Decades ago, a generation of America’s wealthiest, raised on television shows like “Howdy Doody” and “The Lone Ranger,” headed west with dreams of owning some of the country’s most prestigious ranches. Now, as those John Wayne- loving baby boomers age out of the lifestyle or die, they or their children are looking to sell those trophy properties.
That generational changing of the guard has led to an oversupply of ultraluxury ranches on the market. Nowhere is the glut more apparent than in Colorado, where some of the biggest and most storied properties are located.
Jeff Buerger, a local ranch broker with Hall & Hall in Colorado, said there are more large trophy ranches on the market right now than he can recall in his nearly three decades in the business. There are about 20 ranches priced at over $20 million on the market in the state, according to a Wall Street Journal analysis of listings.
Some of Colorado’s most prominent listings include a nearly 12,000-acre ranch near Meeker, owned by retired professional golfer Greg Norman, which has been for sale since 2011; it is listed for $50 million. Henry Kravis, the billionaire co-founder of private-equity giant KKR ,put his Colorado ranch, known as Westlands, on the market for $46 million in January. Discovery Channel founder John Hendricks relisted his ranch near the Utah border, plus an adjacent resort, for $279 million in May. (He and his wife, Maureen Hendricks, first put the property on the market for $149 million two years ago; that price didn’t include the resort.)
(Bloomberg Businessweek) — The U.S. economic recovery, the longest in recorded history, has increased Americans’ wealth by $52 trillion, according to the Federal Reserve. Wall Street is bursting …