Hall and Hall Newsletter Spring Summer 2017 by Hall and Hall

FROM

OUR CORNER PROPERTIES • FARM & RANCH MANAGEMENT • AUCTIONS • FINANCING • APPRAISALS

WATER RIGHTS

A Complex Issue in the West Page 6

MINERAL RIGHTS

Split Estates - Knowing What You Own Page 34

BOBWHITE QUAIL

Home Range vs. Core Range Page 142

PLUS:

124

EXCLUSIVE PROPERTIES FOR SALE NEWSLETTER

SPRING | SUMMER 2017

Spring | Summer 2017 inside this issue CONTENTS

ARTICLES

COVER FEATURED PROPERTY

WATER RIGHTS 6 A Western-states perspective on water rights. First in a series of articles on the complex issue of water rights in the West. By Deborah Stephenson and Stephen Brown

Pass Creek Ranch, Saratoga, WY

NOTE FROM HALL AND HALL 3 EXCLUSIVE INVENTORY AND REGIONAL MARKET REPORTS Region / State Index 11 Northwest 12 California 28 Northern Rockies 36 Southern Rockies 98 The Great Plains 145 Southwest 150 Southeast and Midwest 170 International 180 Exclusive Inventory Index 189

AUCTION DEPARTMENT Featured Auction Majestic Highlands 5 Market News 5

FINANCE, APPRAISAL, MANAGEMENT 188 ANNOUNCEMENTS

Monte Lyons, New Managing Director 4 Jay Leyendecker, Real Estate 4 Rob Hart, Elected to CAA Board 5 Tomi Jo Daniels, New Auction Staff 5 Plains Wildfires 2017 145

RECENT RELEASES

MINERAL RIGHTS 34 The impact of mineral rights on property values and use. By John Childs and Joshua Cook BOBWHITE QUAIL 142 The bobwhite quail All habitat is not created equal. By Justin Bryan SUBSCRIBE TODAY We would prefer to send you an electronic version of this newsletter. Please send your email address to info@hallandhall.com. This information will not be sold or used for any other purpose.

Why Hall and Hall Video 2 2016 Year In Review 2

Visit our website to view the Why Hall and Hall video and to download your copy of the 2016 Year In Review.

H H | S PR I N G S UMM ER 2 0 1 7

TABLE ROCK RANCH | VAIL VALLEY AREA, CO

our insiders Welcome to the Hall and Hall Newsletter that will now be published twice yearly in a new, expanded format. We believe you will appreciate the more compelling manner in which we list our 124 properties for sale throughout our greatly expanded territory. We are now able to offer you more articles, and our regional reports will let you know what is going on in your area of interest. In this edition, Deborah Stephenson and Stephen Brown expand our knowledge on the subject of water rights – so critical in this day and age. You will also hear from John Childs and Joshua Cook on mineral rights, which is an area that often gets glossed over unless one is in a “hot” area for mineral development. These two gentlemen give you both a legal and a practical viewpoint. Justin Bryan expounds on bobwhite quail habitat - a subject near and dear to our Southern friends. We also offer our sincere condolences to the many ranching families that lost livestock in the recent devastating fires in Texas, Oklahoma, and Kansas. We hope you enjoy this newsletter and would appreciate your comments and reactions. Thank you.

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CONTRIBUTORS

ANNOUNCEMENTS

Deborah Stephenson - Founder, DMS Natural Resources Deborah Stephenson founded DMS Natural Resources in 2011. DMS is an advisory firm specializing in water right management, water right technical services, water valuation, water investment advisory, and water transaction services. She manages large water right portfolios across the western United States for which she provides water right database and inventory management, historical research and document interpretation, GIS mapping and aerial photo analysis, change application and permitting services, adjudication support, due diligence in property transactions, and expert witness support in water right law suits. Mrs. Stephenson also has nine years of experience helping entities across the western United States acquire or sell water assets. From identifying water assets suitable for purchase, to negotiating terms, and through the administrative permitting process, she helps clients navigate the entire water right transactional process. An in-depth technical understanding of water rights combined with a business and economics background makes her one of the country’s leading experts in water valuation and water investment advisory. She maintains detailed water market transaction data and performs water valuations based on multiple valuation techniques. Lastly, Mrs. Stephenson advises investors in making decisions regarding water related investments. Contact: info@dmsnaturalresources.com Stephen R. Brown - Partner, Garlington Lohn & Robinson PLLP Stephen R. Brown is a partner with Garlington Lohn & Robinson PLLP, in Missoula, Montana where he concentrates his practice in environmental, natural resources, and energy law, including a significant water rights practice. Mr. Brown is a regular speaker at various environmental seminars and teaches several natural resource courses at the University of Montana School of Law. His professional memberships include the Environmental and Natural Resources Sections of the Montana and Oregon Bars, the Rocky Mountain Mineral Law Foundation, and the American Bar Association Section of Environmental, Energy, and Resources. Mr. Brown is recognized in the publications Best Lawyers in America; Chambers USA: America’s Leading Lawyers for Business; the American College of Environmental Lawyers; and Rocky Mountain Super Lawyers. Contact: www.garlington.com John Childs, PhD - President and Senior Geologist, Childs Geoscience Inc. John Childs has a PhD in geology and more than thirty five-years of experience in regional, district, and head-frame exploration. He has extensive US and international experience including surface and underground mine geology. Childs has had a role in metals and industrial minerals discoveries, as well as good managerial and field skills, including management of exploration programs in challenging cultural and logistical situations. John is a Registered Geologist and Qualified Person under NI 43-101. Contact: jfchildsgeo@msn.com Joshua Cook - Partner, Crowley Fleck PLLP Joshua Cook is a partner in Crowley’s Energy, Environment, and Natural Resource Department. His primary areas of practice are mining, Indian law, and oil and gas law. Joshua handles complex mining matters, including patented and unpatented claim disputes, large-scale due diligence of both mining and oil and gas properties, property acquisitions and dispositions, title examinations, as well as permitting and environmental issues. He also assists clients with mineral development projects on Indian lands and challenges to tribal jurisdiction. He also assists pipeline, transmission line and mineral development companies with right-of-way issues and condemnation proceedings. Joshua graduated with his Juris Doctorate from Gonzaga University School of Law in Spokane, Washington and obtained his Bachelor of Science Degree in Business Management and Finance from Brigham Young University in 2007. Contact: jcook@crowleyfleck.com

CONNECT TODAY

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MONTE LYONS NAMED MANAGING DIRECTOR Lyons takes the reins from Bozeman, Montana-based Hall and Hall Partner Joel Leadbetter. “I cannot think of a better person than Monte Lyons to be Hall and Hall’s next Managing Director,” said Leadbetter. “His history and broad knowledge in the real estate business spans from traditional brokerage and auctions to lending and land management. Monte’s deep Texas roots will greatly help us expand our reach down there, as well.” Upon being named Managing Director, Lyons commented, “I hope to provide close to the same vision and guidance for sustained growth of all of our business lines that Joel has provided the last several years, and Jim Taylor and Doug Hall before him,” said Lyons. “I’m excited and grateful for the opportunity to be part of the leadership of a company with such an outstanding 70-year history.”

NEW REAL ESTATE TEAM MEMBER JAY LEYENDECKER LAREDO, TEXAS Jay was born, raised and currently lives in Laredo, Texas, where his family has resided since the 1860s. He earned a bachelor's degree in Business Administration at Texas A&M International University and a two-year wildlife management degree at SWTJC in Uvalde, Texas. He is fluent in Spanish and can speak Afrikaans. A game enthusiast with over 18 years of field experience in Texas wildlife management, habitat management, wildlife breeding and game capture, Jay is a trusted consultant to new and longtime landowners and managers statewide. With his deep-rooted South Texas heritage and passion for the land, wildlife and agriculture, it was only natural that he transition into ranch real estate brokerage. Contact info: 956.771.4255; jay@hallandhall.com.

