A roughly 450-acre swath of land atop Aspen Mountain in Colorado is listing for $40 million.

Adjacent to the Aspen Snowmass ski resort, the property includes much of the southwest face of Aspen Mountain, according to Joshua Saslove of Douglas Elliman Real Estate, who has the listing with colleague Max Taam. No mansion though: There is a 1,000-square-foot, two-bedroom recreational cabin, reachable by skis, snowcat or snowmobile. (The cabin can also be accessed by car at certain times of the year.) The property also contains a number of former mining cabins that are currently rented out.

While a new owner could build more cabins of 1,000 square feet each, the area is zoned “rural and remote,” which prohibits building larger houses, Mr. Saslove said.

The property is known for a 2014 wedding held there for the daughter of Goldman Sachs alum Robert K. Steel, which led to an outcry from neighbors and the county, according to Cindy Houben, community development director for Pitkin County. A number of large temporary structures were built for the wedding, including a chapel, leaving exposed earth that had to be repaired, she said. Shortly after the wedding, Pitkin County passed an emergency ordinance banning any party tents over 1,000 square feet in rural and remote areas, she said.

John W. Miller, who owns the property with partners, said the property has since been restored. “The next year you couldn’t even tell they’d been there,” he said.

Mr. Miller, a retired businessman originally from Indiana, and his partners bought about 900 acres out of bankruptcy in the early 1980s after a failed attempt to launch a ski area there, he said. He added that they’ve sold off pieces over time.

Mr. Miller, 86, said he is selling because he no longer wants the responsibility of caring for the large property. “My family has enjoyed it for years,” he said. “Now it’s time to move on.”