Dick Fuld ranch sets record for auction

An Idaho ranch owned by former Lehman CEO Dick Fuld sold for more than $20 million Thursday, becoming the most expensive property ever sold at auction.

Concierge Auctions announced that it sold the ranch to an undisclosed buyer. It wouldn't give the price, but the company said the sale broke the record for the most expensive residential property sold at auction. The previous record was $19.25 million.

When it announced the listing, Concierge said the property was expected to sell for $30 million to $50 million.

Concierge said six bidders participated in the auction. The buyer is believed to be from the Pacific Northwest.

Dick Fuld ranch
Souce: Concierge Auctions

The 71-acre ranch in Sun Valley, Idaho, is minutes from the famed Sun Valley Resort, and is bordered on one side by the Big Wood River—known for its fly-fishing—and Bald Mountain on the other.

Along with a sprawling, luxurious main residence with service quarters, the property has a guest house and gate-house.