FEATURED AUCTION

MAJESTIC HIGHLANDS OF ASHEVILLE™ Asheville’s Premier, High-Elevation, Mountain-Top Property

SEALED BID AUCTION Sealed Bids - Due June 12th, 2017

THE MAJESTIC HIGHLANDS OF ASHEVILLE™ ASHEVILLE, NORTH CAROLINA | 795± ACRES

Qualified bidders will be contacted by June 14th and invited to attend a live auction to be held on June 21st.

This property includes a 663-acre tract consisting of a very large and unique mountain-top bowl surrounded by spectacular ridgelines about its perimeter and a 113-acre tract comprised of natural forest filled with mature hardwoods, hiking, nature and equestrian trails and tremendous scenic beauty. A 10-acre tract that abuts the 663-acre tract includes what was historically known as Lake Tsuga, an unusual, high-elevation, 8-acre lake perfect for canoening, kayaking, fishing, fly-fishing and swimming.

CONTACT OUR AUCTION DEPARTMENT TODAY TO REQUEST A FULL BROCHURE AND INFORMATION PACKET!

SCOTT SHUMAN

AUCTION MARKET NEWS

AUCTION DEPARTMENT ANNOUNCEMENTS

Hall and Hall Auctions ended the 2016 selling season with sizable auctions in Kansas and Nebraska. The farm belt remains stagnant with very few properties on the market. Sellers are holding tight, given low commodity prices and anticipated changes with the current administration. The general outlook in the agriculture community remains positive. We are excited to bring to the market the Majestic Highlands of Asheville™ which is a very unique offering of 795± acres near Asheville, North Carolina. We are also evaluating several other properties for Summer 2017 auctions.

Rob Hart, who handles our auction operations, was recently elected to the Board of Directors for the Colorado Auctioneers Association during their January convention. During the same event, Hall and Hall Auctions was given an award for top brochure in the Farm and Ranch category.

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NEW ADDITION TO OUR AUCTION DEPARTMENT Recently we have had exciting news in the auction department. Foremost is the addition of Tomi Jo Daniels. Tomi grew up in Ogallala, Nebraska and is instrumental in developing our property information packets for prospective buyers. She also handles our travel logistics and keeps her thumb on the pulse of compliance issues for the many states we operate in. She and her husband Jason make their home in Windsor, Colorado.

INVENTORY INDEX

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FEATURE ARTICLE

First

i n a s e r i e s o f a rt i c l e s on the complex issue of wat e r r i g h t s i n t h e W e s t .

A WESTERN STATES PERSPECTIVE ON WATER RIGHTS BY DEBORAH STEPHENSON AND STEPHEN R. BROWN

Average Annual Precipitation & Water Right Doctrines

Water is a scarce resource in most of the American West.

Therefore, access to sufficient water will make a ranch or farm property more valuable than it would be otherwise. However, it is important to note that, simply because a particular property includes flowing streams or is crossed by irrigation ditches, it does not necessarily mean that the owner has a right to use that water. To the contrary, one should also remember that, if the property owner has a water right, it does not necessarily mean the water right is valid, usable, or defensible. In western states the water resource is publicly owned and the right to use that water is governed by the Prior Appropriation Doctrine, one of the oldest and most complicated systems of resource allocation in the western United States. Although all western states follow the basic rules of prior appropriation, each state has its own nuances based on a long history of statutes and court decisions.

Prior Appropriation States Riparian States

Average Annual Precipitation 9.5

Inches

63.7

Source: ESRI Basemap, US Census Bureau, NOAA Created 01/27/2017

The Prior Appropriation Doctrine starts from the premise “first in time is first in right.” Under this basic rule, during times of water shortage on a particular stream, those property owners holding water rights with priority dates later than others using the same source of water (junior rights) must curtail their water use when water users with earlier priority dates (those with senior rights) lack sufficient water.

KEY TERMS All western states follow the basic rule of PRIOR APPROPRIATION: “first in time is first in right.”

APPURTENANCY

Missouri River

Columbia River

Sn a

ke R v er i

This enables property owners miles away from a water source to obtain a water right and bring water to their property. This is what distinguishes western water law from the system of riparian rights prevalent in the eastern United States, where rights are based on water flowing through a property.

The first underlying concept Prior Appropriation States of the Prior Appropriation Doctrine is Appurtenance, which is what distinguishes western water law from the system of riparian rights prevalent in the eastern United States. In riparian states, property owners may use streams flowing through their property simply by owning property adjacent to the stream while the western Prior Appropriation Doctrine only considers whether water is put to use on the property, not whether the property is adjacent to the water source. M iss

Plat te R

iss

pi R

ive

iver

lora

e Riv do

Rio G

“Use the water or lose it” is a key element of western water law.

UNPERMITTED USES

The identification of water use on a property that is undocumented is also important and should always be part of the due diligence process.

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DOCTRINE OF ABANDONMENT

iv e

This is the basis upon which water rights are claimed under the prior appropriation doctrine.

de R

BENEFICIAL USE

Prior Appropriation States* Riparian Doctrine States

*Primarily based on the Prior Appropriations Doctrine

Source: ESRI Basemap, US Census Bureau Created 01/26/2017 by DMS Natural Resources

In other words, western water law recognizes the right to bring water to a property through ditches and pipelines, at which point it becomes appurtenant to the property where it is put to use. This is why it is common to see pivots and other types of sprinkler irrigation systems that are several miles from a reliable source of water. Once a water right is established on a property, it remains appurtenant to that property unless or until that right is severed and moved or is lost through non-use.

INVENTORY INDEX

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The second underlying concept of the Prior Appropriation Doctrine is Beneficial Use. Beneficial use is the basis under which water rights can be filed under the Prior Appropriation Doctrine. While each state defines beneficial uses through its own rules and court decisions, this doctrine mandates that water cannot be diverted or held for a use that is not determined to be “beneficial.” For example, western water law does not recognize the right to hold water for purely speculative reasons. A water right owner is entitled to divert from a stream only an amount of water that can be used “beneficially.”

A third key feature of the Prior Appropriation Doctrine is Abandonment, commonly referred to as “use it or lose it.” While details vary from state to state, each prior appropriation state recognizes some form of the concept that if water is not put to “beneficial use” for a certain period of time, the right to that water is considered abandoned because of non-use. Abandonment laws are intended to assure that water, as a valuable public resource, is continuously available only to those who put it to beneficial use. It is important to note that once a water right is abandoned, the right is lost forever.

These three principals then—Appurtenance, Beneficial Use and Abandonment—constitute the heart of the Prior Appropriation Doctrine which is the basis for all western water rights law. While the doctrine has its critics, it has demonstrated a remarkable resiliency to change. With that in mind, it is essential to identify and have a complete understanding of a property’s water assets prior to purchase by making it part of the broader due diligence process.

CASCABEL | NORWOOD, CO

FEATURE ARTICLE The process of identifying water assets on a specific property in the West varies by state and by type of water assets. These may include but are not limited to state based surface and groundwater rights, rule of capture groundwater, irrigation district entitlements, ditch company or water user association shares, and storage rights. Further complicating the process, each state maintains its own system of housing water rights information, and within each state there can be multiple entities that manage and maintain water asset information.

