Home Training What would it take for someone to buy Jeffrey Epstein’s ranch?

What would it take for someone to buy Jeffrey Epstein’s ranch?


Convicted sex offender Jeffrey Epstein committed suicide while in prison in 2019.

The former financier left behind luxury real estate in a number of regions, including a huge ranch in the southwest.

Its huge Property of New Mexico was listed a year ago for $27.5 million, making it the most expensive home in the state. A year later, the price was reduced by 22% to $21.5 million. It is now the third most expensive property in the state.

Rancho Zorro

Epstein purchased a large property of 7,588 acres about 40 miles east of Albuquerque in the early 1990s. He built a massive 33,339-square-foot mansion on the site in 1993.

Detached property near a small town Stanley had a land and grazing transaction with the state on approximately 1,300 acres of the site. That deal has since been canceled.

Proceeds from the sale of the ranch will go toward “regular administration of the estate, including payment of claimants, creditors and taxes, if necessary,” according to The Epstein Estate.

The 11-square-mile property has several buildings, including a three-story, four-bedroom main house; the watchman’s house; fire department; yurt; and stables. There is also a grass runway and hanger.

The main house at Zorro Ranch




Outdoor living space




For all its luxurious amenities, the ranch suffers from several crimes supposedly happened there.

Previous properties of Jeffrey Epstein

However, Epstein’s numerous crimes did not prevent the sale of his other homes.

Epstein’s 28,000-square-foot Manhattan townhouse on Upper East Side first hit the market in July 2020 for $88 million. The price dropped to $65 million, and in 2021 a buyer finally bought the seven-story monolith for $51 million.

His Palm Beach Palacewhich has also been linked to his heinous crimes, was listed for $22 million in 2020. It was sold in 2021 for $18.5 million, with the buyer planning to demolish the waterfront home and build it anew.

Who will buy Zorro Ranch?

In addition to the stigma associated with Epstein, the property has other challenges to overcome to attract an offer.

“This complex seems very expensive for the area,” says a luxury expert Dolly Lenz, founder and CEO of Dolly Lenz Real Estate. “The next lower priced home/complex is asking $17.5 million and is absolutely gorgeous with a great pedigree.”

Of course, location is also a factor.

“New Mexico, as good as it is, certainly isn’t one of the best ranching areas like Colorado, Wyoming or Montana,” says Lenz, who notes that lower prices have helped move Epstein’s more desirable properties.

“New York and Palm Beach were blessed with world-class locations, addresses, grandeur and scale, and yet they were priced very well to sell quickly,” says Lenz. “Although all houses will always be tainted with horrible juju, the below-market sales prices made them very tempting and too good to pass up.”

A local agent we spoke to agrees that the price needs to come down significantly.

“There are many other facilities that offer more amenities and without a dark history,” he says Jacob A. Martinez with Keller Williams in Santa Fe. He believes the property is worth “no more than $10 million.”

Of potential buyers, Martinez says, “There are interesting people out there, so you never know.”

Source link

Previous articleInterior designers gather at Holiday House Hamptons event with inspiring tablescapes
Next articleBusy week: getting up early, working late, relentless deadlines – that’s the holidays! | Lucy Mangan