January 16, 1995 12:00 PM

THE HOLIDAY SKIING IN PARTS OF Colorado had taken a stem turn for the worst: at times the temperature hovered in the 40s, and some slopes saw only a smattering of snow. Still, the sun came out every day—and so did the stars. The supposedly separated Paula Abdul and Emilio Estevez were spotted, together, in Telluride. There, too, Tom Cruise and Nicole Kidman toasted mezzo-soprano Frederica Von Stade after her benefit concert for the Sheridan Opera House. And the mercurial Johnny Depp and Kate Moss got cozy in a house they rented outside Aspen—after reportedly anteing up a substantial security deposit.

But nothing could compare to the sight of her Rocky Mountain highness Princess Di sailing down the slopes in Vail. “She looked very smooth, very hot,” said one local. “A major honey.”

Tabloids initially linked the princess with New York City financier—and Aspen homeowner—Teddy Forstmann, 54, who had been paired with her at a Washington dinner last fall. But Di, who was traveling with her personal trainer, was actually a guest at the $4 million Vail chalet of Los Angeles printing tycoon Michael Flannery and his wife, Crystal, an arrangement set up by a Di pal who deemed Flannery’s palatial spread fit for a princess. Di wasted no time getting to the slopes, where her fellow skiers shouted, “Hi, Princess,” as she glided by. “People here dig her,” said one Vail resident. “They think she’s cool.”

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