Former Hockey Player Patrick Dovigi Makes A Quick $6 Million In 6 Months With Speedy Aspen Flip

Many former athletes go broke when they retire, but some, like Patrick Dovigi, become successful business owners and make a fortune in real estate as a side hustle. The former 90s NHL goalkeeper just pocketed a cool $6 million in six months with a speedy house flip in Colorado. It’s the latest in a string of such ventures for the Toronto-based billionaire.

Dovigi, founder of the environmental services and waste-management company Green For Life Environmental, purchased an 8,000-square-foot mansion in Aspen in April in an off-market deal for $48.75 million. According to the Wall Street Journal, the sellers were longtime Aspen residents Ken Sack and Sheri Alden Sack, who renovated the home. Dovigi added a bedroom to make a total of eight, left the rest of the house the same, and promptly listed and sold it for $55 million.

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Multimillion Dollar Flips

Dovigi, who once prevented forwards from scoring, has made a habit of scoring great Aspen flips. The numbers are huge. Just this Spring, he sold a $108 million mansion to former casino mogul Steve Wynn and financier Thomas Peterffy. Dovigi had originally purchased the property for $72.5 million.

He sold a $55 million home the previous year after paying $44.5 million. His most recent acquisition was a $59.75 million home previously owned by actor Jack Nicholson. There is no word on what he plans to sell it for.

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The eye-popping purchase and sales prices are small change for billionaire Dovigi, who was drafted by the NHL’s Edmonton Oilers in 1997 and played for several years in the country’s top professional hockey league. He founded his waste management company 10 years after he was drafted, having attended business school at Toronto Metropolitan University and worked at a real estate investment firm.

A One-Stop Shop For Waste Management

According to Canadian Business, Dovigi made his fortune in waste management by buying up and consolidating the numerous mom-and-pop businesses in the category. He founded Green For Life in the summer of 2007 with $10 million in seed capital from investors David Kassie and Barry Goldberg at Canaccord Genuity Group. Dovigi had previously played hockey with Barry Goldberg’s son. Green For Life’s goal was to be all things to all people regarding waste management: collecting municipal, industrial, and commercial waste, cleaning stormwater from underground parking garages, and collecting used motor oil from car dealerships and lube shops.

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Rapid Expansion

The advent of the 2008 financial downturn allowed the company to expand rapidly out of Toronto. In 2017, it entered the U.S. market, where it grew exponentially. Today, 65 percent of the company’s business is in the U.S.

“My initial goal was to build a business of $40 to $50 million in revenue, and here we are, $7 billion in revenue later,” he told Canadian Business.

With a personal fortune of over a billion dollars, Dovigi can afford to buy and sell luxury Aspen homes for fun, cleaning up massive profits in a city that has seen multiple $30 million-plus deals so far this year. The median single-family home price in Aspen was $16.5 million in Q1 and Q2, and house prices soared 24% from the same period last year. The former athlete feels his years on the ice stood him in good stead for his future entrepreneurial ambitions.

“Putting in the hard work and facing adversity are things you learn when you play sports that teach you how to be a better executive,” he said.

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