RMA Integrated Marketing A truly extraordinary property deserves an extraordinary marketing campaign that goes beyond the traditional approach to real estate marketing. RMA doesn’t just advertise a property - it develops an integrated marketing communication strategy that includes all the tools available. Speed to the Market - Our philosophy is to “go big or stay home.” This means producing the most exposure possible, quickly, bringing the greatest amount of buyers in the shortest amount of time.
Existing Client Base and Contacts - One of our most important assets is our diverse database of investors, organizations and high net-worth individuals who are interested in ranch real estate.
Photography - A photograph speaks a thousand words, and images of RMA properties convey volumes.
Direct Mail - Customized, targeted and alluring direct mail pieces are distributed to our extensive database.
Print Advertising - RMA goes beyond the standard publications and also looks at national media and regional insertions.
Email Campaign - We regularly email listing updates, our newsletter and notable news releases to our extensive email list.
Website/Internet - An intriguing and informative website provides up-to-theminute and detailed information on all of our listings.
Networking and Broker Cooperation - It is our belief that networking with other brokers is key in reaching the broadest possible market.
MARKET NUMBERS Reflecting the overall market trend, farm and ranch prices decreased in 2009 but at a significantly lower rate than commercial and residential real estate:
• $ 2 14 0
National average price per acre of
raw land in 2010
• $ 2 ,7 0 0
National average price per acre
for cropland in 2010
V O L U M E 7 / S umme r 2 0 1 1 In and out of the saddle,
Ranch Marketing Associates
National average price per acre
possesses an unparalleled
National average price increase per
character of the land and
• $1,070
for pasture in 2010
• $ 14 0
RANCH JOURNAL
acre for farm and ranch land 2009-2010
understanding of the SPOT COLOR VERSIONS
the AmericanWest, providing clients with unequaled representation in every ranch
Ranches For Sale
transaction. Made of the same
Vista Larga Ranch
ault , colo r ado 480 acres. $1,300,000 · Jason Legler or Ron Morris
High Meadows Ranch
steamboat sp r in g s , co 196 acres. $3,900,000 · Ron Morris
Roan Creek Ranch (Under Contract) 120 acres. $780,000 · Billy Long
El Capitan Ranch
r uidosa , new me x ico 11,700 acres. $19,200,000 · Billy Long or Ron Morris
debe q ue , C olo r ado
p r in g le , south dako y a 520 acres. $960,000 · Ron Morris
and conversant in
Split Rock Ranch mudd y
g ap , w y omin g 200,000 acres. Offered at $8,900,000
Rockin’ R Ranch
pa g osa sp r in g s , colo r ado 35 acres. $1,600,000 · Ron Morris
all aspects of ranch sales -
Bell Ranch san
mi g uel count y , new me x ico 290,100 acres. Offered at $83,000,000
Little Deer Creek Ranch
fo r t la r amie , w y omin g 5,525 acres. $2,400,000 · Richard Peterson or Ron Morris
Travis Ranch r uth ,
califo r nia 100,000 acres. Offered at $10,500,000
Hay Draw Ranch U nion
C ente r , S outh D akota 2,240 acres. $3,200,000 · Ron Morris
Spear-O-Wigwam Ranch she r idan , Offered at $800,000
Investment Land & Water
windso r / seve r ance , C o 157 acres. $2,700,000 · Ron Morris
Marabou Ranch steamboat
sp r in g s , co
sp r in g s , colo r ado 1.717 acres. Offered at $2,050,000
Smith Ranch on the Belle Fourche River
hulett , w y 17 acres. $325,000 · Matt Johnston or Ron Morris
Big West Ranch powde r
r ive r , w y omin g 44,000 acres. Offered at $9,800,000
Sentinel Ranch in Estes Park
estes pa r k , colo r ado 35.53 acres. $659,000 · Jason Legler or Ron Morris
Canadian River Ranch
investment and
w y omin g
122 acres. Offered at $1,950,000
alde r , montana 8,871 total acres. $7,800,000 · Ron Morris or Billy Long
offering complete recreational, sporting ranch services.
