Sometimes, things are just meant to be. By the beginning of April, Henry Kravis undoubtedly knew that things had gone badly for KKR in the first quarter. Like, really badly. He might yet not have known it was a $1.28 billion loss bad, but he knew enough. Certainly enough to know it was time to do what it took to offload the ranch.

Elsewhere on the Upper East Side, another billionaire was feeling a keen need. Michael Bloomberg was not going to be president, and was feeling the need for a bit more social distance than his penthouse in Vail (or his 22,000-square feet in the Hamptons or 50-plus acres in Westchester or the place in Bermuda) can offer. It was simply meant to be.

Michael Bloomberg has quietly paid $44.79 million for a Colorado ranch… Mr. Bloomberg bought the roughly 4,600-acre ranch in northwest Colorado from Henry Kravis, co-founder of private equity giant KKR. Known as “Westlands” and located about an hour’s drive from Aspen, the property was listed for $46 million early last year.

The deal closed April 14, about six weeks after Mr. Bloomberg dropped out of the presidential race.

Michael Bloomberg Pays $44.79 Million for Henry Kravis’s Colorado Ranch [WSJ]
KKR Reports Loss of More Than $1 Billion, Hurt by Market Volatility [WSJ]