The billionaire owner of Chicago Clubs has abandoned plans to build a luxury resort in a quiet Wyoming town following fierce resistance from locals.
This week, Joe Ricketts ordered crews to immediately halt construction on his $50 million resort retreat in Bondurant, much to the delight of its 156 residents.
Locals had strongly opposed the Wall Street broker’s plans to build a posh new 230,000-square-foot resort in the village and rename it ‘Little Jackson Hole’ to attract high rollers from New York and Los Angeles.
Residents said his “tone-deaf” plans would “erode” their culture, destroy wildlife and increase the cost of living.
After a toxic four-year battle, it appeared Ricketts had won the day after Sublette County gave the project the green light.
But he has now decided to abandon it altogether after officials denied him an exemption from seasonal building restrictions, a move the billionaire says would double construction time and increase the cost by $60 million to $100 million.
Billionaire Joe Ricketts this week ordered crews to immediately halt construction of a $50 million luxury resort in the sleepy town of Bondurant, Wyoming.
Their decision came after a fierce backlash against the resort, as locals argued the resort would “erode” their culture, destroy wildlife and increase the cost of living. Pictured above: Ricketts’ Jackson Fork Ranch, which already existed in Bondurant
Ricketts wanted to build a 56-acre luxury resort, known as Homestead, on Jackson Fork. The 20-unit complex includes plans for an underground spa, a 90-seat fine-dining restaurant, a beauty salon and a horse farm.
Construction on the new complex, called Homestead, had already begun, but Ricketts has now called on workers to restore the site to its natural condition. Wyo File reported.
“While construction of the (resort) in its most basic form was always a financial or investment proposition of limited value, the additional costs simply make it prohibitive to proceed,” Ricketts’ agent, Steve Christensen, wrote to Sublette County commissioners.
‘Mr Ricketts has therefore ordered that all construction be stopped and the hilltop be restored to its original form, or at least as much as possible.’
The subject of the July 8 memo was titled “The End of the Farm.”
Christensen said the decision would cost Sublette County between 100 and 150 jobs. “We can only speculate on the full extent of the economic repercussions and consequences,” he wrote in the memo.
Seasonal construction restrictions apply to all construction projects to protect the 150-mile-long Sublette mule deer migration corridor.
Ricketts’ sudden decision to abandon his “Little Jackson Hole” dream has raised questions, given his previous efforts to carry it out in the face of fierce resistance.
He was so excited about the idea that he invited Bondurant residents to a seven-course meal with gift bags for everyone in March to convince them.
However, when the name change was first mentioned, most locals stood up and walked out in protest.
The long fight has left residents wondering if this is really the end of the saga.
“I saw the rock crusher being brought out today and I saw a lot of trucks going down the road,” Dan Bailey told WyoFile. “It’s good news, but I’m not convinced it’s over. We’ll see what happens next.”
Ricketts has amassed a real estate empire in Sublette County, Wyoming, and has also acquired a luxury ski resort and hotel in the area just south of Teton County’s most popular tourist spots.
A lodge on the 1,300-acre Jackson Fork Ranch, owned by Ricketts since the 1990s
Ricketts criticized a recent decision by Sublette County to implement seasonal building restrictions to protect local wildlife, arguing it would double construction time.
In March, Ricketts invited Bondurant residents to a seven-course dinner with gift bags for everyone. But when Ricketts mentioned changing the name of their town to Little Jackson Hole, most people got up and left in protest.
The TD Ameritrade founder had claimed his $50 million project would be a boon to the area, attracting massive amounts of tourism dollars while strengthening conservation efforts in the Mountain West.
The 20-unit complex included plans for an underground spa, a 90-seat fine-dining restaurant, a beauty salon and a horse farm.
Neighboring quarters were designed to accommodate the complex’s 134 future employees.
It was to cover 56 acres of his 1,300-acre Jackson Fork Ranch, which straddles the first 9 miles of Upper Hoback 23-174, a contiguous strip of ranch land dotted with the occasional private residence.
But he had to fight hard to win the support of locals, who for years had deliberately rejected the glitz and glamour that has turned Jackson Hole into a tourist trap.
In April of this year, Ricketts also purchased White Pine Ski & Summer Resort, one of Wyoming’s oldest ski areas, which features nearly 30 runs, rustic lodging and miles of Nordic trails.
He then followed up with the purchase of High Country Suites, also in Pinedale, in May.
Locals speculated that these acquisitions were intended to coincide with his plans for ‘Little Jackson Hole.’
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