The Lower Elk River Valley Ranch steamboat
Ruby Lake Ranch
life of ranchers, our seasoned brokers are knowledgeable
Sold Ranches
Argyle Ranch
leather and living the
walden , C olo r ado 3,380 acres. Offered at $2,600,000
W W W.RMABROKERS.COM ASPEN PO Box 1970 Basalt, CO 81621
970.927.3850
DENVER PO Box 160 Johnstown, CO 80534
970.535.0881
SHERIDAN PO Box 7284 Sheridan, WY 82801
ASPEN
DENVER
SHERIDAN
307.655.2273
Walton Ranch
CMYK VERSIONS
J ackson , w y omin g
Ranch Market Overview - Smart Money Back in the Market After a three year slow down in the ranch land market, significant activity has returned as indicated by several substantial sales which occurred in the last twelve months. Ron Morris of Ranch Marketing Associates represented the buyer in the sale of the 290,000acre Bell Ranch in northern New Mexico - the largest single sale of blocked-up deeded ranch land to trade in over half a century - which was initially listed at $83 million. In Montana, the 34,000-acre G Hanging Dash Ranch located near Twin Bridges and listed at $32.5 million, sold to a Boston, Massachusetts private equity investment firm. Billionaire Tom Siebel’s 62,000-acre N Bar Ranch – located 100 miles north of Billings on the edge of the Snowy Mountains and listed at $45 million – was sold to an oil-drilling equipment maker. The 16,680-acre Saypo Cattle Company in Choteau, Montana, originally listed at $24 million, sold to an undisclosed buyer who is rumored to be a Wall Street executive. The 18,500-acre Sun Ranch in Madison Valley, listed at $42 million sold to the CEO of multi-national mining company Several large sales also took place in California and Colorado. The 6,400-acre Oak Ridge Ranch, in California’s Carmel Valley, a cattle ranch rich with wildlife was listed for $16.9 million and sold to the family of the CEO of an oil and natural gas company. In Colorado, the 3500-acre
Bootjack Ranch near Pagosa Springs was sold for $46.5 million to a Texas energy billionaire. The recent sales activity in large trophy and investment grade ranches demonstrates that “smart money” is back in the market. Several factors have contributed to these investments. The stock market recovery has restored wealth and confidence to many high net worth players. Economic and cultural uncertainty has many people looking for a safe haven, not just for their assets but also for their families. Most ranch buyers also appreciate the legacy potential – the ability to control, enhance and maintain the land, sometimes in perpetuity. Lastly, rich agricultural land with the ability to produce food offers a return that will keep up with inflation in almost any scenario. Appreciation can be expected and risk is low. Properties of interest to investors will be high quality and priced realistically. During the unstable market of the last few years, prices rose to unsustainable highs around 2006 and some ranches traded at half their prior – artificially inflated - sales prices since then. But quality properties and those with desirable features such as rivers have held their value due to the scarcity of such land in the west. As recent sales indicate, record low interest rates and low rates of return on many alternative investments make ranch land a competitive investment.
