The actor’s Telluride property, which spans 320 acres, includes a dirt bike and snowmobile track, as well as a network of trails for hiking, snowshoeing and all-terrain vehicles

Tom Cruise’s Telluride, Colo., estate—which is full of sports-oriented amenities befitting an action star—is returning to market for $39.5 million.

This isn’t Mr. Cruise’s first effort to sell: Seven years ago, he tapped a real-estate agent to market the property for $59 million, though it was never publicly listed, according to current listing agents Eric Lavey of LIV Sotheby’s International Realty and his colleague Dan Dockray. “I’m not sure [Cruise] was ready to sell it yet,” Mr. Lavey said.

Ultra-private, the roughly 320-acre property is located at the end of a gated mile-long driveway that is surrounded by a forest of aspen trees. It borders a national forest on three sides and is a few minutes from downtown Telluride. Located on a hillside, the property sits at an elevation that allows the owner to look down on planes arriving at the nearby airport, the agents said.

“Everybody knows who owns this property, but you can’t see it from almost anywhere,” said Mr. Dockray.

Mr. Cruise spent several years designing and constructing the native stone-and-cedar home, which was completed in 1994. Roughly 10,000 square feet, the four-bedroom house is designed in classic mountain style, with wood-beamed ceilings, wood-paneled walls and stone fireplaces. There is also a three-bedroom guesthouse on the property.

The activity-oriented features include a large sports court, a dirt bike and snowmobile track and an extensive network of trails for hiking, snowshoeing and all-terrain vehicles. There is also a spa, an office and a three-car garage.

A spokeswoman for Mr. Cruise didn’t respond to a request for comment on his reasons for selling. The listing agents said they believed the actor hadn’t used the house in quite some time. They noted that the market in Telluride has been extremely active over the past few months as a result of the Covid-19 crisis, with buyers coming in from major cities across the country.

“People sat down during this lockdown and said ‘What am i doing with my life? I want a better lifestyle,’ ” Mr. Dockray said.

Mr. Cruise, 58, has appeared in movies like “Top Gun” and the “Mission Impossible” franchise. He has recently been filming in Europe.

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