A former executive at Eli Lilly-maker of popular weight-loss drug Zepbound-has sold a roughly 117-acre estate in the Jackson Hole, Wyo., area for close to its asking price of $39.5 million in one of the valley's highest sales.

Dr. Jan Lundberg and his wife, Ingeborg Lundberg, who live primarily in Fort Lauderdale, Fla., listed the property last year. Jan said the couple sold because they are purchasing a home in Sweden, where he is doing more board and venture-capital work.

Jan was president of Lilly Research Laboratories from 2010 to 2018. He was previously a research executive at pharmaceutical company AstraZeneca. Jan said his family benefited from the success of Eli Lilly's GLP-1 pipeline, which grew during his tenure.

"One of the reasons why we could afford to buy such a home in Jackson Hole was the advances of the Lilly portfolio and the shares I got from the company with time," Jan said.

The Lundbergs purchased the Jackson Hole property in 2021. It was last asking $33.9 million. Perched atop the East Gros Ventre Butte, the estate has multiple residences, including a mountain-style main house with log, stone and glass finishes.

Built in 2009, the roughly 12,700-square-foot main house has five bedrooms and an indoor pool. The property also has three ponds and a creek.

Listing agent Latham Jenkins of Live Water Properties said the property's roughly 18,000 square feet of living space is far more than is currently permissible to build in Jackson Hole, where zoning rules limit the size of new houses being built.

"A property today can't be more than 10,000 square feet," Jenkins said. Roughly 70% of the property's acreage is held in a conservation easement and cannot be developed.

The Lundbergs previously had a Big Sky, Mont., property in the upscale Yellowstone Club, where "Shark Tank" investor Robert Herjavec and Meta's Mark Zuckerberg have owned homes. The elevation, however, was too high, so they sold it for a $10 million profit, which they used to buy the Jackson Hole home, Jan said.

Jackson Hole is a magnet for uber-wealthy buyers. The town of Jackson's median single-family home price was $2.75 million for the three months ending Aug. 31, up 21.5% year-over-year, according to real-estate brokerage Redfin.

Jenkins said the $20 million-plus sector is particularly active. "People buy here as a safe haven and a tax haven," he said. In June, the actor, filmmaker and studio head Tyler Perry listed his estate in Jackson for $39.5 million. The priciest home sold in Jackson is a 55-acre estate that traded in 2021, according to Jenkins. It was last listed for $65 million.

Morgan Bruemmer of the Clear Creek Group represented the buyer. Bruemmer declined to identify his client, but said the property wasn't the buyer's first home in Jackson and that the buyer was "looking for a larger piece of property."