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A luxury home development that spans almost 6,500 acres near Park City has changed hands.

Sterling Bay Companies, a Chicago-based real estate investment and development firm founded in 1986, purchased the Victory Ranch Club development last week from an affiliate of Wells Fargo Bank for an undisclosed amount.

Victory Ranch stretches across Summit and Wasatch ccounties and affords panoramic mountain views of the Wasatch and Uinta mountains, Deer Valley ski resort, the Provo River and Jordanelle Reservoir.

The development has approvals for more than 650 units. The new owners, though, are considering building fewer.

"We are excited at the opportunity to further improve what we believe to be the most beautiful piece of property in Utah," said Andy Gloor, a principal at Sterling Bay.

The development is home to the private Rees Jones championship golf course, Victory Ranch Club, which opens for rounds this Saturday.