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Colorado ranch developed by Michaels co-founder sold at auction

The sprawling Pitkin County, Colorado, ranch owned in part by one-time billionaire Sam Wyly has recently been sold for $12.75 million -- a figure far below the initial asking price back in 2014 of $59.5 million. That price continued to drop after that because, as one real estate professional noted, "The market for large acreage and high-end luxury property is a very small market."

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