A Utah family has signed a deal to operate a luxury real estate business in Jackson and Sun Valley, Idaho.
Under the deal announced May 7, a company owned by the Jon M. Huntsman family will hold a 20-year franchise to operate Sotheby’s International Realty offices in the region.
Profits will go toward the Huntsman Cancer Institute at the University of Utah in Salt Lake City.
David Huntsman, who oversees the family’s real estate holdings in Idaho and Wyoming, will direct regional operations.
Huntsman is the founder of Huntsman Corp., a global chemical manufacturer with more than 11,000 employees. His family has considerable land holdings in the Teton Valley and has developed a golf course, homes and commercial lots in Driggs.
Clayton Andrews, who served as Sotheby’s executive vice president before the deal, will serve as managing broker in the Teton Valley and Jackson.
“This is the best of both worlds, Sotheby’s joining forces with the Huntsman name, which is also highly recognizable on regional and national levels,” Andrews said.
Sotheby’s said that regional employees, including 160 sales associates, are expected to keep their jobs.