Tom Cruise and his 320-acre estate (Getty, LIV Sotheby’s Realty)
It’s a very good time to be selling mountain property as two massive estates with A-list Hollywood pedigree both sold, and both at near asking prices.
Less than a week after listing, an 80,000-acre Montana ranch that was featured in the film “A River Runs Through It,” is in contract for close to its $136 million price tag, the Wall Street Journal reported. A bidding war broke out for the land outside Bozeman, called Climbing Arrow Ranch, which provided the backdrop to the 1992 movie starring Brad Pitt.
It has seven homes and facilities for staff, and is one of the largest private, undeveloped ranches in the country.
And two months after Tom Cruise relisted his 320-acre estate in Telluride, Colorado, the actor closed on the sale, at the full $40 million asking price, the Journal reported. But selling ultra-luxury real estate can be a risky business, and the final amount was still a far cry from the $59 million Cruise had listed the estate for seven years ago.
The property includes a 10,000-square-foot stone-and-cedar home Cruise built in the mid-1990s, as well as plenty of sports-oriented amenities and wooded trails.
The housing market remains in overdrive across the U.S., as strong demand and limited inventory have pushed up prices. The median sale price for most existing single-family homes was higher in the first quarter of 2021 than it was a year ago.
[WSJ: Montana, Colorado] — Dennis Lynch