The 244-acre Circle R Ranch sold at auction for $14.3 million – a 75 percent discount off of its original listing price four years ago. Featuring six homes with a combined 22 bedrooms and 20.5 bathrooms, the ranch was controlled by the families of former Dallas billionaires Charles and Sam Wyly, whose many holdings included arts-and-crafts retailer Michaels Stores Inc. Originally listed for $59.5 million in 2014, the property languished on the market for several years before the decision was made to auction it. Concierge Auctions oversaw the sale; the bidding began at $10 million. Although multiple potential buyers registered, only three bidders actually participated, according to co-listing agent Andrew Ernemann with Aspen Snowmass Sotheby’s International Realty. The winning bidder was an entity created by Dallas developer Mehrdad Moayedi, chief executive of Centurion American Development Group.
Click here to read more.