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Former Lehman CEO Dick Fuld breaks auction record with ranch sale

Sets new record for most expensive property sold via auction

The sale of a luxury ranch owned by former Lehman Brothers Chief Executive Officer Dick Fuld just set a new record for the most expensive property ever sold via auction, according to a report from CNBC.

Fuld’s ranch, a 71-acre spread called Big Wood River Estate, has 11 bedrooms between three houses and comes with 2,100 feet of riverfront land.  The ranch is located in Sun Valley, Idaho.

The ranch, which was profiled in the September issue of HousingWire Magazine by our own Sarah Wheeler, was expected to fetch $30 million and $50 million at auction.

According to a new report from CNBC, Fuld’s estate sold for an undisclosed price to an undisclosed buyer, but the company that facilitated the auction said that the sale price for Fuld’s ranch broke the previous record for the most expensive residential property sold at auction, which was $19.25 million.

From CNBC:

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

(Picture above courtesy of Concierge Auctions)

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3d rendering of a row of luxury townhouses along a street

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