Thornton Ranch

THORNTON RANCH

PRESENTED BY ONIE BOLDUC, HANK POOL, AND ERIC FINLEY OF SUMMIT SOTHEBY’S INTERNATIONAL REALTY

ENCLOSURES: PARCELS WATER SUMMARY ZONING PLAN OF CANYONS VILLAGE COMPARITIVE MARKET ANALYSIS VALUE OF THORNTON RANCH

THORNTON RANCH 3524 N RED PINE ROAD, PARK CITY, UTAH Thornton Ranch is the equivalent of having the opportunity to buy Central Park in the center of Manhattan.

Canyons Village is rapidly becoming its own international destination at the base of one of North America’s top ski resorts. Many of the travel industry’s top brands have sought out a place with a few very lucky ones being successful to date. The Canyons Village is now home to the travel industry’s most iconic brands like Hilton and Hyatt as well as high-end boutique brands like Pendry and Yotel. These hotels have attracted top retail brands to the village alongside some new dining experiences that range from fine Asian cuisine, lively Après ski and entertainment to some of the finest steak restaurants in Park City. Though this energy and density can be exciting for some, those who seek seclusion combined with convenience look to Central Park as their exit from the excitement of the core. Thornton Ranch is like owning your own Central Park.

The property is within walking distance to Park City Mountain, Canyons Village, and minutes to Park City Main St. Thornton Ranch offers an escape to the wild west where the horse pastures are framed with log fences including a modern barn, stables, and training coral providing an equestrian dream in a modern western movie.

Owner and guests enjoy the main house resting in a beautiful cluster of trees on the banks of a creek while a short walk away sits a beautifully appointed guest home providing expansive views down valley. Enjoy a quiet afternoon next to a creek or pond shaded by aspen trees and pines or jump on a bike and connect to over 400 miles of single track or walk to Pendry’s new Après Bar for live music and laughs. This incredible mountain retreat offers something so unique it truly happens once in a lifetime.

THREE INDIVIDUAL PARCELS THORTON RANCH IS MADE UP OF THREE INDIVIDUAL PARCELS PER SUMMIT COUNTY

PARCEL A Parcel A sits on the west side along Red Pine Road and includes the main house and guest home.

Address: 3524 N Red Pine Road, Park City, UT 84098 Parcel #: PP-2-J-1 Parcel Size Per County: 4.47 Acres

Improvements Main House with Guest Condo • Built in 1997

• 1,834 Sq Ft Condo over the Garage

• 6,649 Sq Ft Per County Records

• Updated Recently

• 1,314 Sq Ft in the Walkout Lower Level per County

• 4 Car Garage plus Workshop

Main House • 3 Bedrooms | 4.5 Bathrooms • Office | Theater Room | Family Room Art Room | Storage • Workout Room/Gym/Climbing Wall with Spa Like Bathroom • Main Level Master with One Guest Bedroom

Guest Condo • 3 Bedrooms 1 Bathroom | Kitchen • Sits along the Creek • Home offers Water Features and Small Pond

Guest House • Built in 2007 • 1,228 Sq Ft per County • 384 Sq Ft Lower Level • Two Bedroom One Bath home • Two Car Garage

PARCEL B Parcel B sits on the east side of the Ranch along White Pine Canyon Rd and includes the barn and stable.

Address: Unassigned (We would like to work with the county to have an address assigned from White Pine Canyon Road) Parcel #: PP-2-J Parcel Size Per County: 6.30 Acres (Pending Application to confirm 6.80 Acres) Improvements Modern Barn • 4 Heated Stalls – Potential for 5 • 3 Car Garage + Storage • Hay Storage • Drive Through Garage

PARCEL C Small parcel landlocked between neighbor and Parcel B. No improvements currently built.

Address: Unassigned Parcel #: PP-20-3 Parcel Size Per County: 0.17 Acres TOTAL OF THE THREE PARCELS Land: 10.94 acres pending the county application to add ½ acre parcel.

Bedrooms: 8 Bathrooms: 7 Living Space: 9,191 Sq Ft Pending Appraiser Measurement Kitchens: 3 Garages: 9 Bays plus Barn Drive Through

WATER SUMMARY CULINARY The two homes are connected to Summit Regional Water. This allows the owner to use metered water at their discretion. This allows the owner to use metered water at their discretion. This is an affordable option for the two residences but gets very expensive when the owner decides to water the pastures or have a water feature.

OTHER SOURCES OF WATER We were able to determine that there is a water lease with the Weber Basin Water Conservancy District.

