Billionaire investor Thomas Tull has purchased the highly watched “Driggs 160” parcel, a 160-acre piece of Idaho state trust land northeast of Driggs, for $5 million at public auction. The land, positioned in the shadow of the Teton Range, sold to TR Lot Holdco LLC, an entity tied to Tull, who has already assembled more than 8,000 acres in Teton Valley.
The sale drew widespread attention because the property had long been leased for grazing by the Beard family, a fifth-generation ranching family with deep agricultural roots in the valley. According to Tull’s spokesperson, the land will remain undeveloped, and the current grazing lease terms will be offered to the Beard family.
For many residents, the Driggs 160 sale became a symbol of the larger conversation unfolding across Teton Valley: how to balance working lands, conservation, private property rights, public trust responsibilities, and growing demand from wealthy landowners. While the auction faced opposition from local residents and Teton County, Idaho officials, some observers ultimately viewed an undeveloped outcome as preferable to subdivision-style development.
Idaho officials have stated that state trust lands are managed to maximize long-term financial return for endowment beneficiaries. The parcel had reportedly generated under $1,000 annually through grazing, while the auction produced a $5 million sale, plus additional buyer costs.
Tull’s purchase also comes amid significant philanthropic activity in Teton Valley, including donations to local search and rescue, law enforcement, healthcare, fairgrounds improvements, and a professional rodeo event.
For the Teton Valley real estate market, the sale underscores a major trend: large acreage, open space, agricultural heritage, and Teton views remain among the region’s most valuable and closely watched assets. As Driggs and the surrounding valley continue to evolve, properties like Driggs 160 sit at the center of the conversation about growth, preservation, and the future of the Mountain West.
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