Former Lehman CEO Dick Fuld is selling his 71-acre Idaho ranch, in what is likely to become the most expensive residential property ever sold at auction, according to sources familiar with the transaction.
Concierge Auctions has announced it will sell the Sun Valley ranch on Aug. 19 to the highest bidder. Concierge estimates the property will fetch $30 million to $50 million-but it could sell for even more. It previously was quietly listed in an unofficial "whisper listing" for $59.5 million, but failed to attract a buyer, these sources said.
The property is just minutes from the famed Sun Valley Resort, and is bordered on one side by the Big Wood River-known for its fly fishing-and Bald Mountain on the other side.
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Along with a sprawling, luxurious main residence with service quarters, the property has a guest house and gate house.
Fuld didn't respond to requests for comment. Laura Brady, president of Concierge, declined to comment on the identity of the seller, but she said the seller is selling "because they're just not spending as much time there anymore."
Bids can be made in person, by phone or through the Concierge app. To qualify, bidders will have to will have to put $500,000 into escrow.
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Brady said she expects the likely buyer will be from the U.S., either from finance or tech.
"This is ideal for someone who likes privacy and seclusion," Brady said.