Dick Fuld, CEO of Lehman Brothers from 1994 until the firm’s demise in 2008, has sold his 71.3-acre Big Wood River Estate for an all-time record price for an auctioned property.
How much did Fuld’s Sun Valley compound sell for?
That’s the question and unfortunately we don’t have and answer for you. We do know that the sale price was over $20 million as bids below that were not accepted for the property. The New York-based Concierge Auctions had estimated before the sale that the residence(s) would be looking for a sale price between $30 and $50 million.
For that matter, the purchaser of the property is also unknown beyond the fact that he/she was unaware of the property prior to Concierge Auctions global campaign and that the buyer hails from the Pacific Northwest.
What comprised Fuld’s former property?
The property itself is huge and was laid out following Fuld’s purchase of nine separate lots and has over 2,100 feet of riverfront property on the idyllic and trout plentiful Big Wood River. While there are a couple of extra out-buildings, the property primarily consists of three primary structures each made from rock and timber and designed by renowned architect Alan Wanzenberg.
The main house is huge and comes with service quarters. Details regarding how many the house sleeps are a little foggy but it is known that the separate guest house has three bedrooms and overlooks a magical pond. The third structure is a gorgeous gate house at the private entrance to the property.
Concierge Auctions congratulates itself on the sale of Fuld’s property
“The Big Wood River Estate is all about unmatched privacy, proximity and acreage, which is why the records broken were no surprise,” said Laura Brady, president of Concierge Auctions. “We dominate the auction space for properties over $10 million and are proud to not only achieve another company milestone, but also to make an impression globally by handling the most expensive residential sale ever known to be achieved at auction. A special thanks to Mike Russo and Erin Struxness of Concierge Auctions and David Hutchinson of Thunder Spring Real Estate for working tirelessly to execute this auction.”
Regardless of Fuld and Lehman’s fall from grace it shows just how much money he was making at the helm of the fourth-largest investment bank when thinks went off the rails in 2008.