Centerpiece of Edwards-area estate going to auction

The Casteel Creek estate near Edwards sold for $40 million in late 2022. The main pieces of that estate are set to be auctioned next month.

Much of the estate’s 457 acres, including a 28,000-square-foot “entertainment venue,” miles of trails and other amenities, will remain available to those who buy home lots on the property. But Concierge Auctions is working to sell the centerpiece of the property, which encompasses roughly 56 acres, two homes — including the 31,000-square-foot main home and a 3,300-square-foot guest home — as well as a “sheriff’s office” that features an eight-bay garage and two apartments.

Malia Cox Nobrega and Barbara Gardner of the local office of LIV Sotheby’s International Realty are the local listing brokers. Cox Nobrega said there’s already been interest in the auction.

“We just did a showing,” Cox Nobrega said, adding there have already been open house events at the property. The local brokers are also the listing agents for seven home parcels on the property. Those parcels range in size from 83 acres to about 17 acres.

Kyri Papoui of Concierge Auctions was in the Vail Valley this week for a first-hand look at the property.

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“It’s a beautiful property,” Papoui said, adding that it’s “been interesting” learning more about what’s being sold.

The auction is being held on a no-reserve basis, meaning that if only one person bids low, that person will buy the property.

But, Papoui said, that isn’t likely. He noted that Concierge Auctions has more than 240,000 subscribers to its detailed database. Those people, by and large, have the means to buy the property. Papoui noted that in addition to in-person showings, his firm can provide virtual showings to people anywhere in the world with a solid internet connection. The firm has sold property in 46 states and 35 countries, so buyers are often far away from sales sites.

Papoui noted that Concierge Auctions is “very picky” about what properties to represent.

“Out of every 20 properties we’re offered, we’ll pick one,” he said.

Different sellers have different reasons for choosing to use an auction firm, Papoui said. While expensive estates can sometimes linger on the market waiting for the right buyer, Papoui said an auction offers “speed and certainty.” This portion of Casteel Creek will change hands on March 21.

The bidding is expected to open between $15 million and $25 million. If it sells near the $45 million listing price, the owners will see a solid return on their investment. While the estate’s buyers in 2022 paid $40 million, the property was listed in 2019 for $78 million.