The gavel has fallen for the Sun Valley home of the former chairman and CEO of Lehman Brothers, Richard Fuld, and Concierge Auctions is declaring victory: this is the most expensive residential auction ever. As Idaho is a non-disclosure state, those of us on this side of the local MLS might never know the final sale price of the 71.3-acre Big Wood River Estate. But, with a starting bid of $20 million, the property was assured to go for more than the previous disclosed record for an auctioned home, which was $19.25 million for a Jackson Hole property. Six qualified buyers attended the on-site auction Thursday, according Concierge Auctions, with the eventual winner being from the Pacific Northwest.
The marketing campaign attracted interest from all 50 states and 92 countries, according to Concierge Auctions, and in addition to being a high mark for the company, the sale also was the highest known price paid for a residence in Sun Valley.
The 11-bedroom, 10.5-bath estate is set on 2,100 feet of Big Wood River frontage, hence the name, was once listed for $59.5 million. The property, designed by architect Alan Wanzenberg, includes a main house, a guest house and a gate house — all with the same timber and wood motif. And it's all within a comfortable distance of Bald Mountain and downtown Ketchum.
· Concierge Auctions [Official site]
· Ex-Lehman CEO Sells Sun Valley Estate in Record for Auction [Bloomberg Business]
· Ex-Lehman CEO Wants to Set Record With Sun Valley Auction