DUE DILIGENCE AND WATER RIGHTS

Having a clear understanding of water rights should be part of the broader due diligence analysis prior to the purchase of any property because of the impact water can have on the long-term value of the investment. At a minimum, such an analysis of water rights should include the following:

PAPER WORK REVIEW Existing documentation concerning water rights on the property should be thoroughly reviewed to determine the validity of the water rights. Such a review should include a determination as to whether the written document matches the operation on the ground. One needs to determine whether there are errors in the paperwork as well as what stage of the adjudication process the water rights are in. This analysis will determine what future expense might be involved in securing or maintaining water rights. RELIABILITY Reliability of water rights involves two issues— water availability and relative priority. Water availability is determined based on the quantities of water physically available for use in the stream or source throughout the period of use. Current property owners and ranch managers can be helpful in this regard as well the USGS and state and local agencies who maintain flow measuring devices. Relative Priority refers to the right to use the water based on the date the water was claimed, keeping in mind that a particular priority date is only meaningful when measured against the other priority dates on the same stream and the quantity of flow. For example, if a water right has a 1900 priority date, this might be the most senior right on the stream if all other water rights have priority dates after 1900. This remains true even if water rights on different nearby streams have priority dates older than 1900. Thus, even though a property may have an abundance of water rights “on paper,” they may only provide “wet water” based on physical availability as measured against the water rights of older priority date holders on the same stream.

PURCHASE NEGOTIATIONS AND WATER RIGHTS

DOCUMENTING HISTORIC AND CURRENT USE Determining historic and current use of water on a property enables a buyer to understand if the paperwork aligns with the operation. If the water rights are found to be utilized, one is protected against abandonment by confirming that the water has been put to beneficial use which is the underlying requirement for maintaining water rights in the West. The quality of historic and current use information may vary tremendously. Some property owners keep meticulous records, especially in areas where water use is contentious. Other areas may have Water Masters or Water Commissioners who are responsible for distributing the water and may maintain records. Some water users have no records in which case one needs to obtain use information and/or measure water use in other ways. IDENTIFYING UNPERMITTED WATER USES A comprehensive list of all water uses on a property such as livestock, wells, irrigation and domestic consumption needs to be cross referenced against water rights filings to determine if there are unpermitted uses. In some cases such unpermitted uses are exempt from filing or can still be filed on. Whatever the finding, the potential buyer needs to be aware of these unpermitted water uses. CONFLICT AND LEGAL REVIEW Because water is the lifeblood of many farming and ranching operations, any conflicts involving water rights–whether with neighbors or with regulatory agencies–need to be identified and, if possible, resolved prior to purchase. Even a neighborly conflict over water rights can escalate into a costly court battle and curtail operations for years.

Given the complexity of western water law and the difficulty of working with the various authorities in a timely manner, it is often not possible to resolve all issues prior to closing. However, it is critical to understand what is at stake and fold it into the purchase negotiation. Once issues are identified, sellers understand that they will have to deal with them regardless of the identity of the buyer. Consequently, it is usually possible to move ahead with a transaction in the absence of a final resolution on all water rights issues. In future western water rights articles, we will discuss state-by-state differences and hot topics.

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INVENTORY INDEX

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THE INSID

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S P RI NG | S U

E XCLUSIVE PROPERTIES S O M E T H I NG F OR E V E RY ONE

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DE TRACK

U M M E R 2 017 SOUTHERN ROCKIES

NORTHWEST

Idaho 20 Oregon 14 Washington 13 CALIFORNIA

Colorado

THE GREAT PLAINS

Oklahoma

144

29 SOUTHWEST

NORTHERN ROCKIES

Montana Wyoming

37 88

Arizona 151 New Mexico 154 Texas 157

SOUTHEAST / MIDWEST

Georgia Illinois North Carolina Tennessee

171 172 175 176

INTERNATIONAL

Chile Mexico

180 183

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NORT HWEST R E G I O N REGIONAL MARKET REPORT This winter has been one for the books with record snowfall and precipitation across many parts of the region. With snowpack levels remaining well above normal, we expect groundwater aquifers to recharge this summer and streamflows to remain strong through the irrigation season. Many of the Northwestâ&#x20AC;&#x2122;s reservoirs hit hard by several years of drought are full from late winter snowmelt and rainfall, guaranteeing season-long water for farmers and ranchers dependent TRENT JONES upon impoundments for their irrigation needs. The most active segment of the regional ranch market last year involved properties in the $1 million to $3 million range. In fact, Hall and Hall found buyers for nearly its entire inventory of Northwest ranches in this price category in 2016, with the majority of these sales occurring in the fall quarter. Buyers for recreation ranches were more active in 2016, looking for quality, well-priced properties in good locations with live water and wildlife resources. We expect to see growing interest from this same group in 2017. Buyers for working ranches continue to be driven by the economics of an operation and, with the pullback in cattle prices, remain cautious and value-driven. There is ongoing strong demand from buyers for balanced, mid-sized operating ranches, but these properties are in extremely tight ownership with few opportunities coming to market.

WASHINGTON PHOTO GALLERY Among the largest properties available for purchase in the Northwest, Idlewild Canyon is an expansive mountain ranch encompassing nearly 19,000 deeded, contiguous, undeveloped acres with commercial timber, seasonal grazing, recreation, and prominent views of the nearby Cascade Range. The property stretches across the southern face of the Simcoe Mountains 12 miles northeast of Goldendale, WA, county seat for Klickitat County, and 15 miles north of Interstate 84 and the Columbia River. Extensive paved road frontage on US Highway 97 and Box Canyon Road provides easy access to the region's largest communities including Seattle (four hours), Portland (two hours), Yakima (one hour), and the Tri-Cities (two hours). $20,000,000

IDLEWILD CANYON GOLDENDALE

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INVENTORY INDEX

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OREGON

PHOTO GALLERY Owned and operated by the same family for over 80 years, this reputation ranch runs across 32,700Âą contiguous, deeded acres and is highly regarded for its privacy, careful management, extensive grazing resources, and diverse wildlife populations, which include Boone & Crockett caliber elk, deer, and antelope and large numbers of chukar and quail. The ranch ranges in elevation from 2,000 feet at Cow Valley to 6,500 feet atop Juniper Mountain and encompasses a variety of landforms, from deep canyon breaks and expansive native grasslands to rugged highlands with sweeping views of eastern Oregonâ&#x20AC;&#x2122;s high desert. Improvements are operational in nature and include staff housing, working facilities, and well-maintained perimeter and interior fencing. $12,500,000

DAVIS LAND & LIVESTOCK IRONSIDE

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OREGON

PHOTO GALLERY Located 10 minutes north of Crane and 30 miles southeast of Burns, the JMK Ranch is a quality commercial hay operation consisting of 2,230Âą acres in a contiguous unit. The ranch features 1,125Âą acres irrigated by nine center pivots, six of which are planted to alfalfa and three transitioning to alfalfa. The ranch produced organic hay until two years ago and is now being fertilized and working toward three cuttings with yields of four to five tons per acre. Eight of the pivots are Valley brand (the most recent one installed in 2011), while the ninth is a Zimmatic installed in 2015. Irrigation water comes from eight wells interconnected through a buried mainline system. Wells pump between 500-800 gpm and depths are in the 300' to 600' range. $4,500,000

JMK RANCH CRANE

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OREGON PHOTO GALLERY With roots in the Miller-Lux cattle empire of the 19th century, this expansive cattle and hay operation encompasses 52,445± deeded acres in the Malheur River basin of eastern Oregon near the small ranching community of Crane, an hour southeast of Burns. With an emphasis on premium beef production, the ranch currently runs 1,225± breeding cows plus bulls with capacity for 1,525± cows and produces excess hay on 1,500± acres, including 1,125± acres under 9 Valley and Zimmatic center pivots. Abundant water features and improvements include reservoirs, year-round creeks and streams, irrigation and stock-water wells, springs, ponds, playas, and range developments. The ranch is modestly but practically improved. $20,000,000

