The billionaire owner of the Chicago Clubs has scrapped plans to build a luxury resort in a sleepy Wyoming town after fierce local opposition.
Joe Ricketts this week ordered construction workers to immediately halt construction on his $50 million tourist attraction in Bondurant, much to the delight of its 156 residents.
Locals fiercely opposed the Wall Street trader’s plans to build a new, 21,000-square-foot, posh retreat in the village and call it “Little Jackson Hole” to attract big spenders from New York and Los Angeles.
Residents say his “dodgy” plans would “erod” their culture, destroy wildlife and increase the cost of living.
After a poisonous four-year battle, it appeared Ricketts had won when Sublette County gave the project the green light.
But he has now decided to quit altogether after officials denied him an exemption from seasonal building restrictions, which the billionaire said would double construction time and increase costs by $60 million to $100 million.
Billionaire Joe Ricketts this week ordered construction workers to immediately halt construction of a proposed $50 million luxury resort in the sleepy village of Bondurant, Wyoming
His decision followed a fierce backlash against the resort, with locals claiming the resort would “erod” their culture, destroy wildlife and drive up the cost of living. Pictured above: Ricketts’ pre-existing Jackson Fork Ranch 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 day spa, a 90-seat gourmet restaurant, a beauty salon and a horse farm
Construction of the new resort, called Homestead, had already begun, but Ricketts has now ordered workers to restore the site to its natural state. Wyo file reported.
‘While the construction of the [resort] “In its most basic form, it was always an investment with limited value or financial benefit. The added costs simply make it unaffordable to continue,” Ricketts’ agent Steve Christensen wrote to Sublette County commissioners.
‘Therefore, Mr Ricketts has given instructions to cease all building work and to restore the hilltop to its original state, or at least as much of it as possible.’
The subject line of the July 8 memo was “The End of the Homestead.”
Christensen said the decision would cost Sublette County 100 to 150 jobs. “We can only speculate on the full extent of the economic impact and consequences,” he wrote in the memo.
The seasonal building restrictions apply to all construction projects to protect the 150-mile (240-kilometer) Sublette Mule Deer Migration Corridor.
Rickett’s sudden decision to give up his dream of ‘Little Jackson Hole’ has caused a stir, given his previous attempts to pursue his dream despite fierce opposition.
He was so enthusiastic about the idea that in March he invited the residents of Bondurant for a seven-course dinner with goodie bags, so that everyone could convince them.
When the name change was first discussed, most residents rose up and left in protest.
The prolonged battle has left residents questioning whether this is really the end of the saga.
“I saw them bring out the rock crusher today, and I saw a lot of trucks driving down the road,” Dan Bailey told WyoFile. “It’s nice news, but I’m not convinced [it’s over] at this point. We’ll see what happens next.’
Ricketts has built a real estate empire in Sublette County, Wyoming, and has also acquired a luxury ski resort and hotel in the area just south of the tourist hot spots in Teton County
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 impose seasonal building restrictions to protect local wildlife, arguing that it would double construction time
Residents of Bondurant were invited by Ricketts in March to a seven-course meal with goodie bags for everyone. But when Ricketts talked about changing the name of their town to Little Jackson Hole, most people got up and left in protest
The TD Ameritrade founder claimed his $50 million project would be a boon to the area, bringing in tons of tourism money while bolstering conservation efforts in the Mountain West.
The 20-unit complex included plans for an underground day spa, a 90-seat gourmet restaurant, a beauty salon and a horse farm.
Sketches were made for adjacent housing that would house the resort’s 134 future employees.
The plan was to occupy 56 acres of his 1,300-acre Jackson Fork Ranch, which covers the first nine miles of Upper Hoback 23-174, a contiguous strip of ranch land dotted with private homes.
However, winning over the locals was a challenge, as they had spent years consciously avoiding the glitz and glamour of Jackson Hole, turning it into a tourist attraction.
In April of this year, Ricketts also purchased White Pine Ski & Summer Resort, one of Wyoming’s oldest ski resorts with nearly 30 runs, rustic accommodations and miles of cross-country trails.
In May, the purchase of High Country Suites, also in Pinedale, followed.
Locals suspected that these purchases were to tie in with his plans for ‘Little Jackson Hole’.