The lease is for an exchange water lease which means you have a right to use the water, but you don’t own the water. Per our communication with the Water Right Manager with First American Title Insurance Company, there is an Exchange application E293 showing Scott W. Thornton. Historically WR 35-8473 appears to have been approved for use on the property, however, the Division is showing White Pine Property Holdings, LP as the current owner. A complete title search would need to be done to confirm that the water is appurtenant to the land and can be updated with the State Engineer. Per our research on the Utah Division of Water Rights, it seems there is a shared well. The well includes the right to 22.5-acre ft of water which is more than ample water for the 11 acres. This all said we do have more work to do to confirm the lease is still in place and what we need to do to assign the lease. It seems the lease dates to the 1970’s so there is value in the lease in that the cost of the water per the lease paid today is less than what it would be if a new lease was renegotiated today. We are working with both a Title Company and Weber Basin Water Conservancy to determine the next steps for the Thornton’s.

Scan with phone camera for water rights

ZONING

Parcel A, Parcel C, and Part of Parcel B are zoned Rural Residential while the remaining section of Parcel B is zoned Mountain Remote. The current zoning does not allow for more than the main house and guest house on each parcel.

Parcel A sits just outside of the Canyons Village Master Plan. Based on the two parcels to the west of Thornton Ranch, each of which sits on the outskirts of the high-density zoning of the village core, one would assume the County would rezone the parcel with a similar single-family home density at approximately 0.50-acre parcels. Given the odd shape of Parcel B and the fact that I am not a land planner we could assume between 15-17 parcels could be placed within the three current parcels.

This said we need to consider the current political environment for development.

Summit County is considering a moratorium on development as the county deals with traffic challenges and a backlog of developments. The current Canyons Village Master HOA still has several million square feet of developable land yet to be planned.

CANYONS VILLAGE THE STATE AND MASTER PLAN OF CANYONS VILLAGE THE LARGEST SKI RESORT IN THE UNITED STATES

PROPOSED PLANNED AMENITIES

RESIDENCES

Orang

PLANNED LIFT

2

SKIER PLAZA

3

VILLAGE EVENT SPACE

4

PEDESTRIAN CONNECTION

5

CONFERENCE CENTER

Go

ndo

1

CONFERENCE CENTER

Red

Pin e

S u n r is e L if t

VILLAGE EVENT SPACE PLANNED LIFT

t ess Lif Expr

la

bble e Bu

1

SKIER PLAZA

3 PEDESTRIAN CONNECTION

2

5

4

CANYONS VILLAGE MASTER PLAN VILLAGE WALK

riolet

Cab

Thornton Ranch

TOWNHOMES

A planned new lift will anchor an expanded village neighborhood of new restaurants, shops and apres ski venues.

The planned plaza will be a sunny gathering place that’s perfect for après ski gatherings and year round get-togethers.

Our year round entertainment venue in the heart of the village near the current Umbrella Bar will showcase local, regional and national music and stage productions.

To bring the village, golf course and future conference center closer together, we’re planning an attractive pedestrian link that puts all amenities within easy reach.

A major conference center will welcome larger groups, meetings and events year round. The proposed center and its adjacent hotels would be linked to Canyons Village near the Orange Bubble lift.

VILLAGE WALK All renderings and illustrative maps are conceptual only and subject to change. Amenities shown in renderings and illustrative maps are proposed, have not received county approval and may not occur. The Canyons Village development is not owned, developed or sold by Vail Resorts. TCFC uses the Park City and Canyons Village marks under license from VR CPC

HWY 224

Master plan and village renderings provided by Canyons Village Master Association

The Village Walk is an irresistible part of the Canyons Village experience, and soon, the walk will offer more cafés and bars, and casual dining.

