Texas energy executive Kelcy Warren has bought a roughly 3,500-acre Colorado ranch for $46.5 million in what brokers believe to be the biggest residential sale in the U.S. this year.The ranch, near Pagosa Springs, has acres of meadows and forests, plus lakes, seven miles of river and an 82-foot-long pool. There’s an almost 14,000-square-foot log cabin style main residence plus several guest cabins. There’s also a glass lodge with a retractable roof for spa activities.Mr. Warren, whom Forbes in March welcomed into the ranks of the world’s billionaires, is chairman and chief executive of natural-gas pipeline operator Energy Transfer Partners LP, based in Dallas. He appears to be benefiting from the trend of slowing demand in uber-luxury real estate. The ranch originally was listed for $88 million two years ago and, more recently, $68 million. Mr. Warren bought the ranch through a limited-liability company. The figure beats the $43 million paid by New York money manager Lewis A. Sanders for a 10-bedroom contemporary and guest house in Aspen last summer, a deal believed to set the U.S. record last year. A spokesman for Energy Transfer did not return several calls for comment.
By Whit Richardson, April 27, 2010 WSJ
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