Development set to be sold

By: 
Alexis Barker

Submitted photo 

Black Hills Mesa is selling the properties in Weston Couny that were developed for the Wyoming Club. According to the company, the property is an ideal tax benefit vehicle for investors and could be a private ranch or a development as originally planned. Above, a photo from the company depicts the wild nature of the property. 

Alexis Barker

NLJ News Editor

 

The Wyoming Club, a 1,445-acre piece of land that was intended to be a world-class golf development and estate homes, is now being sold by the Icon Global Group Brokers in Wyoming as the Black Hills Mesa Ranch, according to marketing campaign developer Bernard Uechtritz. 

According to an Aug. 15 press release from Icon Global Brokers, the group is representing the Weinreis Brothers’ through the sales process, as well as the John and Georgene Tozzi family holding of the Spring Gulch Ranch in Jackson Hole. 

“I am honored to be helping to market and sell truly rare, one-of-a-kind real estate offerings, two of the very best legacy properties in Wyoming,” Uechtritz said in the press release. “What a privilege.”

The patch of land in the hills north of Newcastle was just that, acres of rolling hills, luscious trees and ample opportunity, until the Weinreis brothers learned of the property. 

“We just learned about it from a Realtor. We had done some business over the years and had nothing particular in mind for it,” Chuck Weinreis, speaking for the brothers, said. “It is a piece of property that needed to be preserved as best it could. I would hate to see a property like that cut up into 40-acre tracks.”

Over the years, the Weinreis brothers have come to know the acreage, according to Weinreis, and have done what they can to develop it – taking the property to a certain point before bowing out of the game. 

“Quite honestly, since we started that project quite a few years ago, we never had intentions …,” Weinreis said. 

Weinreis was quick to admit that the brothers did not have the ability to run a golf course because they are, as he put it, “ag people.”

“We did feel we had the ability to take it to a certain point, to a point that someone with that expertise would have a lot of interest,” Weinreis said. 

Throughout their journey with the property, Weinreis said, his family invested “a lot” of money in developing deep water wells, roads, homes and landscape that greet anyone who is lucky enough to enjoy the beauty of the land.

But because of the difference in business models, Weinreis said the family started looking for someone who had the ability to market a property as unique as Black Hills Mesa Ranch. 

“It truly is a unique property, and we started following what Icon Global had accomplished in the last few years, the sales they have made. And then they came and looked at it and thought it was a fairly special property they wanted to be involved in,” Weinreis said. 

After looking at Uechtritz’s “track record,” Weinreis contacted him, knowing that he had a knack for selling what can only be called “one of ones,” unique properties with nothing else quite like them anywhere. 

“That is my specialty, selling difficult properties that are unique and high priced,” Uechtritz said. “Chuck contacted me last year, and I came out and looked at the property, saw the plans and the vision for the land. I think that they had an incredible vision and that they had put a lot of money into the property and a good reputation.” 

According to Uechtritz, he thinks the Weinreis family realized that while they had a great dream for the property on U.S. Highway 85, that was not their core business and the family voted to take it to the open market, and he in turn decided to help the family do so. 

“I decided that the property could be many things, not just a golf course and not just a club for the wealthy. It could be a ranch with no golf course for someone with a high net worth that wants amazing views that can’t be found anywhere but Wyoming,” Uechtritz said. “Because of the development entitlements that are approved, the property really is an ideal tax benefit vehicle for any investor. Say you want to just turn it into a private ranch and give up any development, you can benefit tremendously in that conservation.” 

At the end of the day, Uechtritz said, the property is “versatile” not only in terms of use but also financially. 

Uechtritz and Icon Global have in turn put the Wyoming property just north of Newcastle “out there” nationally and internationally without a “one size fits all” approach. 

“We are open to the what and who the end users are and who the buyer is. Whether it is a joint venture or the buyer finishes some aspects of the property or none, we are open to it all,” Uechtritz said, noting that the Weinreis family will benefit in the end by knowing what the world thinks of the property they began to develop. 

Uechtritz has now made a “public call for offers” on both Wyoming properties with the opportunity for a single purchaser or a combination of multiple parcels/tracts.

“Neither property includes a public list price nor minimum bid amount,” Uechtritz said. “Qualified interested parties will have access to electronic data room, property tours, subdivision plans, permits and all available information. The buyers will be able to choose their preferred offer format.” 

According to Uechtritz, the sale process includes an open-offer bid process that includes a choice of both conventional offer formats via a confidential tender, as well as “a stalking horse option wherein a purchaser submits a bid to set the floor of value and terms, after the acceptance of which other bidders are invited to overbid on a scheduled date.”

“The market is going to tell us what the value thresholds are of this real estate. There are no secrets in our process. It’s well documented what the incredible investment qualities of Jackson Hole are, and not to mention the tax haven advantages in Wyoming. Our marketing campaigns are national and international in scope, and we leave no stone unturned. It’s not a matter of if these properties are going to sell or even when, it is a matter of to whom and for how much,” Uechtritz said.

Interested parties should contact Icon Global Group via email at info@iron.global or call 214-855-400 to register for a bid package and for the stalking horse bid guidelines. 

“Final offers are due on or before Oct. 14, 2019,” Uechtritz said. “However, in the event an acceptable offer or offers are made prior to the October deadline, the sellers reserve the right to accept any offer and conclude the advertised marketing and sales campaign for either or both of these properties.” 

Uechtritz has a career spanning some 30 years in luxury real estate and ranch sales, He made history in 2016 by marketing and selling the “mighty” 535,000 acre – nearly 800-square-mile W.T. Waggoner Ranch in Vernon, Texas, that was listed at $725 million, according to the release.

Icon Global is an affiliate of Briggs Freeman Sotheby’s International – Ranch Division. 

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