Richard Fuld, the last chairman and CEO at the bankrupt investment firm Lehman Brothers, plans to auction his massive Big Wood River Estate in Sun Valley.
The 71-acre property was previously listed at $59.5 million. Concierge Auctions, which specializes in luxury property auctions, estimates the property will sell for between $30 million and $50 million. The auction will be conducted without a reserve price.
The property features three timber and rock residential structures: a main house with service quarters; a guest house; and a gate house at the private entrance. The property is bordered by 2,100 feet of river frontage as well as the slopes of Bald Mountain.
The Lehman Brothers’ 2008 bankruptcy was one of the first falling dominoes that triggered the Great Recession. TIME Magazine named Fuld “One of the 25 People to Blame for the Financial Crisis,” saying he “steered Lehman deep into the business of subprime mortgages.”
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“Lehman even made its own subprime loans,” TIME said. “The firm took all those loans, whipped them into bonds and passed on to investors billions of dollars of what is now toxic dept.”
Those interested in buying the Sun Valley property are invited to a preview event oat the property on July 23rd. Those interested in attending can RSVP by calling 212-257-5018. Concierge Auctions will sell auction the property Aug. 19. More information is available at conciergeauctions.com.