From Staff Reports
It took about 30 minutes or less for Sam Wyly’s 244-acre Colorado ranch to sell at auction, and when the dust settled (although one might argue three bidders can’t kick up that much dust), a familiar name in Dallas development emerged.
This morning the Dallas Morning News reported that Mehrdad Moayedi was the winning bidder on the sprawling property, through his MM Rosemary Circle. Moayedi is CEO of Centurion American Development Group, who most famously led the redevelopment of the Statler Hotel.
Moayedi’s latest purchase, the Circle R Ranch in Woody Creek, Colorado, has six homes, a private tree farm, stables, equestrian facilities, and a tennis court, according to the original listing, which priced the estate at $29.9 million. When the Wyly brothers — Sam and the late Charles — ran afoul of the SEC several years ago, the estate was said to be a bone of contention between the Wyly’s attorneys and the federal government.
“Whether the attraction is snowmobiling, four-wheeling, horseback riding, cross-country skiing or snowshoeing, the fact that one need not leave this one of a kind compound adds to its convenience and livability,” the property description read. “If 244 private acres are not enough, immediately adjacent to the ranch is an endless National Forest offering more area than one could possibly explore.”
Moayedi bought the estate for $12.75 million, plus a couple million in commissions and fees. Concierge Auctions handled the bidding process for the estate.
Wyly had restricted the deed to the land to prohibit dividing it up, but Moayedi told the paper that he could potentially build more homes on the land.
Currently, there are 10 home sites, and three of them are completely undeveloped.