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Billionaire homebuying spree

By Judy Martel · Bankrate.com
Friday, July 29, 2011
Posted: 3 pm ET

This is shaping up to be a record year for high-priced property sales. No sooner does the "most expensive home" get sold than another one comes on the market to claim the No.1 status. First up was Russion billionaire Yuri Milner, who purchased a $100-million spread in Silicon Valley, Calif., in March. Then last month heiress Petra Ecclestone acquired the home of Candy Spelling, listed for sale for $150 million (reportedly purchased for $85 million).

This ranch at the foot of the Grand Tetons is priced at $175 million.

The newest property to take the title of "most expensive" is a Jackson Hole, Wy., ranch, which can be yours for the asking price of $175 million. Though the photos don't look like much, it's the 1,750 acres in the heart of the Teton Range of the Rocky Mountains that sells it. At $100,000 an acre, it would have to be breathtaking.

The house, owned by Richard Fields, CEO of a gaming and resort development company, is a converted barn with four bedrooms. But the rest of the ranch, called Jackson Land & Cattle, boasts a 52-stall equestrian center, three fishing lakes, a creek, and -- in case the buyer falls on hard times and needs cash -- entitlement to develop up to 35 home sites on the property.

Jackson Hole is already a popular spot for billionaires. In addition to its stunning scenery and room to spread out, there's no state income or estate tax and property taxes are low.

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1 Comment
Wes
July 29, 2011 at 5:20 pm

Yuri has no style. The last billionaire with style was Bernie Madoff. Now he had class. His homes make Yuri look like a little kid in hand-me-downs. Bernie knew how to spend money. I miss that.