A Texas billionaire paid $46.5 million for a 3,500-acre Colorado ranch near Pagosa Springs, believed to be the highest residential sale this year.

Energy executive Kelcy Warren is benefiting from the trend of slowing demand in uber-luxury real estate, as the ranch was originally listed for $88 million two years ago and, more recently, $68 million, making his price of $46.5 a steal.

The ranch, known as Bootjack Ranch, was listed as one of the Top 10 Most Expensive Homes for Sale on Zillow last December.

Read more in the Wall Street Journal and on the Zillow blog.

Posted in Luxury Home Market

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