The CEO of a San Diego tech firm has purchased 400 acres near Terrebonne along the Middle Deschutes River, shown here as it flows past nearby Crooked River Ranch. (Ryan Brennecke / Bulletin file photo)

A 400-acre farm overlooking a scenic stretch of the middle Deschutes River changed hands this year for close to $9 million, making it Central Oregon’s most valuable transaction in the past 18 months.

The property at 9695 NW Lower Bridge Way is north of Lower Bridge Way from the Borden Beck Wildlife Preserve, owned by the Redmond Area Park and Recreation District. James David Dunn sold the land to 9695 NW Lower Bridge Way LLC, an entity controlled by Kristian Kibak of San Diego, state and county records show.

Kibak is the CEO of a San Diego tech firm, The Control Group, which develops the software for the background checking website instantcheckmate.com. The Lower Bridge property owner’s mailing address, 1350 Columbia St., Suite 900, San Diego, is the same as one of The Control Group’s two offices.

Kibak didn’t respond to a request for comment left with his firm, so it’s not clear whether he bought the property for future development or personal use. Kibak’s profile on The Control Group’s website mentions that “when he’s not at work, you’re almost guaranteed to find Kris reading a book, outdoors, or both — some of his favorite activities include distance running, wakeboarding, volleyball, snowboarding, fly fishing, and pretty much anything that has to do with warm weather and a river.”

The sale price of $8.75 million, recorded Jan. 13, is even higher than the price paid for a 345-acre horse ranch near Sisters. The Patterson Ranch, which included a private golf course and unobstructed Cascade Mountain views, was listed at $7.6 million and sold Thursday for $6.5 million, according to the Multiple Listing Service of Central Oregon.

The Lower Bridge Way property was never listed through the MLS, said Kim Gammond, spokeswoman for the Central Oregon Association of Realtors.

Former owner James Dunn couldn’t be reached for comment.

Lower Bridge Way is west of U.S. Highway 97 near Terrebonne. The property overlooks a stretch of river that features striking rock columns and draws bird watchers and fly fishers.

The potential for development might have contributed to the sale price, said William Groves, senior planner for Deschutes County. Zoning on the 416-acre property is split between exclusive farm use, which state law restricts to agriculture and related enterprises, and surface mining, he said.

The owner could seek county approval to rezone the 190 acres designated for surface mining to residential, Groves said. In that case, the county could allow up to one residence per 7½ acres, or 25 residences, he said.

The property is also eligible for more residences without rezoning, Groves said. In 2009, the county ruled that the property is composed of nine separate legal lots, and each one could be eligible for a separate dwelling, he said.

“There could be a significant number of lots that could be carved out there,” he said.

—Reporter: 541-617-7860, kmclaughlin@bendbulletin.com

Editor’s note: This story has been changed to reflect the relationship between The Control Group and instantcheckmate.com.