MCEWEN RANCH AND CATTLE COMPANY CRANE

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IDAHO PHOTO GALLERY Only 10 minutes to the commercial airport in Hailey, this stunning 1,550-acre operating and recreational ranch is easily accessible to the year-round resort amenities of Sun Valley, yet it instills a sense of being a world away. The ranch is meticulously maintained and features an outstanding set of residential and ranch improvements, including a 5,885 square foot owners residence, managers home, employee housing, horse barn, hay and machinery storage, and cattle handling facilities. Excellent water rights and a gravity-flow irrigation system support the ranchs lush hay fields and pastures. The propertys diverse topography and numerous water features, including a year-round spring creek and several spring-fed lakes, offer habitat for elk, mule deer, grouse, chukar and numerous other wildlife species. $9,750,000

EE-DA-HO RANCH SUN VALLEY

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This iconic property is one of the great real estate holdings in the Sun Valley area that features 1.8 miles of the world famous Silver Creek. Susie Q Ranch is located near Picabo, Idaho in the Silver Creek Valley, home to The Nature Conservancy’s 900± acre preserve and 10,000± acres of adjacent protective easement. The ranch consists of 537± deeded acres, combining working agriculture and the best in recreational opportunities within a 40 minute drive of the Sun Valley Resort. Improvements include a 5,800± sq. ft. lodge, three residential homes, a creekside cabin for entertainment, 12,000± sq. ft. indoor equestrian arena and numerous agriculture structures. The Susie Q is a truly unique property that combines the best of all worlds. $9,500,000

PHOTO GALLERY

SUSIE Q RANCH SUN VALLEY

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IDAHO The strikingly beautiful and extremely private Gwin Springs Ranch is located in its own red rock canyon totally surrounded by federal land managed by the Bureau of Land Management (BLM). The ranch consists of 560± deeded acres including 240± acres of dryland hay. Running the length of the ranch, Thorne Creek originates from springs at the head of Thorne Creek Canyon and provides water to four trout ponds on the property. There are deeded water rights from Thorne Creek, ground water wells and several developed springs. Improvements are well cared for and include a 3,820± sq. ft. owners lodge, 1,000± sq. ft. guest house, 1,700± sq. ft. barn with storage and shop area, as well as loafing sheds, corrals, and additional equipment storage. $1,950,000

GWIN SPRINGS RANCH GOODING

PHOTO GALLERY

This rare “inholding” ranch is surrounded by public lands 35 miles northeast of Sun Valley over Trail Creek Pass. Consisting of 731± deeded acres, the property sits at the base of 10,000-foot Jerry Peak adjacent to the recently designated Jim McClure-Jerry Peak Wilderness Area and offers panoramic views of the upper Lost River Valley and the massive Lost River Range, which encompasses the state’s highest peaks. The ranch is completely private and provides direct access to some of the best big game hunting in the state. Given its size, the ranch qualifies for tags through the state’s Landowner Appreciation Program to hunt deer, elk and antelope in the area. Top notch fishing for rainbow and cutthroat trout is only minutes away on the Big Lost River. $2,200,000

LOST PEAKS RANCH CHILLY

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PHOTO GALLERY INVENTORY INDEX

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IDAHO

PHOTO GALLERY Spanning 12,900± deeded, contiguous acres in the foothills of western Idaho, Little Willow Creek Ranch is the headquarters and winter base for a longstanding and locally owned year-round ranching operation. In addition to its deeded acreage, the ranch controls a 640± acre state grazing lease, which the property surrounds, and an adjoining 2,000± acre Bureau of Land Management (BLM) grazing allotment. Little Willow Creek, a year-round tributary to the Payette River, flows for over three miles through the heart of the ranch and supports a vibrant riparian zone loaded with pheasant, quail, waterfowl, and mule deer. The ranch raises hay on approximately 500 acres using decreed water rights and water shares in the Little Willow Irrigation District. $9,500,000

LITTLE WILLOW CREEK PAYETTE

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IDAHO

PHOTO GALLERY Sierra del Rio Ranch is a year-round cattle operation that combines productive irrigated cropland, convenient winter range, and highly reliable summer pasture. Currently running 500± mother cows and 100± replacement heifers, the ranch has a reputation for producing the highest quality calves that consistently bring top prices in the marketplace. The setting for the ranch represents the best of southern Idaho's diverse landscapes. Sierra del Rio consists of two operating units. The home ranch at Sinker Creek is located 12 miles southeast of Murphy, the county seat for Owhyee County, and 1.5 hours from Boise. Consisting of 1,070± deeded acres, Sinker Creek Ranch occupies its own secluded canyon and is surrounded by federal lands. $5,000,000

SIERRA DEL RIO RANCH MURPHY

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CALIFORNIA REGIONAL MARKET REPORT

BILL MCDAVID

While the drought may not be officially over, it is undoubtedly heading in that direction with all the precipitation that has been making national headlines in the Golden State. Since the election, rural lands in California seem to have picked up the pace considerably but it is too early to tell whether this will be a lasting change. While orchards have come off their highs of a year or two ago, we expect a strong year in 2017 throughout most market segments in the largest state on the West Coast.

CALIFORNIA

PHOTO GALLERY Las Piletas Ranch is a 13,570± deeded acre working cattle ranch in the hills that rise on the west side of the Carrizo Plain. The landscape is a diverse topography with flat lands, unique and curious rock formations, oak woodlands, canyons, and rangelands rising into La Panza Mountain Range. One of the most extraordinary features of this ranch is the presence of a large waterfall on one of the creeks flowing through the property. The ranch is comprised of two large units connected by a BLM lease. Current operations involve leasing 1,250± acres to a local barley farmer while the owner maintains a herd of cattle. Historically, the ranch has run 350 cows on a yearround basis. Wildlife populations are strong including deer, bear, turkey, quail, wild boar and antelope. $17,250,000

LAS PILETAS RANCH SANTA MARGARITA

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CALIFORNIA

PHOTO GALLERY The vast Caliente Ranch consists of nearly 7,300 deeded acres on the eastern edge of Walker Basin in Kern County, California approximately 45 miles east of the county seat of Bakersfield and 135 miles north of Los Angeles. Situated in the Tehachapi Mountains at the convergence of the Sierra Nevada and Sierra Madre ranges, this diverse property features a mix of black oak woodlands, grasslands, chaparral, and pine forests and is home to a variety of wildlife including mule deer, black bear, mountain lion, and a host of bird species that utilize these mountain habitats throughout the year. The ranch borders federal lands managed by the Bureau of Land Management (BLM) and lies within one mile of the Sequoia National Forest. $1,899,000

CALIENTE RANCH TWIN OAKS

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CALIFORNIA PHOTO GALLERY This ranch is pure fun. The climate in San Diego County is undoubtedly among the most comfortable on the planet and the improvements at Los Robles Ranch are designed to accentuate the enjoyment of that climate. With a main home styled after the architecture of the estancias of Argentina, the ranch sets the stage for a lifestyle of rustic sophistication. A massive 19-stall barn with associated amenities including everything from a hot walker to an outdoor dressage riding arena makes this an equestrian's dream. It is next to impossible to find a holding of this size in San Diego County. With 640Âą acres in 8 legal parcels, there is breathing room for the largest appetite for solitude. Other improvements and amenities include two guest homes, two caretaker homes, skeet range, Go-Kart track, two fishing ponds, and "pool pond". SOLD

LOS ROBLES RANCH SAN DIEGO

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FEATURE ARTICLE

SPLIT ESTATES

THE IMPACT OF MINERAL RIGHTS ON PROPERTY VALUES AND USE BY JOHN CHILDS AND JOSHUA COOK

THE BIG PICTURE DO YOU KNOW WHAT YOU REALLY OWN?

