Hybrid truck company and Tesla competitor Nikola Motor recently received a valuation of about $3 billion, and CEO Trevor Milton is wasting no time spreading some money around. He recently shelled out $32.5 million for a 2,000-acre ranch in Utah, a sum that ranks among the priciest residential sales in Utah history.
The scenic estate sits about 50 miles east of Salt Lake City, where Nikola Motor was founded five years ago. Vinny Smith, founder of Toba Capital and former CEO of Quest Software, was the seller.
Known as Riverbend Ranch, the property centers on a massive 16,800-square-foot cabin-style home set right up against the water. Outdoor lawns and lounges, including a sunken fire pit and covered dining patio, overlook the stream.
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Inside, voluminous living spaces include massive walnut bookcases, hickory floors and hand-forged ironwork. A floor-to-ceiling stone fireplace anchors the expansive great room, and a mahogany wet bar sits in the adjacent living room under coffered ceilings.
There’s also a double-island kitchen, lofted billiards room, movie theater, wine cellar, office and gym. The rounded master suite, one of eight bedrooms and 8.5 bathrooms, expands to a lounge with water views.
Across the property, a riverfront barn with a viewing deck has been fashioned into a guesthouse. It boasts beamed ceilings, paneled walls, stone fireplaces and plenty of space to entertain. Rolling lawns, stone patios, a tennis court, helipad and multiple garages complete the property.
Paul Benson and Courtney Klekas of Engel & Völkers Park City held the listing. James Rex of Keller Williams Westfield represented the buyer.