Wyoming Spread:
$50 Million, with Cows

Georgia developer Stanley E. Thomas paid just under $50 million for a 3,011-acre ranch near Jackson, Wyo. His Newnan, Ga., firm, Thomas Enterprises Inc., has developed dozens of commercial and residential projects across the country, but Mr. Thomas says he plans to use the ranch as a vacation home. The property comes with 800 head of cattle. Mr. Thomas, 51 years old, says he "enjoys working cattle" and that he already owns several ranches and over 12,000 head of cattle, as well as 20,000 acres of land.

The Jackson property, at the foot of the Gros Ventre mountains, includes a two-story 5,500-square-foot log cabin main house, several two-bedroom guest cabins and four homestead and ranch-hand cabins.

The property, just south of downtown Jackson, had been owned since the 1970s by Robert Wagstaff and his heirs. Besides cattle ranching, Mr. Wagstaff, who died in 1991, made his fortune in ventures including Coca-Cola Bottling Co. of Mid-America. Bob Graham and Karen Terra, of Real Estate of Jackson Hole, had the listing. Richard Lewis of Sotheby's International Realty represented the buyer.

Welch Discounts... Again

The price on Jack Welch's Fairfield, Conn., house has been cut again -- this time to $8.4 million from $9.5 million. General Electric's former chairman and chief executive originally put the eight-bedroom, nine-bath house on the market at $13 million, in 2002. (At that time, Mr. Welch, 69, was in the midst of divorce proceedings.)

The high-end market in Fairfield hasn't been static: Two homes priced at $5 million and above sold this year, up from none last year, according to the Connecticut Multiple Listing Service. Mr. Welch's house has a new listing agent, the fourth since it went on the market: William Raveis Real Estate.

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