October 26th , 2015
A Sun Valley, Idaho, estate owned by Richard “Dick” Fuld, the former chief executive officer of Lehman Brothers Holdings Inc., sold for at least $20 million, a record for a U.S. home offered at an auction. Six bidders competed for Big Wood River Estate, a 71.3-acre spread near the Sun Valley ski resort and bordered by a trout fishing stream, according to a statement Thursday from Concierge Auctions, which ran the sale. Potential buyers each were required to deposit $500,000 to participate. The winner was from the Pacific Northwest, Concierge said. The auction required a starting bid of $20 million and the home sold for at least that price, said Kari Neering, a spokeswoman for Concierge. The final value will be disclosed when the transaction closes in about 30 days, she said.
The previous disclosed U.S. record for an auctioned home is $19.25 million, for an estate in Jackson Hole, Wyoming, according to Laura Brady, Concierge’s president.
The Fuld property includes a main home and adjacent buildings with a total of 11 bedrooms and 10 1/2 baths. In a previous off-market listing, the asking price for the estate was $59.5 million. The auction, originally scheduled for Aug. 19, was postponed to let more bidders take part. The pre-sale estimate at the original auction was $30 million to $50 million, according to Brady. Fuld led Lehman from 1994 until the financial firm’s Sept. 15, 2008, bankruptcy triggered a Wall Street meltdown. He decided to sell the estate because he rarely visited Sun Valley in recent years, Brady said. Fuld began assembling the property in the 1990s and commissioned architect Alan Wanzenberg to design the Adirondack-style rock-and-timber main home, service quarters and two guest houses, which were completed in 2002.
This was obviously a very big deal and set a new precedent for pricing in the Wood River Valley.