Walmart Heir sells undeveloped Aspen land for a record $30.8 million

Rob Walton, Walmart heir (Getty Images, iStock, Illustration by Kevin Cifuentes for The Real Deal)

Billionaire Rob Walton, heir to the Walmart fortune, sold undeveloped land in Aspen for one of the highest prices in the city’s history.

The roughly 33,000-square-foot plot brought in $30.8 million for the eldest son of Walmart’s founding family, The Wall Street Journal reported. Walton acquired the land, which is divided into two lots, in 2000 for a total of $9.19 million.

Although it was never listed on the stock exchange, the property, which borders Hallam Lake Nature Reserve and the Roaring Fork River, sold for one of the highest prices ever paid for undeveloped land. in Aspen.

A foundation for a mansion that was never completed remains on the property, but the new owner said he has no plans to use it. As the building permits have expired, the buyer will need to apply for new ones, which may be easier said than done due to a moratorium on certain types of new development within Aspen city limits. .

Walton, the eldest of his siblings, took over as president of Walmart in 1992 upon the death of his father. With an estimated net worth of $65 billion, he ranked 19 out of Forbes‘ of the world’s richest people in 2022, and is the third richest of the three living children of Walmart founders Sam and Helen Walton, behind his brother Jim and sister Alice at 16 and 18, respectively.

Walton retired as chairman in June 2015 and was succeeded by his son-in-law, Greg Penner, who still serves on Walmart’s board.

Also in Aspen, the daughter of late Texas oil tycoon J. Cleo Thompson trades one mansion for another. Christy Thompson sold a home near downtown in an off-market deal for $60 million and is in the process of buying another home a few miles away for $51 million.

[WSJ] — Victoria Pruitt

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