OUR TEAM
m
Ron Morris
Billy Long
Broker and Founding Partner Aspen Office: 970.927.3850 billy@rmabrokers.com
Broker and Founding Partner Denver Office: 970.535.0881 ron@rmabrokers.com
Carl Luppens
Broker Associate Denver Office: 303.394.1400 carl@rmabrokers.com
Richard Peterson
Matt Johnston
Broker Associate Denver Office: 303.514.2919 richard@rmabrokers.com
Doug Haye
Broker Associate Sheriden Office: 303.884.8610 doug@rmabrokers.com
Broker Associate Sheridan Office: 307.655.2273 matt@rmabrokers.com
Hanna Creek Ranch
bi g ho r n , w y omin g
17 acres. $1,100,000 · Doug Haye
A Performance Equestrian Estate at Cottonwood Springs Ranch D u r an g o ,
C olo r ado
540 acres. $12,000,000 · Ron Morris or Billy Long
Jason Legler
Broker Associate Denver Office: 970.978.1559 jason@rmabrokers.com
X Lazy V Ranch
r aton , new me x ico
1,880 acres. $940,000 · Jason Legler or Ron Morris
Shepardsbend on the Colorado River
k r emmlin g , co
172 acres. $1,850,000 · Ron Morris or Billy Long
The Walton Ranch jackson , w y omin g The iconic Walton Ranch in Jackson Hole is on the market for the first time. Set along the legendary Snake River in the shadow of Wyoming’s magnificent Grand Teton Mountain Range, this legacy property is just five miles from downtown Jackson and fifteen minutes to world-class skiing and commercial/private air service. A destination mountain resort known for its year-round recreational opportunities and home to some of America’s top corporate leaders, Jackson has a lively art scene, upscale retail and sophisticated dining. The 1,848-acre Walton Ranch is a one-of-a-kind property operating as a cattle ranch with its own resident elk herd and home to deer, eagles and bears with fishing access along three miles of the Snake River. Surrounded by natural beauty and close to Yellowstone and Grand Teton National Parks, the Walton Ranch offers a rare opportunity to own a sizable ranch in one of the most sought after locations in the world. Offered for $100 million. Ron Morris and Billy Long
Chaparral Lakes Ranch
r eddin g , C alifo r nia
400 acres. $1,250,000 · Billy Long
Silver Spring Farm
ashland , o r e g on
60 acres. $4,995,000 · Billy Long
Apishapa River Canyon Ranch
fowle r , colo r ado
13,002 total acres. $2,980,000 · Ron Morris
Bear Creek Ranch
shin g letown , califo r nia
673 acres. $3,800,000 · Billy Long
m
Gatlin Homestead
sto r y , w y omin g
40 acres. $1,750,000 · Doug Haye or Ron Morris
Lake Berryessa Ranch
st . helena , califo r nia
4,400 acres. $9,900,000 · Billy Long
Dumbell Ranch
A lcova , W y omin g
Five Star Ranch
westcliffe , C olo r ado
118,746 total acres. $9,100,000 · Ron Morris or Matt Johnston
561 total acres. $4,900,000 · Ron Morris
Eagle Ridge Ranch, Homestead 11
g unnison , C olo r ado
1/15th of 4,900 acres. $2,690,000 · Billy Long or Ron Morris
Two Rivers Cow Camp
steamboat sp r in g s , C olo r ado
23 acres. $2,300,000 · Ron Morris or Carl Luppens
J Bar Horseshoe Ranch
powde r ho r n , colo r ado
39 acres. $1,800,000 · Jason Legler or Ron Morris
Trail Mountain Ranch
g r and lake , colo r ado
174 acres. $749,000 · Carl Luppens or Ron Morris
Colorado River Ranch
dotse r o , C olo r ado
Wind River Valley Ranch
c r owhea r t , w y omin g
1,017 acres. $14,900,000 · Billy Long or Carl Luppens
140 acres. $800,000 · Richard Peterson or Ron Morris,
Half Moon Bar Lodge
Steamboat Lake Outfitters
medfo r d , o r e g on
80 acres. $5,000,000 · Billy Long
Chatellen Farrm
fo r t collins , colo r ado
126 acres. $3,400,000 · Ron Morris
Pine Ridge Elk Ranch
H a r r ison , N eb r aska
800 acres. $1,950,000 · Ron Morris or Richard Peterson
steamboat sp r in g s , C o
12 acres. $999,000 · Carl Luppens or Ron Morris