RC 24

W 35 W7

W 37

RC 15

RC 16 RC 21

RC 20 Townhomes Under Development

Thornton Ranch

RC 24

W 35 W7

W 37

RC 15

RC 16

RC 20 Townhomes Under Development

Thornton Ranch

RC 21

GENERA L PA RK CITY L A ND CO MPS SUBD I V I S I O N

ST R E E T NAME

A PX AC R E S

L I ST I N G STAT U S

L I ST PR I C E

L I ST PRI C E PE R AC RE

Colony at White Pine Canyon

6 White Pine Canyon

4.57

Active

$7,800,000

$1,706,783

Colony at White Pine Canyon

191 White Pine Canyon

4.7

Active

$6,900,000

$1,468,085

Old Ranch Road Area

1469 Old Ranch

5

Active

$7,395,000

$1,479,000

Old Ranch Road Area

189 4100 N

20

Active

$8,000,000

$400,000

Promontory Ranches

4323 Galts Gulch

34.59

Active

$5,000,000

$144,550

Promontory Ranches

3750 Galts Gulch

45.67

Active

$9,000,000

$197,066

Promontory Ranches

4749 Galts Gulch

40.48

Active

$8,000,000

$197,628

The Canyons Area

331 White Pine Canyon

93.37

Pending

$35,000,000

$374,853

Colony at White Pine Canyon

208 White Pine Canyon

5.56

Closed

$7,500,000

$1,348,921

Colony at White Pine Canyon

318 White Pine Canyon

17.4

Closed

$4,500,000

$258,621

Old Ranch Road Area

4315 Old Ranch

2.84

Closed

$3,690,000

$1,299,296

Old Ranch Road Area

4383 Old Ranch

3.25

Closed

$3,690,000

$1,135,385

Old Ranch Road Area

1469 Old Ranch

10

Closed

$10,665,000

$1,066,500

Colony at White Pine Canyon

179 White Pine Canyon

7.06

Closed

$4,500,000

$637,394

Treasure Mountain Estates

4644 North 400 West

2.22

Closed

$2,900,000

$1,306,306

Colony at White Pine Canyon

330 White Pine Canyon

15.57

Closed

$4,500,000

$289,017

Colony at White Pine Canyon

303 White Pine Canyon

13.36

Closed

$4,500,000

$336,826

AVERAGE

19.16

$7,855,294

$802,720

MEDIAN

10

$6,900,000

$637,394

O LD RA NCH ROA D SP ECIFI C L A ND CO MPS Old Ranch Road Area

Old Ranch

5

Active

$7,395,000

$1,479,000

Old Ranch Road Area

4100 N

20

Active

$8,000,000

$400,000

Old Ranch Road Area

Old Ranch

2.84

Closed

$3,690,000

$1,299,296

Old Ranch Road Area

Old Ranch

3.25

Closed

$3,690,000

$1,135,385

Old Ranch Road Area

Old Ranch

10

Closed

$10,665,000

$1,066,500

AVERAGE

8.22

$6,688,000

$1,076,036

MEDIAN

5.00

$7,395,000

$1,135,385

C O L ONY AT W HITE P INE SPE CI F I C L A ND CO MPS Colony at White Pine Canyon

White Pine Canyon

4.57

Active

$7,800,000

$1,706,783

Colony at White Pine Canyon

White Pine Canyon

4.7

Active

$6,900,000

$1,468,085

Colony at White Pine Canyon

White Pine Canyon

5.56

Closed

$7,500,000

$1,348,921

Colony at White Pine Canyon

White Pine Canyon

17.4

Closed

$4,500,000

$258,621

Colony at White Pine Canyon

White Pine Canyon

7.06

Closed

$4,500,000

$637,394

Colony at White Pine Canyon

White Pine Canyon

15.57

Closed

$4,500,000

$289,017

Colony at White Pine Canyon

White Pine Canyon

13.36

Closed

$4,500,000

$336,826

AVERAGE

9.75

$5,742,857

$863,664

MEDIAN

7.06

$4,500,000

$637,394

S OLD P RIC E

SOLD P R I CE PER ACR E

UND ER CO NT R ACT

S O LD DAT E

DAYS O N MARKET

16 0 214 115 70 70 70 12/15/21 $7,500,000

225

1/16/22

2/15/22

192

$4,500,000

$258,621

12/3/21

12/27/21

0

$3,600,000

$1,267,606

7/27/21

7/27/21

0

$3,600,000

$1,107,692

6/5/21

7/2/21

47

$10,665,000

$1,066,500

1/22/21

6/21/21

88

$5,300,000

$750,708

3/23/21

4/8/21

8

$2,900,000

$1,306,306

1/2/21

4/2/21

78

$4,500,000

$289,017

12/14/20

3/12/21

0

$4,500,000

$336,826

10/10/20

1/15/21

731

$5,229,444

$797,910

$4,500,000

$908,604

214 115 $3,600,000

$1,267,606

7/27/21

7/27/21

0

$3,600,000

$1,107,692

6/5/21

7/2/21

47

$10,665,000

$1,066,500

1/22/21

6/21/21

88

$5,955,000

$1,147,266

$3,600,000

$1,107,692

16 0 $7,500,000

$1,348,921

1/16/22

2/15/22

192

$4,500,000

$258,621

12/3/21

12/27/21

0

$5,300,000

$750,708

3/23/21

4/8/21

8

$4,500,000

$289,017

12/14/20

3/12/21

0

$4,500,000

$336,826

10/10/20

1/15/21

731

$5,260,000

$596,819

$4,500,000

$336,826

VALUE OF THORNTON RANCH Thornton Ranch is truly a unique combination of convenience and privacy. To best value the property, we focused our market analysis on two communities that are both close in proximity and offer convenience and tranquility.

Old Ranch Road is a highly desirable community that sits to the east of Thornton Ranch. This community is made up of large lot parcels ranging in size from 3 acres to 20+ acres. Homes within Old Ranch Road vary in size, age, and architecture. The location is outside of the resort core, which for some buyers makes this area less desirable despite the privacy.

