The historic Walton Ranch in Jackson Hole, with 1,848 acres and 3 miles of Snake River frontage, just shed 1/3 of its asking price, coming down from its summer 2011 initial ask of $100 million to a more manageable $68.7 mil in a move motivated to finish the sale. The realtor affirmed that the $100 million price tag "just didn't attract the right buyer," i.e. one with $100 million to burn on a working cattle ranch.
The ranch was bought by Paul Walton, an oil tycoon who pioneered exploration of the Saudi oil fields, in 1958, and proceeded to run it as a working cattle ranch. The main house, for which photos are unavailable, takes up 2,234 square feet with "several decks," although the home is used primarily in the summer. Hay production sits somewhere around 2,000 tons a year, with 350-450 cattle available for those who really want a taste of the ranching lifestyle. The ranch is the second biggest conservation easement in Teton County, which you might be surprised to find out has the highest per capita income in the nation, even more than Manhattan. Beside the skiing, Wyoming is like a mountain version of the Cayman Islands - no individual state income tax, business income tax or inheritance tax, so "assets are insulated," i.e. you don't have to give the state of Wyoming a dime of your Goldman Sachs bonus. Not to mention the real estate taxes are only $6,500 a year. Yes, that little for over 1,800 acres.
· Walton Ranch Jackson Hole [Ranch Marketing Associates]