BootJack Ranch, a 3,151 acre ranch east of Pagosa Springs at the base of Wolf Creek Pass, has found a buyer after more than two years on the market and a significant drop in price.
Selling for a total “in the area of $47 million” according to Telluride real estate broker Bill Fandel, the ranch was originally listed at $88 million more than two years ago and, most recently, for $68 million.
Documents for the transaction were filed on April 21 in Mineral and Archuleta counties.
The price point is the highest known for a residential sale within the U.S. in the last 12 months, according to a press release from Fandel.
The property was purchased by Bootjack Ranch, LLC, through Fandel and Peaks Real Estate/Sotheby’s International Realty.
The Bootjack Ranch acreage is split between Mineral and Archuleta counties, with the bulk (just under 2,400 acres) in Mineral County.
The property sold in a series of three transactions, with two warranty deeds filed in Mineral County and one in Archuleta County.
The parcels in Mineral County were sold by Koinonia, LLC and Orchard Edenvale Investors, LLC for just over $38 million and $3.1 million, respectively, with David Brown signing as the manager for both companies. Koinonia sold the Archuleta County portion for over $5.3 million.
A press release by Fandel lists the sellers as David and Carol Brown of Paradise Valley, Ariz.
Both properties sold to BootJack Ranch, LLC, a Colorado LLC with a legal address in Dallas, Texas. Kelcy Warren is listed as manager for BootJack Ranch, LLC in property sale documents.
Documents for the formation of BootJack, LLC were filed April 13 with the Colorado Secretary of State’s office.
Warren serves as chief executive officer and chairman of the board of directors of Energy Transfer Partners, L. P., a Texas-based energy company with pipelines in six states. A company biography notes that Warren has more than 25 years of business experience in the energy industry.
BootJack Ranch features more than 77,000 square feet of residential space, including a 13,800 square-foot residence. Additional housing on the property can accommodate 50 guests.
The property also offers an outdoor spa and the West Fork of the San Juan River runs through the ranch property.
“They’ll be good owners for that property,” Fandel said without identifying the buyers, adding that they are “end-users.” “I’m sure everybody will be pleased.”