Wednesday’s planned auction of a Sun Valley, Idaho, estate owned by Richard 'Dick' Fuld, who led Lehman Brothers into the biggest bankruptcy in U.S. history, was postponed for four weeks to let more bidders take part.
'We received strong last-minute interest and have decided to reschedule the auction to September 17 in order to allow those bidders and any others who qualify the chance to participate' Kari Neering, a spokeswoman for Concierge Auctions, said in an e-mail. 'At this point we have an opening bid of $20m, and the ultimate price will be determined on auction day'.
Bloomberg News reports that bidders were required to deposit $500,000 to participate in the auction of Fuld’s Big Wood River Estate, a 71.3-acre (29-hectare) spread near the Sun Valley ski resort and bordered by a trout fishing stream. It is expected to sell for $30m to $50m, according to Laura Brady, president of Concierge Auctions.
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