Dick Fuld ranch sets record for auction

Richard Fuld

An Idaho ranch owned by ex-Lehman CEO Dick Fuld sold for more than $20 million Thursday, becoming the most expensive property ever sold at auction.

Concierge Auctions announced it sold the ranch to an undisclosed buyer. While it wouldn't give the price, the company said the sale broke the record for the most expensive residential property sold at auction. The previous record was $19.25 million.

When it announced the listing, Concierge said the property was expected to sell for between $30 million and $50 million.

Concierge said six bidders participated in the auction. The buyer is believed to be from the Pacific Northwest.

The 71-acre ranch in Sun Valley, Idaho, is 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.

Along with a sprawling, luxurious main residence with service quarters, the property has a guest house and gate house.

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