The historic Walton Ranch in Jackson Hole, Wyoming, is now only $48.7 million, a far cry from its summer 2011 initial ask of $100 million. Way back in March 2013 the 1,848 acre ranch dropped the price tag to a much more manageable $68.7 million, but even that just didn't attract the right buyer (i.e. a billionaire with $100 million to burn on a working cattle ranch).
The late Paul Walton, an oil tycoon who pioneered exploration of the Saudi oil fields, bought the ranch in 1958 and used it as his home base. The main house was built in 1964 and is a moderate 2,234 square feet with several decks, but what really gets this expensive property's ask price up is the incredible amount of land. It's the second biggest conservation easement in Teton County, now the richest county in the nation. The ranch also boasts 3 miles of Snake River frontage. There are also barns, corrals, other ranch buildings, and four other homes on the property used to house employees.
The Wall Street Journal reports that according to Billy Long and Ron Morris of Ranch Marketing Associates, the $100 million price tag initially seemed "quite reasonable" for the resort town of Jackson Hole. It looks like the market for incredibly expensive recreational ranches hasn't quite recovered after the real-estate downturn, and now the Walton heirs are hoping this latest price cut will produce a buyer.
· Jackson Hole's Walton Ranch Is Discounted to $48.7 Million [Wall Street Journal]
· Walton Ranch Jackson Hole [Ranch Market Associates]
· Jackson's Walton Ranch Asking Price Drops By 1/3 [Curbed Ski]
· IRS Confirms That Rich People Like Living in Ski Towns [Curbed Ski]