The pharmaceutical executive who developed the cold medicine Mucinex is listing a 350-acre chunk of his ranch outside of Steamboat Springs, Colo., for $16 million.
John Q. Adams Sr. first put his entire 800-acre ranch on the market for $32.5 million in 2012; the price was lowered to $24.25 million the next year. This time, Mr. Adams is selling a prime slice of the ranch, including a 7,947-square-foot, four-bedroom mountain contemporary home, a horse barn with a caretaker’s apartment and 1½ miles of frontage on the Elk River.
Listing agent Brian Smith of Hall and Hall said he believes this configuration of the ranch, with over 1½ miles of river frontage, may be the longest stretch of the Elk River privately for sale that is not under a conservation easement. That means a buyer could build more homes or further subdivide the property. The entire 800-acre ranch, including an old-timey saloon, is listed for $19.5 million.
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The entire 800-acre ranch, including an old-timey saloon, is listed for $19.5 million. Mr. Adams started a number of pharmaceutical companies, including Adams Respirator Therapeutics.
HALL AND HALMr. Adams, who lives with his wife in Fort Worth, Texas, said he began amassing the ranch around 2006. Mr. Adams, no relation to the president, still uses the ranch, but decided to sell for posterity. "I’m going to be 80 this fall, and we’re trying to get our estate in order, so the kids don’t have to have a fire sale."
Mr. Adams, 79 and now retired, started a number of pharmaceutical companies, including Adams Respirator Therapeutics, which produced his best known product, Mucinex.
Mr. Smith is co-listing the property with Pam Vanatta of Steamboat Sotheby’s International Realty.
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