Ranch Journal - Summer 2011

Page 1

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.


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