Ex-billionaire Sam Wyly's huge Colorado ranch sells for pennies on the dollar to N. Texas developer
A sprawling 244-acre Colorado ranch, widely reported as being under the control of former Dallas billionaire Sam Wyly, has been auctioned off for nearly $13 million, a fraction of its original asking price.
The ranch, which was listed for sale beginning in 2014 at $59.5 million, figured into a dispute between Wyly and the U.S. Securities and Exchange Commission. That agency feared in 2015 that cash from a potential property sale might be moved offshore.
Sam Wyly and the estate of his late brother, Charles, were hit with a $300 million judgment resulting from an SEC fraud lawsuit.
Wyly, who helped build arts-and-crafts retailer Michaels Stores Inc., previously said he owned about 1 percent of the ranch near Aspen and Snowmass, with the rest owned by a trust on the Isle of Man.
Read more: https://www.dallasnews.com/business/real-estate/2018/09/25/huge-colorado-ranch-ex-billionaire-sam-wyly-sells-pennies-dollar-dallas-developer