we looked at the mountains and said, ‘That's it,' Mottola told the WSJ in June, recalling the moment he and his wife, the Mexican singer Thalia, decided to buy the property.

He also said they were selling the ranch because they were spending less time there.

Joshua Saslove of Joshua &. Co., a Christie's Great Estates affiliate, had the listing. The deal is the biggest in the Aspen area so far this year, said Saslove.