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Recent attempts by economists to identify and quantify the effect of social stigma on asset value have often been stymied by confounding mechanisms. I use the unique circumstances surrounding the 1999 Columbine Shooting to estimate the effect of social stigma on asset value. Using a difference-indifferences model with property fixed effects, I find the immediate effect of stigma from the Columbine Shooting is 5.7% of a property's value after one year. This implies a $13 million loss from property sales in the year 2000 alone. The results are robust to numerous specifications and synthetic control placebo tests. This suggests that social stigma plays a role in consumer preferences.JEL Classification: D12, H80, R11, R30

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