The Colony at White Pine Canyon is considered to be one of the most exclusive ski-in/ski-out communities in the Mountain West. This gated community is home to roughly three hundred lots ranging from 2.5 acres to 20 acres. The Colony offers ski-in/ski-out lots which some buyers would consider a large value over that of Thornton Ranch.

After reviewing the comparable properties between The Colony and Old Ranch Road, we are confident in our analysis of value for Thornton Ranch. Based on the data listed below and those included on the spreadsheet we place the value range of Thornton Ranch at $14M-$16M. Given the current market conditions we would like to bring the property to market at $16M in June. We would collect winter marketing assets of the structures and property as soon as possible and then combine these assets with summer media to best portray Thornton Ranch. This would also allow the Thornton Family time to vacate the property of any personal belongings. We would keep the furniture and promote a decluttering of the Residences. We recommend the following next steps: A) B) C) D) E)

Submit Plot of Record Application to add the ½ acre measurement to the parcel Confirm the water rights related to the well and how to transfer the lease to a new owner.

Meet with County Planner to discuss the options of rezoning if the Seller would like us to do so.

Appraiser to measure the main house and guest house sq ft Add address to Parcel B on White Pine Canyon

Thank you for your time and for allowing us to complete the property summary for the Thornton Family.

Regards, Onie Bolduc Bolduc Mountain Luxury Team

PROPOSED LIST PRICE RANGE PROPOSED LIST PRICE RANGE

LIST PRICE PER SQ FT*

LIST PRICE PER ACRE

$14,000,000

$1,442

$1,279,707

$15,000,000

$1,545

$1,371,115

$16,000,000

$1,648

$1,462,523

*Based on livable sq ft from the county

SUMMIT SOTHEBY ’S INTER NAT IONA L R E A LT Y CUSTOM MARKETING PACKAGE + LAUNCH STRATEGY Thornton Ranch – Prepared by Onie Bolduc, Hank Pool and Eric Finley

LOCAL, REGIONAL & NATIONAL ADVERTISEMENTS VISUAL MEDIA ASSETS •

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Architectural Photo Shoots and Drone from Summit Sotheby’s International Realty’s In-House, Photography Team Lifestyle Property Film and Property Social Media Vignettes Shot by Summit Sotheby’s International Realty’s Award-Winning In-House Videography Team

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3D Matterport and Virtual Reality Tour

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Signature Distribution of High Quality Visual Media to Mansion Global, Luxury Estate, Barron’s, Market Watch and Beyond

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Inclusion in Exclusive Print Advertising with the LA Times, Chicago Tribune and San Diego Tribune

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Placement in “Sotheby’s”, the Exclusive Publication of the Sotheby’s Auction House, Delivered to Top Auction House Clientele, World-Wide

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Custom Branded Advertisement in Targeted Local Publications Throughout Key Seasons

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Inclusion in Sotheby’s International Realty Affiliate Publications Throughout California, Nevada and Colorado

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Remarketing Digital Advertisements and Targeted Video Advertisements Across Highly Trafficked News, Lifestyle and Financial Websites

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Participation in Curated Sotheby’s International Realty Co-Operative Advertisements, Positioning Your Property Amongst the Finest Properties For Sale in the World

PROPERTY BRANDING & LAUNCH ASSETS •

Custom Property Branding and Style Treatment by Summit Sotheby’s International Realty’s In-House Creative Services Studio

ADDITIONAL MARKETING MATERIALS •

Custom Microsite Designed by In-House Web Developer

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Apple TV Gallery Placement

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Online Distribution Across Over 10,000 Websites

Unbranded Materials Created and Delivered to High Performing Agents for Direct to SOI Marketing

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Direct Mail Campaigns to Key Buyer Spheres

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Public Relation Support for Editorial Opportunities

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“Announcing” Social Media Advertising Buy to Key Feeder Markets

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Sotheby’s International Realty YouTube Placement

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Presentation of Property to Top Producing Agents in Internal Sales Meetings both Locally and Key Feeder Markets

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Luxury Private Touring Event in Tandem with Property Launch

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Official Sotheby’s International Realty Brochure for Display in Key Retail and Gallery Offices

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Launch Graphics Including Social Media, E-Mail Marketing and Stories Created

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Custom Multi-Page Brochure Designed, Printed and Loaded to Digital Flipbook

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Each office is independently owned and operated.

ON I E BOL DUC

Sales Associate

435.631.1615 onie.bolduc@sothebysrealty.com bolducmountainluxury.com

ER IC FI N L EY

Sales Associate

435.681.1136 eric.finley@sothebysrealty.com bolducmountainluxury.com

H A N K POOL

Sales Associate

303.884.7373 hank.pool@sothebysrealty.com bolducmountainluxury.com

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