# Billionaire Tull purchases 160 acres of Idaho state land for $5M at auction  
**Published:** 2026-05-23T00:41:50.000Z  
**Source:** [Nebraska Examiner](https://nebraskaexaminer.com/2026/05/22/repub/state-sells-160-acres-of-idaho-endowment-land-near-the-tetons-to-billionaires-llc-for-5m/)  
**AI-generated:** yes (claude-haiku-4-5-20251001)  
**Canonical:** https://lincolne.news/article/billionaire-tull-purchases-160-acres-of-idaho-state-land-for-5m-at-auction

[Idaho sold 160 acres of state-owned endowment land near the Teton Range for $5 million Friday](https://idahocapitalsun.com/2026/05/22/state-sells-160-acres-of-idaho-endowment-land-near-the-tetons-to-billionaires-llc-for-5m/) at a public auction in Garden City, with the winning bid placed by a company controlled by billionaire Thomas Tull, a financier and film producer who has already accumulated thousands of acres in the region.

The property, known as the Driggs 160, sold to Tull's limited liability company, TR Lot Holdco LLC, at the minimum reserve bid with no competing bidders. [The Jackson Hole News & Guide first reported the story jointly with the Idaho Capital Sun](https://www.jhnewsandguide.com/jackson_hole_daily/state_and_regional/). The sale caps months of controversy surrounding the disposition of land that had been [leased by fifth-generation rancher Nick Beard's family for more than 30 years](https://idahocapitalsun.com/2025/09/03/idaho-preparing-to-sell-160-acres-of-state-owned-endowment-land-near-the-tetons/), despite holding a valid grazing lease through 2032.

Tull's acquisition adds to his [estimated 8,000-acre estate in Teton County](https://www.jhnewsandguide.com/news/environmental/billionaire-knocking-as-idaho-governor-officials-vote-to-auction-teton-valley-ranch-land/article_0ca9f7ae-ae4b-45f8-a1ce-1130fc2eb044.html), valued at nearly $100 million according to county records. The billionaire, who helped finance Christopher Nolan's "The Dark Knight," is a minority owner of the Pittsburgh Steelers. He purchased the nearby [Teton Ridge Ranch—a 4,000-acre property once owned by Microsoft co-founder Paul Allen](https://www.deseret.com/2022/1/12/22878130/idaho-teton-land-pittsburgh-steelers-owner/)—in 2021.

Despite public opposition that included more than 2,000 signatures on an online petition, the Idaho State Board of Land Commissioners voted to proceed with the sale. The board cited the Idaho Constitution's requirement that state endowment lands be managed to maximize long-term financial returns for beneficiaries. The state had generated approximately $950 annually from Beard's grazing lease.

The decision sparked significant controversy in Teton County, where property values have surged in recent years and [ranching families have lost access to grazing lands](https://www.jhnewsandguide.com/news/environmental/billionaire-knocking-as-idaho-governor-officials-vote-to-auction-teton-valley-ranch-land/article_0ca9f7ae-ae4b-45f8-a1ce-1130fc2eb044.html). Two county commissioners wrote letters to Gov. Brad Little opposing the sale. Beard, who learned of the auction through a Facebook post, said he was relieved Tull purchased the land rather than a developer who might subdivide it for residential use.

After the auction, Tull's spokeswoman Jessica Jaubert confirmed the land "will remain undeveloped" and that the "current grazing lease terms will be offered to the Beard family." Beard said he can continue grazing on the parcel until July 15, after which he will need to find alternative pasture. In addition to the $5 million purchase price, Tull paid a 5 percent buyer's premium and $10,090 to reimburse the Beard family for fence improvements. The proceeds will enter the state's Land Bank Fund for purchasing additional property.

## Sources

- [Nebraska Examiner](https://nebraskaexaminer.com/2026/05/22/repub/state-sells-160-acres-of-idaho-endowment-land-near-the-tetons-to-billionaires-llc-for-5m/)
- [Idaho Capital Sun article on the state sale of endowment land](https://idahocapitalsun.com/2026/05/22/state-sells-160-acres-of-idaho-endowment-land-near-the-tetons-to-billionaires-llc-for-5m/)
- [Jackson Hole News & Guide coverage of the sale](https://www.jhnewsandguide.com/news/environmental/local/billionaire-thomas-tull-buys-driggs-160-for-5m/article_2289afed-c818-4241-9bf8-db430a3bf58a.html)
- [Background on the Tull land acquisition and controversy](https://www.jhnewsandguide.com/news/environmental/billionaire-knocking-as-idaho-governor-officials-vote-to-auction-teton-valley-ranch-land/article_0ca9f7ae-ae4b-45f8-a1ce-1130fc2eb044.html)

---

This article was generated by AI (claude-haiku-4-5-20251001) based on source material from Nebraska Examiner, enriched with 3 web searches. The original source is available at https://nebraskaexaminer.com/2026/05/22/repub/state-sells-160-acres-of-idaho-endowment-land-near-the-tetons-to-billionaires-llc-for-5m/.