A basic understanding of mineral rights can be important to evaluating your property. One common source of confusion when buyers or landowners contemplate value is the concept of the split estate. “Split estate” refers to the separation of surface and mineral ownership, whereby two or more individuals own separate rights in the same land. Split estates are quite common throughout the American West, and many landowners do not even realize that their homes, businesses, or ranches are subject to the mineral rights of third parties. Understanding the relative rights of split estate owners, knowing where mineral ownership may be uncovered, and understanding how to investigate the likelihood of mineral development, can help landowners negotiate risks and properly assess land values.

Split estates come in several forms. With regard to private lands, split estates commonly result from a prior owner’s reservation of mineral interests or prior transfer of rights to a third party. Such transfers or reservations occur in deeds, leases, royalty carve-outs, assignments, or other documentation throughout the chain of title. These can generally be found at the office of the local county clerk and recorder. While surface ownership may usually be verified by simply looking up tax records or visiting the possessor of the property, determinations of mineral ownership require a much deeper investigation. It should also be noted that under most state laws the mineral estate is considered dominant over the surface estate, which means that once a mining project or oil and gas operation is properly permitted, the rights of the mineral owner may take precedence over the surface owner’s operations or use of that land. The rights of private surface owners relative to those of mineral and royalty holders has been a topic of much discussion and litigation over the years.

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Another form of split estate ownership occurs when minerals have been retained by the federal government. Many lands in western states were previously transferred into private ownership through patents. These patents were issued under congressional acts like the Stock-Raising Homestead Act of 1916. Some of these historic laws and patents reserved mineral rights to the federal government. As a result, StockRaising Homestead Act lands, for example, are subject to the location of mining claims by third parties. These lands may also be subject to the possibility of leases if the government grants leasehold rights to third parties. Determining whether your property was patented under the Stock-Raising Homestead Act, or some other law whereby the federal government reserved mineral rights, would be advisable prior to committing substantial investment in surface operations. The StockRaising Homestead Act provides specific protections to surface owners, but those who are unaware of these provisions may find themselves at a disadvantage in the event of mineral entry or development. Master title

plats and federal patents can reveal whether the federal government holds mineral rights to your particular piece of property. These may be obtained from the Bureau of Land Management for review. As a general rule, title policies and commitments from title insurance companies do not insure surface owners against possible mineral development. Some title companies are still willing to run mineral ownership reports which is one way of finding out who owns the mineral estate. However, these reports come with no guarantees and virtually all title companies specifically list mineral ownership and mineral rights as an exclusion to their insurance coverage. Another way to determine mineral title and evaluate ownership risks would be to hire a landman or a title lawyer who can assist with a review of public title records. Title opinions issued by a law firm are supported by that firm’s malpractice insurance, and landmen often have extensive experience reviewing and interpreting mineral ownership issues in the county records. Their reports are usually quite comprehensive and dependable.

– Lake Oswego, Oregon (Photo courtesy of Marcie Smith and the City of Lake Oswego)

One way to evaluate your property and understand the possibility of mineral development is to retain the services of a geologist, mining engineer or other mineral resource specialist. These professionals, trained in geologic mapping and mineral identification, can evaluate your land to identify likely mineral deposits beneath the surface and the possibility of future mineral development. It is not uncommon, in split estate situations, for both the surface and mineral owner to fully enjoy their property rights without interference from the other. New technologies and advancements in the mineral extraction industry benefit many who might otherwise be adversely affected. As just one example, most horizontal drilling, currently taking place in North Dakota, extends up to two miles underground. The result of this development is that surface lands are rarely disturbed even though petroleum products are being drained from beneath the surface. Similar types of accommodations are often made by mining companies. Knowing that these accommodations exist is helpful when a landowner is approached by a developer of the mineral estate.

– The quarry amphitheater, University of California, Santa Cruz, California. (Photo courtesy of the University of California at Santa Cruz)

– Butchart Gardens, Victoria, BC, Canada (Photo courtesy of The Butchart Gardens)

It should also be noted that just because lands were once mined or disturbed by mineral operations does not mean those lands are useless. Strict reclamation and permitting requirements imposed by both state and federal governments require mineral developers to fully restore lands to their original condition. In some respects, surface owners may also have the opportunity to participate directly in this reclamation process. Depending on the natural state of the land, and the commodity mined, it is possible to fully mine a valuable deposit and subsequently develop other valuable resources within the mined area. An example where this has occurred is Lake Oswego, Oregon where a former iron mine was transformed into an area of high-value real estate. Other examples include the Butchart Gardens in Victoria, British Columbia and the Quarry Amphitheater on the campus of the University of California, at Santa Cruz, both of which were originally limestone quarries. In short, most lands throughout the West consist of split estates. Prudent buyers and owners today begin with an assessment of whether there is potential for mineral development in the area of their property. If there is that potential, then one needs to undertake the analysis outlined above to determine mineral ownership and what the impacts might be. The existence of a mineral deposit beneath your property does not necessarily mean your land cannot be fully enjoyed. It is important to keep in mind that mineral developers are generally required by law to pay damages, and these can be significant. Also useful roads and water development can be beneficial to ongoing agricultural operations.

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NORTHERN R O C K I E S R E G I O N REGIONAL MARKET REPORT Our Northern Rockies ranch market continues a healthy, stable course. In contrast to the growth in Hall and Hall sales, market-wide sales in 2016 were down slightly as compared to 2015. This decline can be attributed to inventory shortages in certain categories, and smaller average transaction size. Sales under $3 million made up nearly 50% B ELFLAND of the Montana market in 2016. Buyer interest has increased since last fall, with activity across all categories. Tight supply continues for recreational ranches under $4 million and large-scale production ranches. The $5 to $15 million recreational ranch category demonstrates the greatest supply and most competitive environment. Thus far, the decline in cattle prices has not been reflected in the pricing or availability of production cattle ranches.

MONTANA PHOTO GALLERY Located at the confluence of the Birch Creek and Little Birch Creek drainages a few miles south of the scenic Bears Paw Mountains, Birch Creek Ranch is comprised of 15,155± acres (10,914± deeded, 3,597 BLM lease, and 644± state lease). The ranch is owner rated at 450 AU for seven months with the ability to expand by converting 1,742± acres dryland grain and 518± acres CRP to grazing. Ranch improvements include two residences, each with a nearby machine shop and calving barn plus a shop and corrals, and approximately six miles of pipeline. The ranch lies 30 miles southeast of Big Sandy, in an area known for strong grasses and good crop yields, approximately an hour from Havre, and one hour and forty-five minutes from Great Falls. $7,200,000

BIRCH CREEK RANCH BIG SANDY

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MONTANA

PHOTO GALLERY Bridger Passage Ranch is a 719Âą acre mountain foothill property located 25 minutes north of downtown Bozeman along the west face of the Bridger Mountains. The ranch offers varying, rolling topography inclusive of native range, dry cropland, irrigated pasture and an old-growth Douglas fir forest that extends through the riparian corridor. Mill Creek originates in the adjacent national forest in a high basin five miles above the ranch and crashes out of the mountains through this property over granite boulders, adding to the aesthetic amenities and providing irrigation water. The ranch boasts wide sweeping views over the Gallatin Valley and its surrounding mountain ranges from all areas of the ranch, including the modest residence which is perched on a hilltop overlooking the ranch. $3,750,000

BRIDGER PASSAGE RANCH BELGRADE

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MONTANA The Alice Basin Ranch includes 640± acres of solitude in the upper Blackfoot Valley 13 miles east of Lincoln, Montana. Adjacent to a massive block of public lands and consisting of a diverse mix of rolling hills, mature aspen stands, open meadows, wetlands and conifers, the ranch attracts large populations of elk, mule deer and whitetail. There are stunning vistas of Alice Creek Basin and the nearby Scapegoat Wilderness Area. Year-round recreational opportunities are abundant, with summer offering direct access into the Bob Marshall/ Scapegoat Wilderness complex and fall offering productive private hunting. Winter opens hundreds of thousands of acres to snow-based recreation, while the spring produces outstanding fishing. $1,200,000

