Home News Former Poultry-Business Owner Tommy Bagwell Buys Colorado Property for $39.9 Million

Former Poultry-Business Owner Tommy Bagwell Buys Colorado Property for $39.9 Million

by admin
0 comment

The 4,860-acre ranch in Steamboat Springs, Colorado was sold for $ 39.9 million in off-market transactions.

Named after the 6-mile trout stream that runs through the premises, the Big Creek Ranch was first listed for $ 59 million more than a decade ago, but has been on the market intermittently and was aggressive at the time. Was not sold on the market. Sale.

The purchaser is Tommy Bagwell, a former owner of American Proteins, a poultry rendering business acquired by a subsidiary of.

Tyson Foods

The seller is the La Mantia family, who runs a beer distribution business and bought a ranch in the late 1990s.

77-year-old Bagwell, who lives on the shores of Lake Lanier in northern Georgia, said he bought the ranch as a family heritage, including four adult children who love skiing and fishing.

Bagwell said he spent years searching for the right property and was drawn to the privacy of Big Creek Ranch. Approximately 80% of his land boundaries are adjacent to land owned by the US Forest Office. The eight-bedroom, 10,000-square-foot main residence is also a few miles from the main road. “You can find out that you are roasting s’more and in the next 100 years no one will have a house on the ridge to look into your property,” Bagwell said. “It’s very rare.”

In addition to the main building, there is a caretaker’s house of about 3,000 square feet, several huts and a barn.

Ranch & Resort Realty owner Christy Belton represented the seller. Brian Hartley and Alex Maher of Live Water Properties represented the buyer.

Belton said the previous owner had about one-third of his assets in protection.

Bagwell sold American Proteins, a company founded by his father in the 1940s, for $ 875 million, including working capital. Bagwell took over the company in 1972 and led the company after a period of rapid growth. “I was in the right place at the right time,” he said. “The poultry industry has begun to move to the southeastern United States.”

In recent years, Mr. Bagwell has been working on real estate. He said he had sold off the vast land in Georgia that he bought at bargain prices when the real estate market collapsed in 2009. “I’m an economical animal,” he added. “What if there was a way I could reinvest that money and leave a small portion of the value of our family in real estate?”

The ranch has several annexes. Approximately 80% of the site boundaries are adjacent to land owned by the US Forest Office.


Photo:

Characteristics of living water

The Big Creek Ranch is north of Steamboat Ski Resort, a popular ski destination in Colorado. “Like a crow flies, it’s less than 10 miles from the resort area,” said Hartley of Live Water Properties. He said ranch size, proximity to town and privacy would not be reproducible in other popular resort areas such as Jackson Hall, Wyoming, Telluride, Vail and Aspen.

Compared to other resort valleys, Steamboat was under radar until recently, Hartley added. It has changed in the last few years. From late 2020 to 2021, a large number of large parcels were traded.

According to Hartley, the area retains the atmosphere of a working valley. “Five or ten minutes from the center of the resort, there are horses in the pasture and cows are grazing,” he said.

Copyright © 2022 DowJones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

You may also like