North Platte River Ranch
caspe r , w y omin g
69,200 acres. $28,000,000 · Ron Morris or Matt Johnston
Royal Elk at Diamond Star Ranch
vail , C olo r ado
140 acres. $7,767,000 · Carl Luppens or Ron Morris
Sun Dance Ranch
colo r ado sp r in g s , colo r ado
371 acres. $2,200,000 · Jason Legler or Ron Morris
OW and Pitchfork Ranches
montana & w y omin g
64,000+ total acres. $18,000,000 for 50% interest · Ron Morris, Matt Johnston, Billy Long or Richard Peterson
J C Cross Ranch
keenesbu r g , colo r ado
Y-6 Ranch
M e r iden , w y omin g
24,750 +/- acres. $15,950,000 · Ron Morris
Antelope Valley Ranch
cotopa x i , colo r ado
Pa Gomo at Gray Head
tellu r ide , colo r oad
1,500 acres. $3,500,000 · Billy Long
255 acres. $1,500,000 · Jason Legler or Ron Morris
35 acres. $19,500,000 · Billy Long
Piney Creek Ranch
Flattops Wildlife Ranch
sto r y / banne r , w y omin g
250 acres. $1,975,000 · Doug Haye or Ron Morris
toponas , C olo r ado
954 acres. $3,339,000 · Carl Luppens
Shadow Creek Ranch
silve r tho r ne , C olo r ado
70 acres. $1,500,000 · Carl Luppens or Ron Morris
Fazenda das Pedras
westcliffe , colo r ado
140 acres. $2,200,000 · Richard Peterson or Ron Morris
Powderhorn Wilderness Hideout
powde r ho r n , co
4.77 acres. $500,000 · Jason Legler or Ron Morris
Bonsall Farm
bonsall , C alifo r nia
140+ acres. $11,950,000 · Billy Long
Moonshadow Ranch
steamboat S p r in g s , C olo r ado
38 acres. $7,500,000 · Ron Morris
Big Creek Ranch
S teamboat sp r in g s , C olo r ado
5,034 acres. $59,900,000 · Ron Morris or Billy Long
L Cross Ranch
L a Ga r ita , C olo r ado
6,200 deeded acres. $5,900,000 · Ron Morris
Clermont Ranch
elbe r t , colo r ado
160 acres. $1,850,000 · Jason Legler or Ron Morris
Sun Dance Ranch
colo r ado sp r in g s , colo r ado
371 acres. $2,200,000 · Jason Legler or Ron Morris
OW and Pitchfork Ranches
montana & w y omin g
64,000+ total acres. $18,000,000 for 50% interest · Ron Morris, Matt Johnston, Billy Long or Richard Peterson
J C Cross Ranch
keenesbu r g , colo r ado
Y-6 Ranch
M e r iden , w y omin g
24,750 +/- acres. $15,950,000 · Ron Morris
Antelope Valley Ranch
cotopa x i , colo r ado
Pa Gomo at Gray Head
tellu r ide , colo r oad
1,500 acres. $3,500,000 · Billy Long
255 acres. $1,500,000 · Jason Legler or Ron Morris
35 acres. $19,500,000 · Billy Long
Piney Creek Ranch
Flattops Wildlife Ranch
sto r y / banne r , w y omin g
250 acres. $1,975,000 · Doug Haye or Ron Morris
toponas , C olo r ado
954 acres. $3,339,000 · Carl Luppens
Shadow Creek Ranch
silve r tho r ne , C olo r ado
70 acres. $1,500,000 · Carl Luppens or Ron Morris
Fazenda das Pedras
westcliffe , colo r ado
140 acres. $2,200,000 · Richard Peterson or Ron Morris
Powderhorn Wilderness Hideout
powde r ho r n , co
4.77 acres. $500,000 · Jason Legler or Ron Morris
Bonsall Farm
bonsall , C alifo r nia
140+ acres. $11,950,000 · Billy Long
Moonshadow Ranch
steamboat S p r in g s , C olo r ado
38 acres. $7,500,000 · Ron Morris
Big Creek Ranch
S teamboat sp r in g s , C olo r ado
5,034 acres. $59,900,000 · Ron Morris or Billy Long
L Cross Ranch
L a Ga r ita , C olo r ado
6,200 deeded acres. $5,900,000 · Ron Morris
Clermont Ranch
elbe r t , colo r ado
160 acres. $1,850,000 · Jason Legler or Ron Morris
Gatlin Homestead
sto r y , w y omin g
40 acres. $1,750,000 · Doug Haye or Ron Morris
Lake Berryessa Ranch
st . helena , califo r nia
4,400 acres. $9,900,000 · Billy Long
Dumbell Ranch
A lcova , W y omin g
Five Star Ranch
westcliffe , C olo r ado
118,746 total acres. $9,100,000 · Ron Morris or Matt Johnston
561 total acres. $4,900,000 · Ron Morris
Eagle Ridge Ranch, Homestead 11
g unnison , C olo r ado
1/15th of 4,900 acres. $2,690,000 · Billy Long or Ron Morris