ALICE BASIN LINCOLN

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This 1,138± deeded acre end-of-the-road mountain ranch with an adjacent State of Montana section adjoins the U.S. Forest Service and lies just over a mile from the wilderness boundary. The ranch consists of a series of mountain valleys characterized by aspen groves, open parks, patches of dark timber and bubbling mountain streams. Improvements include a massive 10,000± square foot log lodge with six comfortable bedrooms and huge common areas all designed to accommodate guests, a comfortable log caretaker's house, a barn, and a shop/equipment storage building. An attractive front gate and views dominated by the imposing Beartooth Front Montana's highest mountains - truly set the stage for a rare offering adjacent to the Custer National Forest. $7,500,000

BEARTOOTH MOUNTAIN RANCH FISHTAIL

PHOTO GALLERY 40

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PHOTO GALLERY Montana's Big Blackfoot River was immortalized in A River Runs Through It, and today one can still enjoy the epic salmonfly hatch that offers the climactic moment in Robert Redford's movie remake of Norman Maclean's novella. The Big Blackfoot River Ranch is a 612Âą acre, super-premium recreational retreat located in the heart of the Blackfoot River Valley outside of Ovando. With over a mile of some of the most coveted water in the western United States, the property offers the discerning fisherman trophy architecture, outstanding privacy, extraordinary wildlife values and ready accessibility to the university town of Missoula and its active commercial airport, 50 miles away. This is the most significant offering available on the river today. Reduced to $8,900,000

BIG BLACKFOOT RIVER RANCH OVANDO

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MONTANA PHOTO GALLERY Located 20 miles north of Big Timber, this primarily deeded 9,000± acre ranch features stunning views of the Crazy and Absaroka mountains, a 350± acre private lake, and over 6.5 miles of Sweetgrass Creek, one of the area's major trout fisheries. A wellbalanced 300± animal unit operating ranch with 292± acres currently being irrigated, an extensive riparian corridor and strong upland pastures, the Crazy Waters Ranch offers a synergistic blend of recreation and production. Wildlife on the ranch covers a broad spectrum and includes whitetail and mule deer, sharptail and sage grouse, pheasant, Hungarian partridge, antelope, turkey, sandhill cranes and raptors - not to mention the extensive waterfowl populations that grace the lake, ponds and streams. $12,750,000

CRAZY WATERS RANCH BIG TIMBER

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MONTANA PHOTO GALLERY Located 10 miles south of Livingston on the east side of the appropriately named Paradise Valley, the 1,750± acre all-deeded Dancing Wind Ranch occupies the prime location in the lushest and most beautiful section of the valley. It essentially runs from just off the main north/south highway at an elevation of 4,800 feet, where the operating headquarters and 495± acres of meadows are located, to the AbsarokaBeartooth Wilderness boundary at over 6,700 feet. The ranch lies between the Deep Creek and Pine Creek valleys and encompasses the entire Pool Creek valley from the point that it exits the national forest. The headquarters area includes two attractive homes, a shop, helicopter storage, calving barn and corrals that support the entirely self-contained 230± cow ranching operation. To reach the owner’s residence in the upper reaches of the ranch, the paved access road takes one up the Pool Creek valley and then climbs up out of the valley to an elevated meadow where the 8,100± square foot custom stone home and classic wood barn are dramatically sited over a springfed trout pond. The views up the canyon into the Absaroka Mountains are sensational from this vantage point. Dancing Wind is a magnificently improved operating mountain ranch in the most scenic part of the Montana’s most beautiful valley. Reduced to $12,000,000 DANCING WIND RANCH LIVINGSTON

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PHOTO GALLERY Featuring four miles of Clark Fork River frontage, oxbow lakes harboring large trout, USFS/State borders and healthy populations of whitetail deer and elk, the 1,559Â± acre Clark Fork Ranch is accessible year round 30 minutes east of Missoula, Montana via Interstate 90. The property has a manager's residence, a barn in good working condition and newer corrals and chutes.

Reduced to $2,950,000

CLARK FORK RANCH BEARMOUTH

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MONTANA Bridger Peaks Ranch is flanked to the west by the Bridger Mountains and the south by Battle Ridge. The 161± acres sit in a largely untouched valley amongst large, generational cattle ranches. The privacy is spectacular, only surpassed by the 360-degree views. Bridger Peaks Ranch provides the perfect setting for a vacation refuge or a yearround residence. Located 25 miles from Bozeman and only 2 miles from national forest access, you have a diverse cultural and entertainment hub and the vast solitude of the wilderness at your beck and call.

Reduced to $1,090,000

BRIDGER PEAKS RANCH SEDAN

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Cayuse Creek Ranch is located 20 miles north of Big Timber and consists of 4,137± deeded acres in one contiguous block. The ranch features stunning views of the Crazy and Absaroka mountains, five+ miles of Cayuse Creek, 1± mile of Spring Creek, and over 3 miles of Sweet Grass Creek, providing an owner with 9± miles of private fishing. The ranch is well-balanced, running 300± animal units with 1,129± acres irrigated with six pivots. With an impressive riparian corridor and strong upland pastures, the Cayuse Creek Ranch offers an interactive balance of recreation and production. Wildlife on the ranch covers a broad spectrum which includes whitetail and mule deer, antelope, sharptail and sage grouse, pheasant, Hungarian partridge, turkey, sandhill cranes and raptors. SOLD READ MORE... CAYUSE CREEK RANCH BIG TIMBER

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MONTANA PHOTO GALLERY Hundreds of elk call this 8,582± acre (5,022± deeded) ranch “home” year round. From its timbered foothills setting in the Helena National Forest’s Big Belt Mountains, the ranch overlooks its own irrigated hayfields and the nearby 26 mile-long Canyon Ferry Reservoir. Townsend is visible 15 miles away by state highway. Helena and Bozeman are 45- and 75-minute drives respectively. A large newer custom home shares this mountain setting and view, and a second home and two small newly rebuilt cabins complete the improvements.

Reduced to $8,500,000

G BAR T RANCH TOWNSEND

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MONTANA PHOTO GALLERY Located 12 miles east of Big Timber, running along 6 miles of the Yellowstone River and north into the foothills, the Hobble Diamond Ranch is a fully improved 1000-plus animal unit ranch. Operating on over 30,000Âą deeded and leased acres, the ranch boasts exceptional working improvements, 1,250Âą acres of irrigated cropland, extensive riparian areas along the river and thousands of acres of scenic foothill rangeland. This diversified self-contained operation also produces excess hay and grain to sell as cash crops when market conditions warrant. The owner's compound is located in the cottonwoods along the river in a very private setting. It is exquisite with a magnificent owner's home, guest cabins and bunkhouse. This offering is the complete package. $32,000,000

HOBBLE DIAMOND RANCH BIG TIMBER

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MONTANA The 3,070± acre Cove Canyon Ranch sits just 20 minutes west of downtown Billings. Straddling the watersheds of Canyon and Little Cove creeks in the Yellowstone River breaks, the ranch comprises a signature terrain of wide-horizon prairie, intimate coulees and sandstone grottos. Nighttime brings countless stars in a limitless sky and fastmoving weather. The ranch includes 2,340± deeded acres and a 640± acre land-locked state lease. Under conservation easement itself, and bordering neighboring land also under conservation easement, the property's easternmost 80± acres are uneased. In addition to an elegant 4-bedroom home with fine finishes, there is a 30X60 foot barn, built from reclaimed grain elevator timbers. $2,950,000 READ MORE... COVE CANYON RANCH BILLINGS

