SOURCE: J. P. King Auction Company

J. P. King Auction Company

September 26, 2011 12:09 ET

Old Cow Town Ranch Sells at J. P. King Auction for $2.35 Million

SAGUACHA, CO--(Marketwire - Sep 26, 2011) - The Old Cow Town Ranch, a 320-acre, 1880s reproduction town, sold through J. P. King Auction Company on Thursday for $2.35 million. The town, which includes a luxury log home and 14 other buildings, was what former owner Myron Smith built for his retirement.

"It was just more than I wanted to do in retirement," Smith said, who moved into the home three years ago. "If someone wants this type of resort, there is none better."

Having worked with J. P. King before -- Smith sold another property in Saguache County, the North Star Farm, back in 2006 for over $5 million -- Smith sent the property to auction to sell it quickly and establish a price in today's market. Craig King, president and CEO of J. P. King Auction Company, notes that the Old Cow Town Ranch is a property that was best suited for an auction.

"It's the perfect scenario for an auction and the auction process. Here, you have a property that is as unique as they come. You have to search all over the country for your best buyer, so it requires thorough marketing. A lack of comparables combined with the current real estate market makes choosing a price an uncertain task, to say the least," King said. "Instead, Mr. Smith chose to let the bidders decide the value of the property in today's market, and we agree we reached those goals today."

David John Wendl of Carroll, Iowa bought the property. Wendl owns a bed and breakfast near the property.

The log home is the stand-out feature of the ranch, and it has been Smith's primary residence since his retirement. The 14 other buildings include a saloon, dining hall, chapel and a lodge that sleeps 24, each crafted with intricate details to ensure the authenticity of an old western era. The property was sold in conjunction with Fuller-Western Real Estate through an alliance the two companies created earlier this year.

J. P. King Auction Company specializes in high-value properties and portfolios such as luxury homes, developments, condominiums and land and ranches. The company has marketed properties in all 50 states and six countries with recent sales in Colorado, Florida, West Virginia, Oklahoma, California and Montana.

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