Aspen Valley Ranch, previously owned by Tellurian co-founder Charif Souki, has been sold in pieces after hitting the market for $220 million, “The Wall Street Journal” reported on Thursday.
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Aspen Valley Ranch, previously owned by Tellurian co-founder and natural gas pioneer Charif Souki, has been sold in pieces after hitting the market for $220 million in 2020, The Wall Street Journal reported on Thursday.
A year after the lavish Colorado ranch was listed, two homes on the 830-acre property were sold for $47 million. Souki ended up in a legal battle with lenders, losing control of the remainder of the property.
In January, lenders bought that property out of bankruptcy for $30.5 million, public records show. Five months later, Bay Point Advisors, an Atlanta-based hedge fund, purchased 300 acres of the ranch from Souki’s lenders, company officials said.
According to Bay Point President and Chief Investment Officer Charles Andros, Bay Point intends to finance the construction of future homes to be built on the property.
“We’re going to end up selling them off,” Andros said.
Souki purchased the property back in 2013 for $27 million. He spent millions building homes and ultimately a “mini-country club” on the ranch where he lived with his family, Souki told The Wall Street Journal. Once construction was complete, he intended to sell the ranch.
After defaulting on over $100 million in loans back in 2020, creditors foreclosed on Souki’s assets and sold them, the ranch included.
According to Andros, Aspen Valley Ranch, located roughly 10 miles from Aspen, consists of 11 residences among other amenities — equestrian facilities, a swimming pool, and a repurposed historic barn for recreational activities.
Bay Point owns five home sites and three homes, one of which the firm intends to put on the market– a $20 million, 5,750-square-foot residence stretching across 98 acres.
Jennifer Banner at Christie’s International Real Estate has the listing.