$32.5 million Jackson Hole home to be auctioned

A Jackson Hole home valued at $32.5 million will be auctioned off Friday, July 12.

The Grand Teton Estate has over 23,000 square feet of living space, and sits on 10 acres of land.

Broker Pamela Renner, Sotheby’s International Realty, said the seven-bedroom home is the nicest estate she’s seen in her 26 years of realty experience.

“The landscaping is comparable to some of the finest botanical gardens you’ll ever see,” said Renner.

The home features a 12-seat movie theatre, workout facility, croquet court and even an elevator. So, why would anyone leave this home behind?

“The family is moving because a lot of the kids have grown and are gone,” said Renner. ” They’re excited about doing something else in the valley.”

The home was quietly listed for two years, but will now be auctioned by New York City-based Concierge Auctions. The auction is without reserve, meaning no matter the price, the $32.5 million home will go to the highest bidder.

“That’s the beauty of an absolute sale,” said Project Manager Sarena Irwin. “It really all depends on who’s in the room on auction day.”

So, who will be in the room on auction day? Irwin said not just anyone.

“They’ll have to put up $250,000 to participate,” said Irwin. “Of course, if they’re not the winning bidder on auction day, they do receive 100% of that back.”

Despite the requirements, Concierge Auctions is expecting a solid turnout on Friday.

“On average, for a property of this caliber, we have between five to 10 bidders,” said Irwin. “We’re definitely on track to be in that range for the sale.”

Tuesday is the last day to register for the auction. You can find more information at auctionjacksonhole.com and sothebysrealty.com