Two of the valley's high-end property offices, Sotheby's International Realty and Sun Valley's Distinctive Properties, have been bought out.
The Jon M. Huntsman family acquired the Ketchum Sotheby's office, along with other Sotheby's locations in Jackson Hole, Wyo., and Driggs, Idaho. These offices will retain their Sotheby's designations since a 20-year franchise agreement was made. A franchise agreement allows the Huntsman family to use the Sotheby's brand.
In addition to the offices' keeping their names, the Ketchum/Sun Valley location will still be managed by Darlene Young. Clayton Andrews, Sotheby's executive vice president before the deal, will serve as managing broker in the Teton Valley and Jackson Hole offices.
The Utah-based Huntsman family has said profits would go toward the Huntsman Cancer Institute at the University of Utah in Salt Lake City.
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The family founded the Huntsman Corp., a global chemical manufacturer with more than 11,000 employees. The family also has significant real estate investments in the region.
Distinctive Properties' vacation-rental and property-management accounts have been sold to Coldwell Banker Previews International, which has an office in Ketchum. Sun Valley's Distinctive Properties was started in 1991 and spent the past two decades as a major player in the Wood River Valley's luxury vacation rental and management business.
"Coldwell Banker provides global exposure for all the local homes we lease and sell," said Jane Rizzo, vice president of client services at Coldwell Banker. "And I am excited to share that exposure with the Distinctive Properties clientele."
