While many Americans are feeling the pinch when it comes to their personal real estate investments, such is not the case for hedge fund managers.
One hedge fund manager Louis Moore Bacon made the most expensive single-family home purchase in America this year, purchasing the Trinchera Ranch near Fort Garland, Colo., for an estimated $175 million. Mr. Bacon, chairman and founder of Moore Capital Management LLC, New York, purchased the 171,000-acre ranch from Steve Forbes. The Forbes family bought the ranch in 1969 and expanded the property over the years.
The massive ranch, with its extensive natural areas and views of some of the tallest, loveliest peaks in the Colorado Rockies, is likely in good hands. Mr. Bacon has a reputation as a strong conservationist. His family foundation, the New York-based Moore Family Foundation, makes grants to non-profit organizations that support conservation and protect natural resources.
The Trinchera Ranchs hefty purchase price confirms that there still is a strong market for luxury properties in the U.S., said Lee Miller, chief executive officer of MSGPR Ltd. Co., a Lufkin, Texas, real estate public relations and marketing firm. We have seen a steady growth in the construction and sales of property of this magnitude across the U.S., Mr. Miller said.