In what could be the priciest home auction in U.S. history, former Lehman Brothers CEO Richard Fuld will put his 71-acre Sun Valley property on the block August 19.
There’s no minimum bid, but the 11 bedroom, 10.5 bath estate — which borders the Big Wood River on one side and world-famous Bald Mountain on the other — is expected to bring in $30 million to $50 million, according to Laura Brady, president of Concierge Auctions.
Most mountain acreages this size are located farther from towns and resorts. From the Fuld estate, Brady said, “you leave the property, and you’re right there in town. That’s why it’s so unique.”
She also described being taken by the estate’s majesty. “You’re standing there, and the side of the mountain is sheer on the other side of you. You’re looking straight up at this big ski mountain — but the public slopes are on the other side of it,” Brady said.
The property boasts a 9,200-square-foot main home that encompasses 5 bedrooms with American Chestnut floors and en-suite bathrooms. The combined living/dining room features cedar-plank ceilings, and the family room anchored by a stone fireplace includes floor-to-ceiling windows on three sides.
The guest house features 3 bedrooms, also with en-suite bathrooms, plus a kitchen, a two-car garage and a wraparound porch with lake views. Near the entrance gate sits a 3-bedroom caretaker’s home.
Fuld is best known for leading Lehman Brothers to its 2008 bankruptcy, and for the ensuing blame over the Great Recession. He’s been silent for years, but in May he spoke at a conference, explaining it was “time for me to raise my ugly head” and that “my mother still loves me.”
Auctions like this take place for a couple of reasons, Brady said. It can be difficult to value an incomparable property, much as it can be a challenge to value certain art, antiquities and classic cars. An auction determines what it’s worth by finding out what someone else is willing to pay for it.
An auction also provides certainty around timing. Rather than wait for a buyer to appear, “we get to accomplish that within 60 days, so [the owner] can monetize their asset and move on,” she said.
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from Zillow Blog - Real Estate Market Stats, Celebrity Real Estate, and Zillow News http://feedproxy.google.com/~r/ZillowBlog/~3/vmBXCt4ahU0/
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