Two Rivers Cow Camp
steamboat sp r in g s , C olo r ado
23 acres. $2,300,000 · Ron Morris or Carl Luppens
J Bar Horseshoe Ranch
powde r ho r n , colo r ado
39 acres. $1,800,000 · Jason Legler or Ron Morris
Trail Mountain Ranch
g r and lake , colo r ado
174 acres. $749,000 · Carl Luppens or Ron Morris
Colorado River Ranch
dotse r o , C olo r ado
Wind River Valley Ranch
c r owhea r t , w y omin g
1,017 acres. $14,900,000 · Billy Long or Carl Luppens
140 acres. $800,000 · Richard Peterson or Ron Morris,
Half Moon Bar Lodge
Steamboat Lake Outfitters
medfo r d , o r e g on
80 acres. $5,000,000 · Billy Long
Chatellen Farrm
fo r t collins , colo r ado
126 acres. $3,400,000 · Ron Morris
Pine Ridge Elk Ranch
H a r r ison , N eb r aska
800 acres. $1,950,000 · Ron Morris or Richard Peterson
steamboat sp r in g s , C o
12 acres. $999,000 · Carl Luppens or Ron Morris
North Platte River Ranch
caspe r , w y omin g
69,200 acres. $28,000,000 · Ron Morris or Matt Johnston
Royal Elk at Diamond Star Ranch
vail , C olo r ado
140 acres. $7,767,000 · Carl Luppens or Ron Morris
OUR TEAM
m
Ron Morris
Billy Long
Broker and Founding Partner Aspen Office: 970.927.3850 billy@rmabrokers.com
Broker and Founding Partner Denver Office: 970.535.0881 ron@rmabrokers.com
Carl Luppens
Broker Associate Denver Office: 303.394.1400 carl@rmabrokers.com
Richard Peterson
Matt Johnston
Broker Associate Denver Office: 303.514.2919 richard@rmabrokers.com
Doug Haye
Broker Associate Sheriden Office: 303.884.8610 doug@rmabrokers.com
Broker Associate Sheridan Office: 307.655.2273 matt@rmabrokers.com
Hanna Creek Ranch
bi g ho r n , w y omin g
17 acres. $1,100,000 · Doug Haye
A Performance Equestrian Estate at Cottonwood Springs Ranch D u r an g o ,
C olo r ado
540 acres. $12,000,000 · Ron Morris or Billy Long
Jason Legler
Broker Associate Denver Office: 970.978.1559 jason@rmabrokers.com
X Lazy V Ranch
r aton , new me x ico
1,880 acres. $940,000 · Jason Legler or Ron Morris
Shepardsbend on the Colorado River
k r emmlin g , co
172 acres. $1,850,000 · Ron Morris or Billy Long
The Walton Ranch jackson , w y omin g The iconic Walton Ranch in Jackson Hole is on the market for the first time. Set along the legendary Snake River in the shadow of Wyoming’s magnificent Grand Teton Mountain Range, this legacy property is just five miles from downtown Jackson and fifteen minutes to world-class skiing and commercial/private air service. A destination mountain resort known for its year-round recreational opportunities and home to some of America’s top corporate leaders, Jackson has a lively art scene, upscale retail and sophisticated dining. The 1,848-acre Walton Ranch is a one-of-a-kind property operating as a cattle ranch with its own resident elk herd and home to deer, eagles and bears with fishing access along three miles of the Snake River. Surrounded by natural beauty and close to Yellowstone and Grand Teton National Parks, the Walton Ranch offers a rare opportunity to own a sizable ranch in one of the most sought after locations in the world. Offered for $100 million. Ron Morris and Billy Long
Chaparral Lakes Ranch
r eddin g , C alifo r nia
400 acres. $1,250,000 · Billy Long
Silver Spring Farm
ashland , o r e g on
60 acres. $4,995,000 · Billy Long
Apishapa River Canyon Ranch
fowle r , colo r ado
13,002 total acres. $2,980,000 · Ron Morris
Bear Creek Ranch
shin g letown , califo r nia
673 acres. $3,800,000 · Billy Long
m
