A New Mexico ranch that was supposed to be auctioned off days ago is still stuck on the block.
An auction initially set to conclude on Jan. 25 for the Taos Valley Ranch is instead ending on Feb. 22, Taos News reported. It’s not clear why the auction was pushed back, but the property has been awash in litigation.
The 190-acre luxury ranch outside of Taos was listed for $55 million once upon a time, but bidders can snatch it for much less, as the reserve is only $15 million. If no bids hit the reserve — or seller Dan Burrell of the Burrell Group doesn’t agree to terms with a winning bidder — the property won’t sell.
It cost $45 million to develop the ranch, which was most recently appraised for $21.1 million, according to Misha Haghani of Paramount Realty USA, which is running the auction.
There are 15 structures on the ranch, including a 27,000-square-foot main house and a 10,000-square-foot guest house, according to Mansion Global. There are several barns, facilities for horses and donkeys and a greenhouse. The main home has 27 en-suite bedrooms, several meeting rooms, a commercial kitchen, a yoga room and a dining room fit for 150 occupants.
Haghani said it can be used as a family compound for a wealthy individual, but it can also be operated in several commercial ways, including as a religious retreat, conference center or educational facility.
Burrell acquired the ranch in 2019, a year after it was placed on the auction block with a $19 million reserve; he reportedly managed to snap it up for $9 million, aiming to build a retreat for children with internet addictions. He then took a number of loans against the property in recent years, leading to a foreclosure lawsuit from Century Bank, according to Taos News.
Rather than wait for the foreclosure process to play out, Burrell is trying to sell on his own terms. He’s also reportedly facing foreclosure on $56 million in loans from First Western Bank, which is trying to seize some of Burrell’s assets, including a ranch and home near Aspen he’s been trying to auction separately.
— Holden Walter-Warner