Estates, News Desk

Aspen Ranch Finally For Pennies on the Dollar

The 244-acre Circle R Ranch sold at auction for $14.3 million – a 75 percent discount off of its original listing price four years ago. Featuring six homes with a combined 22 bedrooms and 20.5 bathrooms, the ranch was controlled by the families of former Dallas billionaires Charles and Sam Wyly, whose many holdings included arts-and-crafts retailer Michaels Stores Inc. Originally listed for $59.5 million in 2014, the property languished on the market for several years before the decision was made to auction it. Concierge Auctions oversaw the sale; the bidding began at $10 million. Although multiple potential buyers registered, only three bidders actually participated, according to co-listing agent Andrew Ernemann with Aspen Snowmass Sotheby’s International Realty. The winning bidder was an entity created by Dallas developer Mehrdad Moayedi, chief executive of Centurion American Development Group.
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