RMA Integrated Marketing A truly extraordinary property deserves an extraordinary marketing campaign that goes beyond the traditional approach to real estate marketing. RMA doesn’t just advertise a property - it develops an integrated marketing communication strategy that includes all the tools available. Speed to the Market - Our philosophy is to “go big or stay home.” This means producing the most exposure possible, quickly, bringing the greatest amount of buyers in the shortest amount of time.
Existing Client Base and Contacts - One of our most important assets is our diverse database of investors, organizations and high net-worth individuals who are interested in ranch real estate.
Photography - A photograph speaks a thousand words, and images of RMA properties convey volumes.
Direct Mail - Customized, targeted and alluring direct mail pieces are distributed to our extensive database.
Print Advertising - RMA goes beyond the standard publications and also looks at national media and regional insertions.
Email Campaign - We regularly email listing updates, our newsletter and notable news releases to our extensive email list.
Website/Internet - An intriguing and informative website provides up-to-theminute and detailed information on all of our listings.
Networking and Broker Cooperation - It is our belief that networking with other brokers is key in reaching the broadest possible market.
MARKET NUMBERS Reflecting the overall market trend, farm and ranch prices decreased in 2009 but at a significantly lower rate than commercial and residential real estate:
• $ 2 14 0
National average price per acre of
raw land in 2010
• $ 2 ,7 0 0
National average price per acre
for cropland in 2010
V O L U M E 7 / S umme r 2 0 1 1 In and out of the saddle,
Ranch Marketing Associates
National average price per acre
possesses an unparalleled
National average price increase per
character of the land and
• $1,070
for pasture in 2010
• $ 14 0
RANCH JOURNAL
acre for farm and ranch land 2009-2010
understanding of the SPOT COLOR VERSIONS
the AmericanWest, providing clients with unequaled representation in every ranch
Ranches For Sale
transaction. Made of the same
Vista Larga Ranch
ault , colo r ado 480 acres. $1,300,000 · Jason Legler or Ron Morris
High Meadows Ranch
steamboat sp r in g s , co 196 acres. $3,900,000 · Ron Morris
Roan Creek Ranch (Under Contract) 120 acres. $780,000 · Billy Long
El Capitan Ranch
r uidosa , new me x ico 11,700 acres. $19,200,000 · Billy Long or Ron Morris
debe q ue , C olo r ado
p r in g le , south dako y a 520 acres. $960,000 · Ron Morris
and conversant in
Split Rock Ranch mudd y
g ap , w y omin g 200,000 acres. Offered at $8,900,000
Rockin’ R Ranch
pa g osa sp r in g s , colo r ado 35 acres. $1,600,000 · Ron Morris
all aspects of ranch sales -
Bell Ranch san
mi g uel count y , new me x ico 290,100 acres. Offered at $83,000,000
Little Deer Creek Ranch
fo r t la r amie , w y omin g 5,525 acres. $2,400,000 · Richard Peterson or Ron Morris
Travis Ranch r uth ,
califo r nia 100,000 acres. Offered at $10,500,000
Hay Draw Ranch U nion
C ente r , S outh D akota 2,240 acres. $3,200,000 · Ron Morris
Spear-O-Wigwam Ranch she r idan , Offered at $800,000
Investment Land & Water
windso r / seve r ance , C o 157 acres. $2,700,000 · Ron Morris
Marabou Ranch steamboat
sp r in g s , co
sp r in g s , colo r ado 1.717 acres. Offered at $2,050,000
Smith Ranch on the Belle Fourche River
hulett , w y 17 acres. $325,000 · Matt Johnston or Ron Morris
Big West Ranch powde r
r ive r , w y omin g 44,000 acres. Offered at $9,800,000
Sentinel Ranch in Estes Park
estes pa r k , colo r ado 35.53 acres. $659,000 · Jason Legler or Ron Morris
Canadian River Ranch
investment and
w y omin g
122 acres. Offered at $1,950,000
alde r , montana 8,871 total acres. $7,800,000 · Ron Morris or Billy Long
offering complete recreational, sporting ranch services.
