Devil’s Corral, Idaho’s geologic wonder with soaring Grand Canyon-like cliffs carved by crystal blue waters of the Snake River and spanning 200 acres, offered at US$19,750,000
The undeveloped land, with its myriad of recreational opportunities, could be reimagined for low-density luxury housing, an eco-resort or an ultimately private residence just five minutes from bustling Twin Falls Current owner, Oscar-nominated lighting
New York, New York (July 19, 2021) — Fifteen thousand years ago, nature began creating this breathtaking canvas of environmental art. Today, Devil’s Corral is notable for its rim of flat and developable land that dramatically plunges 500 feet straight down to the Snake River canyon below, affording views for miles. The waters meander through, forming swimming holes and spring-fed ponds among the rock formations.
The play of light throughout the course of the day and through the seasons on the sculpted volcanic rock and the pristine clouds in the skies above provides an ever-changing palette of color and beauty. Enduring solitude is provided by an abutting 8,000-acre state park plus even more federal BLM land which can never be developed. The property’s water rights, a coveted asset in the American West, are abundant.
Said Kate Mannix of Christie’s International Real Estate: “Devil’s Corral is a natural wonder. It is truly a masterpiece of environmental art.”
Located in Idaho’s aptly named Magic Valley, legend has it that Devil’s Corral was so called by cattle and horse rustlers who would bravely drive their stolen livestock down the perilous trail to the natural box canyon hide out with its plentiful forage and water.
Current owner, George Panagiotou, the Greek lighting inventor who has been nominated for two Oscars and holds multiple patents, bought the property sight unseen in 2000. He said: “I took one look at Devil’s Corral, and this immediately struck me as a place the Greek gods would choose.”
Mr. Panagiotou came to Boston from Greece and started his first company, Rainbow Productions, which bloomed into a major entertainment force in the city, staging concerts in venues including rock and roll’s famed Rathskeller nightclub. In the 1970s the gritty Rathskeller was the premier location on the East Coast to discover upcoming bands, including The Police, REM and Talking Heads, to name only a few. It was here that Mr. Panagiotou helped foster the band Aerosmith, local kids at the time, all living in one apartment with no place to practice. Panagiotou provided the storied Rathskeller stage free of charge, as well as booking them for live music gigs.
After 14 years, Mr. Panagiotou sold his Boston businesses, moved to Los Angeles and focused on inventing a heat-free lighting system for the entertainment industry. After seeing first-hand how musicians suffered under the hot lights, he appreciated that actors on set did as well. This led to his most famous patent for giant lightbulbs that do not throw off heat. James Gardner, star of “The Rockford Files,” was among the first to test the technology and then became Mr. Panagiotou’s greatest early advocate.
During the pandemic, the Twin Falls area has been attracting new buyers from out-of-state but primarily California, Oregon and Washington, drawn to its tight-knit community, value proposition and natural beauty. Housing supply cannot keep up with demand. In 2020, building permits for new family homes skyrocketed 63% from July of 2019 to that same month last year. Current active listings are down 39% from just one month ago. Less than 130 miles away, in Caldwell outside of Boise, a tract of land totally 282 acres appraised at US$5,700,00 sold for $US$36,600,000, six times its appraised value.
Said Mr. Molter: "No one could have predicted the growth we have seen in Idaho the last few years. Relocating to Idaho means a clean, safe environment, lower priced homes and lower property taxes. Being the fastest growing state in the nation has led to a shortage of homes and land. The availability of Devil’s Corral at this time creates an amazing opportunity."
Added Mr. Panagiotou, who lives in the area: “Over the years, I have made a large impact in the lighting industry but nothing in Southern California 20 years ago could have prepared me for the life I discovered on Idaho’s great Snake River. I moved to Idaho because of its beauty and freedom. Idahoans to me are the Spartans of America, the mythical descendants of Hercules. Devil’s Corral, as you will discover, is truly one of Idaho’s Crown Jewels.”
About Christie’s International Real Estate
Christie’s International Real Estate has successfully marketed high-value real estate around the world for more than 30 years. Through its New York City brokerage and invitation-only Affiliate network spanning 49 countries and territories, Christie’s International Real Estate offers incomparable services to a global clientele at the luxury end of the residential property market. The company has offices in London, New York City, Hong Kong, Los Angeles, and Palm Beach, and its affiliated brokerages have recorded approximately US$500 billion of real estate transactions over the last five years. (Data as of June 30, 2021.) For additional information, please visit christiesrealestate.com.