Woody Creek ranch sells at auction for $12.75M
August 6, 2018
After being on the market for three years, the Circle R Ranch in Woody Creek sold at auction Monday for $12.75 million. It was originally listed on the market for nearly $60 million.
The starting ask was $10 million by Concierge Auctions.
The auction went live on Concierge Auctions' online marketplace Aug. 3. The first bid came in at $9 million on Friday.
There had been no other activity until about a half hour before the auction's closing, which was held at the Little Nell Hotel on Monday.
Two bidders, only identified by the numbers 5266 and 10106, got into a back-and-forth in increments between $50,000 and $250,000.
Within about 10 minutes, the sale price went from $10 million to $12.75 million. The final bid went to bidder No. 10106.
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"In cooperation with partner agents Andrew Ernemann and Craig Morris of Aspen Snowmass Sothebys, in just four weeks of exposure, the auction marketing campaign for Circle R Ranch in Aspen, Colorado generated over 800 prospects and 50 open house tours with potential bidders, many of whom flew into Aspen to see the property in-person, and a strong field of highly qualified bidders," said Concierge Auctions Project Sales Manager Corey Ruyak in a prepared statement. "The property is now under contract and all parties are pleased to have had such a successful outcome."
The final sale price will include the buyer's premium and the brokers' 2.5 percent commission. That information won't be available for at least 30 days after the transaction closes.
The buyer will pay 12 percent on the gavel price, which goes to the auction firm.
The ranch consists of 244 acres and six homes with a combined 22 bedrooms and 23 bathrooms. The property features historic cabins, storage facilities, agricultural buildings, barns, a swimming pool, stables and facilities for horses, a private evergreen farm, an outdoor entertaining space by the river, a tennis court, ponds and a playground with swing set and slides.
Brothers Sam and Charles Wyly developed it in the early 2000s.
It went on the market in 2015 shortly after Sam Wyly filed for bankruptcy. It was originally going for $59.5 million and then in May 2017, the price dropped to $29.9 million.
The ranch costs around $800,000 to operate annually.