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The Engdahl Ranch has been owned and operated by the Engdahl family for over 80 years. This productive and well-managed grass ranch includes 15,797± acres of which approximately 11,257 are deeded; the balance consists of 3,900± acres of BLM lease and 640± acres of state lease. The ranch is predominantly native range with approximately 1,300 acres of productive dryland farm ground. There are significant stands of pine in the most northern reaches of the ranch as well as several seasonal drainages. Good water, strong forage and thick cover are the key ingredients that make this both a great livestock ranch and an outstanding hunting property for deer and elk. $4,900,000 ENGDAHL RANCH JORDAN

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Located just 20 minutes west of Bozeman, MT with easy access to Big Sky Resort and just a few miles from the Madison River, Elk Creek Ranch's 1,166.70Âą acres make up a strong agricultural base with excellent recreational opportunities. Elk Creek traverses the property for 2.9Âą miles, offering a small stream amenity and an irrigation source. The wetlands, grain and alfalfa attract deer, elk, upland game birds, waterfowl and a wide variety of other wildlife. The ranch has limited structural improvements and offers many private building sites for a new home or ranch compound, all with outstanding views of the nearby mountain peaks. $4,600,000

ELK CREEK RANCH BOZEMAN

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MONTANA PHOTO GALLERY The IX Ranch is a legacy ranch that is huge, has a long history of stable ownership and a highly respected reputation in reputation ranch country. Its central Montana location is 87 miles northeast of Great Falls and adjacent to the town of Big Sandy. The current owners are the second owners in the ranch's 126year history. This professionally managed operation runs a cattle herd of 4,300±. They traditionally go into the winter with around 3,200 bred cows and over 1,400 coming yearlings, mostly heifer calves, plus an appropriate number of bulls and ranch horses together with 5,000 tons of winter feed. The operation covers over 126,000± acres, of which 59,809± is deeded and the majority of the balance being state grazing leases. It is well and appropriately improved. $69,500,000

IX RANCH BIG SANDY

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MONTANA PHOTO GALLERY This spacious, white pine log home is nestled on 90Âą acres of forest and meadows in the incredible Swan Valley in west central Montana. The property rests within the incomparable Crown of the Continent, the grandest and most intact ecosystem in the lower 48 states. This 4,750Âą square foot rustic but elegant home sets the standard for construction quality, having been featured in "Log Home Living Magazine." The home features a large impressive great room with a 35-foot cathedral ceiling, a huge glass prow, and imposing hammer mill truss. Woven deep into Montana's history, copper adorns spacious kitchen countertops. The kitchen cabinets were forged from the train trestle supports salvaged from the Great Salt Lake. The large flooring planks came from a train depot on eastern Montana's High-Line. $1,700,000

HOLLAND PEAK RETREAT CONDON

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PHOTO GALLERY Tucked away in the gentle fold of a grassy valley in one of the most pristine watersheds in the lower 48 states is the Lone Cypress Ranch, 301Âą acres with three trout-filled ponds and an extensive set of luxury improvements ideally suited for a mountain retreat. The master residence - a stately and expansive log home - is situated to provide maximum privacy, occupying a choice location adjacent to the three-quarter-mile common boundary with the Bitterroot National Forest. Large migratory elk herds frequent the property, especially during the fall when cool weather brings them out of the high country. Extensive equestrian improvements and guest facilities further enhance the overall utility of this property, located just outside of the town of Sula at the southern end of the Bitterroot Valley. $4,500,000

LONE CYPRESS RANCH SULA

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MONTANA Medicine Lodge Mountain Cabin is nestled against the Bitterroot Mountains in southwest Montana's Medicine Lodge Valley. The cabin sits at approximately 7,600 feet in elevation, just below the Continental Divide, which follows the peaks of the Bitterroot Range just a few miles away. The ranch's 680Âą acres are bordered on three sides by public lands, providing immediate access to Montana's Beaverhead-Deer Lodge National Forest and Idaho's Salmon National Forest on the west side of the Divide. Erickson Creek flows past the very comfortable 3-bedroom, 1.5 bath western log cabin which was constructed using on-site and reclaimed materials. A private access easement contributes to the privacy of this secluded mountain setting making it a dream destination. READ MORE... $1,250,000 MEDICINE LODGE MOUNTAIN CABIN DELL

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Nestled in a line of timber with its back to a creek, the 669Âą acre Montana Mountain View Ranch sits in an iconic location on Kleinschmidt Flat in the upper Blackfoot River Valley. Used as an outfitting base for the last fifty years in the adjacent Bob Marshall and Scapegoat Wilderness areas, this is an ideal property for the backcountry enthusiast devoted to an equestrian or outdoor lifestyle. The property contains a home, bunkhouse/guest lodging and mobile home for hired hands, along with additional infrastructure for horse management and outfitting. Kleinshcmidt Flat is a unique location within the Blackfoot Valley of western Montana, with sweeping views across steppe-like flats that lead abruptly to the towering scarp of Echo Mountain. Reduced to $1,250,000 READ MORE... MONTANA MOUNTAIN VIEW RANCH OVANDO

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MONTANA PHOTO GALLERY The Lazy E Bar Z Ranch is exactly what people dream about when they dream about Montana. In this classic Swan Valley setting, the snowcapped peaks of the Mission and Swan mountain ranges flank the Swan River as it flows through this 165Âą acre property with two log homes situated next to a trout pond. One home is an historic home built in 1917 when the Swan Valley was the edge of the earth. A newer custom log home built in 2000 serves as the owner's home while the other is a great guesthouse for family and friends. Other improvements include a large two-car garage, an airplane hangar, two barns and good perimeter fencing and cross fencing. A 2,300 foot well-maintained grass landing strip makes access plain and simple for the private pilot. $2,800,000

LAZY E BAR Z RANCH CONDON

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MONTANA PHOTO GALLERY Located approximately 60 minutes' drive east of Billings, this 800-plus AU balanced ranch lies in Montana's finest ranching country. Running on approximately 22,670 acres, of which 14,270± are deeded, the ranch is conveniently located 10 minutes from Crow Agency adjacent to U.S. Highway 212. The ranch features high-quality and well-kept residential and agricultural improvements, productive farm ground, improved pasture, ample stock water, strong native grasses and a strong recreational component based upon good populations of pheasants and upland birds. It features three comfortable homes from 1,400± to 3,200± square feet to go along with the very complete operating facilities. Excellent interior ranch roads allow for easy access. $12,850,000

MILLER CATTLE COMPANY CROW AGENCY

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MONTANA Located just nine miles north of Big Timber, MT, along four miles of Otter Creek, Otter Buttes Ranch offers a pleasing combination of working ranch and recreational amenities. The ranch's 3,201± deeded acres are comprised of lush creek bottom, grassy coulees, and rugged breaks that provide habitat for an abundance of wildlife. Eight center pivots are positioned along the Otter Creek drainage, irrigating approximately 270 of the ranch's 446± irrigated acres. The early 1900s five-bedroom farmhouse has been fully renovated and highlights the picturesque owner's compound which also includes a ranch office, garage, shop, outdoor swimming pool, and other outbuildings. $3,950,000

OTTER BUTTES RANCH BIG TIMBER

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Quagle Creek Ranch lies at the base of the Bridger Mountains 20 minutes from Bozeman, MT. The property shares a common boundary with the USFS and offers long, scenic views. There are 404± deeded acres including 196± acres of farm ground with 98± acres under a gravity-fed pivot. It lies in one contiguous block consisting of timbered hillsides, rock canyons, mountain meadows and cultivated fields. Numerous vantage points offer big views of the surrounding mountain ranges and the valley below. A small creek flows through the ranch providing habitat for an abundance of wildlife including elk, mule deer, antelope, bear, mountain lion, Hungarian partridge and mountain grouse. The property is protected by a conservation easement. $2,400,000

