Near Walmart’s headquarters in Bentonville, Ark., the locals speak fondly of founder Sam Walton’s distaste for ostentatious cars and homes—even as he became one of the richest men in the world. His disdain ran so deep, say former employees, that he also expected his executives to keep signs of their wealth subtle.
Twenty six years after Mr. Walton’s death, what was once a sleepy company town has become a mecca for luxury-home buyers. Many of the homeowners in the northwest Arkansas region of around half a million people...