SANTA FE — The minimum bid for a 190-acre ranch just outside of Taos that went up for auction late last year has been cut nearly in half.
The Blackstone Ranch, a 15-building property owned by Pennslyvania-based venture capitalist Samuel “Pat” Black, is now up for auction with a minimum bid of $9.9 million, down from $19 million last year. Before it went to auction, the ranch was on the market for $55 million.
Misha Haghani of New York-based auction house Paramount Realty USA told the Journal in October 2018 that Black put $45 million into acquiring and developing the property, which he bought it in 2004.
Haghani said this week that the minimum bid was for what he called a “unique and rare property” has been lowered because there had been no “conforming bids” above $19 million with terms that the seller was willing to accept. The previous bid deadline was December 2018.
Haghani said buyers generally may request terms including a longer period to close the deal or other contingencies, like permissions they may receive from local government entities regarding how a property can be used.
Black wants “a real deal that’s going to close,” Hagani said.
The ranch includes a 27,000-square-foot main house — with a dining hall that can fit 150 people — two guest houses, six barns, a greenhouse and more. It has 30 bedrooms in all.
There is no current bidding deadline. Haghani said the goal is to make a deal “ASAP.”