The Lower Elk River Valley Ranch steamboat
Ruby Lake Ranch
life of ranchers, our seasoned brokers are knowledgeable
Sold Ranches
Argyle Ranch
leather and living the
walden , C olo r ado 3,380 acres. Offered at $2,600,000
W W W.RMABROKERS.COM ASPEN PO Box 1970 Basalt, CO 81621
970.927.3850
DENVER PO Box 160 Johnstown, CO 80534
970.535.0881
SHERIDAN PO Box 7284 Sheridan, WY 82801
ASPEN
DENVER
SHERIDAN
307.655.2273
Walton Ranch
CMYK VERSIONS
J ackson , w y omin g
Ranch Market Overview - Smart Money Back in the Market After a three year slow down in the ranch land market, significant activity has returned as indicated by several substantial sales which occurred in the last twelve months. Ron Morris of Ranch Marketing Associates represented the buyer in the sale of the 290,000acre Bell Ranch in northern New Mexico - the largest single sale of blocked-up deeded ranch land to trade in over half a century - which was initially listed at $83 million. In Montana, the 34,000-acre G Hanging Dash Ranch located near Twin Bridges and listed at $32.5 million, sold to a Boston, Massachusetts private equity investment firm. Billionaire Tom Siebel’s 62,000-acre N Bar Ranch – located 100 miles north of Billings on the edge of the Snowy Mountains and listed at $45 million – was sold to an oil-drilling equipment maker. The 16,680-acre Saypo Cattle Company in Choteau, Montana, originally listed at $24 million, sold to an undisclosed buyer who is rumored to be a Wall Street executive. The 18,500-acre Sun Ranch in Madison Valley, listed at $42 million sold to the CEO of multi-national mining company Several large sales also took place in California and Colorado. The 6,400-acre Oak Ridge Ranch, in California’s Carmel Valley, a cattle ranch rich with wildlife was listed for $16.9 million and sold to the family of the CEO of an oil and natural gas company. In Colorado, the 3500-acre
Bootjack Ranch near Pagosa Springs was sold for $46.5 million to a Texas energy billionaire. The recent sales activity in large trophy and investment grade ranches demonstrates that “smart money” is back in the market. Several factors have contributed to these investments. The stock market recovery has restored wealth and confidence to many high net worth players. Economic and cultural uncertainty has many people looking for a safe haven, not just for their assets but also for their families. Most ranch buyers also appreciate the legacy potential – the ability to control, enhance and maintain the land, sometimes in perpetuity. Lastly, rich agricultural land with the ability to produce food offers a return that will keep up with inflation in almost any scenario. Appreciation can be expected and risk is low. Properties of interest to investors will be high quality and priced realistically. During the unstable market of the last few years, prices rose to unsustainable highs around 2006 and some ranches traded at half their prior – artificially inflated - sales prices since then. But quality properties and those with desirable features such as rivers have held their value due to the scarcity of such land in the west. As recent sales indicate, record low interest rates and low rates of return on many alternative investments make ranch land a competitive investment.