After the mortgage crisis that began a few years back, money and housing difficulties visited the lives of many Americans all at once. These difficulties have not gone away, as people continue to lose their homes, but this year has also yielded many record-breaking property deals around the country. Perhaps more than a little tellingly, the two biggest records broken on American soil were set by foreign buyers.
The first price record broken this year happened in the San Francisco Bay Area when Russian billionaire Yuri Milner paid $100 million for a Los Altos Hills property in March. Then, earlier this month, English heiress Petra Ecclestone bought the old Spelling Manor in Los Angeles, CA for $150 million. There was barely enough time to blink before a new property took over from the Spelling Manor the reigning title as Most Expensive Home in the United States. Folks, say hello to Richard Field’s lovely Jackson land and cattle ranch in Wyoming. It’s asking price? $175 million.
Richard Fields, the champion property’s owner, is also the CEO of Coastal Development, LLC, a company devoted to the gaming and resort industries. The ranch on sale comprises 1,750 acres and is within the limits of Wyoming’s Teton County. Beyond beautiful views of the Rocky Mountains’ Teton Range, the property holds 800 acres of meadows (with irrigation), a spring creek, and three fishing ponds. Of course it wouldn’t be a ranch without the requisite horses and cattle. Shedding some light on the reasons behind its extraordinary asking price, the property has an incredible equestrian center equipped with 52 stalls. Adding to this crowning glory, the equestrian center was designed by the world-famous architect, Jonathan Foote.
In somewhat marked contrast, the main residence being sold along with the land and equestrian center is described as a converted three-bedroom barn. The guest house even has a larger bedroom-count than the main house itself: four. Finally, there are also two separate employee apartments on the property.
A draw that will not be missed by any prospective buyers is that besides having low property taxes, Wyoming has neither estate nor state income taxes. That might be why the world’s richest woman, Christy Walton, of Walmart fame and fortune, also makes her home in Teton County. One last fact about the pricy ranch: it comes with entitlements for the creation of up to 35 individual home subdivisions.