QUAGLE CREEK RANCH BELGRADE

PHOTO GALLERY 64

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PHOTO GALLERY The 8,200-plus acre Rosebud South Ranch lies immediately east of State Highway 314, approximately 45 miles north of Sheridan, Wyoming. It consists of a series of coulees and small valleys that rise from the Rosebud Creek valley to the high divide that separates the Rosebud Creek valley from the Tongue River valley. This is reputation grass country watered by natural springs that puts big gains on calves and yearlings. The natural geography of this country with its brushy draws and lightly timbered hillsides also offers great cover for wildlife, and the ranch has good populations of mule deer and growing populations of elk - not to mention good upland bird habitat. Dryland hay can be cut on 68Âą acres of meadows, but this is primarily an unimproved grass ranch with no structural improvements. $5,000,000

ROSEBUD SOUTH RANCH KIRBY

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MONTANA PHOTO GALLERY Miller Lake Ranch represents a unique opportunity to effectively own your own national park. This 10,000Âą acre alpine ranch includes the tops of two 10,000-foottall granite peaks and miles of the Continental Divide. Rock ridges loom 1,500 feet above the timber, lakes and creek of this dead-end mountain valley. Privacy is here in the extreme. Wolves, bears, elk, deer, sheep and moose all summer here. Cutthroat trout fill the lake. Winter is deep in snow and pristine. Yet, for all its seclusion, the Miller Lake Ranch is located surprisingly close to airports, interstate, towns, hospitals and supplies.

$22,000,000

MILLER LAKE RANCH ANACONDA

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MONTANA

PHOTO GALLERY When the pioneers first arrived in the west, they had the distinct advantage of picking the best spots in any particular valley to establish themselves. The Shorthill Homestead exemplifies this, as it is tucked in along a heavily wooded creek in the foothills of the Absaroka Beartooth Wilderness in the aptly named Paradise Valley. The original stone wall erected by David Shorthill memorializes this discovery from well over a century ago. This highly scenic equestrian and recreational retreat is located 20 minutes south of Livingston and 40 minutes from Main Street Bozeman. A four-bedroom, four-bath custom log home and fourstall heated horse barn complement this property along with a pond stocked with native cutthroat trout. $2,790,000

SHORTHILL HOMESTEAD LIVINGSTON

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The Rocking Four A Ranch consists of 1,027Âą acres bordering the Bitterroot National Forest, located on the coveted west side of the Bitterroot Valley. Offering a scenic redoubt among some the strongest wildlife populations in the west, the property provides immediate access to a full array of goods and services while providing privacy and seclusion. Located five minutes from historic Stevensville and 35 minutes from Missoula and its commercial air service, the Rocking Four A offers the best of both worlds - worldclass western scenery and lifestyle in a location where modern conveniences and strong school districts are readily available. The property has outstanding hunting for elk, whitetail and turkey and supports a herd of around 150 head of cattle on a seasonal basis. Reduced to $7,250,000

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ROCKING FOUR A STEVENSVILLE

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MONTANA The St. Clair Ranch at Fish Creek epitomizes luxury western living in a storied landscape. The property boasts 40,000± square feet under roof with over 11,000 square feet of living area in three separate homes. The balance of the improvements include extensive equestrian facilities with a large indoor riding arena, workshops, horse barns and covered corrals. Located an easy half-hour drive west of Missoula, Montana, the St. Clair Ranch provides an accessible private retreat on 290± acres with an additional 267± acres of timbered wildlife habitat available as an additional offering. The newly created 41,000-acre Fish Creek State Wildlife Management Area borders the property to the south, while the Alberton Gorge of the Clark Fork River is literally a stone's throw from the northern boundary. $4,750,000 READ MORE... ST. CLAIR RANCH AT FISH CREEK MISSOULA

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Nestled against the Absaroka Wilderness, Strawberry Creek Ranch consists of 1,061± deeded acres on Paradise Valley's coveted and spectacularly beautiful east slope just 13 paved miles south of Livingston. This extremely private, all-deeded ranch borders a remote stretch of national forest and is a mecca for wildlife including elk, deer, bear and mountain lion. It lies between Strawberry Creek and MacDonald Creek, two scenic mountain streams that flow out of the wilderness area. The ranch is anchored by 126± acres of irrigated meadows and a building compound that includes a circa 1881 fully remodeled two-story home, and multiple wellmaintained and useful historic outbuildings. $8,500,000

STRAWBERRY CREEK RANCH LIVINGSTON

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MONTANA

PHOTO GALLERY Skalkaho Creek Ranch has everything most prospective ranch owners would put on a "wish list" - a great trout stream, public land borders, a quality set of impeccably maintained improvements (including an 8,600+ square foot Alpine Log Home and extensive equestrian facilities), and quick access to a vibrant community with great restaurants and services. Wildlife on the ranch is plentiful and diverse and even includes a herd of bighorn sheep. The trout in Skalkaho Creek are not known for being shy. The views of the Bitterroot Mountains are framed perfectly by the Sapphire Mountains.

$5,325,000

SKALKAHO CREEK RANCH HAMILTON

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MONTANA PHOTO GALLERY Located just 15 minutes northwest of White Sulphur Springs lies an exceptional angling retreat that includes over one-half mile of private fishing on the famous Smith River. This 227Âą acre property offers stunning views of the river. To the east and west are views of the Big and Little Belt Mountains and to the south the Castle Mountain Range. A well-appointed timber frame home complements the Smith River Ranch with an open floor plan, vaulted ceilings, and large windows. The main living area overlooks the river and meadows. The house includes a quartz entry, solid oak wood flooring, granite counters, and tile bathrooms. An expansive deck offers a great outdoor entertaining space overlooking the river. $1,275,000

SMITH RIVER RANCH WHITE SULPHUR SPRINGS

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MONTANA

PHOTO GALLERY Montana's Seeley-Swan Valley consists of two watersheds, the Clearwater River flowing south and the Swan River flowing north off a small divide that separates the two. "The Summit" includes 70Âą acres of timber, meadow and a pond perched atop this divide with an 8,000Âą square foot masterpiece home sited to absorb some of the most striking views found in the northern Rocky Mountains. The Mission Mountains to the west and the Swan Range to the east rise from the valley like vertical walls of granite topped with snow most of the year. With a gentle topography and easy access there is nothing complicated about ownership here. Extended family and friends can enjoy a two-bedroom guest house with an additional bunk room for a total sleeping capacity of eight. $5,200,000

THE SUMMIT SEELEY LAKE

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MONTANA PHOTO GALLERY Western Montana is a place where cold mountain streams gently meander through lush green meadows, and the snow-capped peaks of the Bitterroot Mountains overlook fresh-cut hay fields in June. It's the casual wave to a fellow rancher as you pass by each other on a long gravel road or a tip of the hat as you see an acquaintance at the cafe in town. It's full days spent in the saddle, moving cattle to summer pasture. The cowboy culture is alive and well here - and at the heart of it all is Sula Peak Ranch. Neatly situated at one of the most sought-after and undeveloped locations in the Bitterroot Valley, at the edge of the tiny mountain town of Sula, the Sula Peak Ranch lies on 2,848Âą deeded acres of agricultural and recreational lands. The East Fork of the Bitterroot River flows through the ranch. $13,500,000

SULA PEAK RANCH SULA

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MONTANA PHOTO GALLERY Timber Creek Ranch represents an unusual opportunity to own both a significant fly fishing property and a "wilderness" ranch. Its 302Âą acres lie within the Beaverhead National Forest, nestled into a valley between the Snowcrest Range and the Gravelly Range. The ranch encompass over 2 miles of a "spring creek like" section of the Ruby River 26 miles south of Alder. Nearly one third of the ranch is irrigated and the balance is a pleasing mix of riparian corridor, native range, and pine and aspen groves. Most of the buildings were designed by Don McLaughlin, and the main ranch compound and guest house are historically accurate and rendered in exquisite taste in a beautiful setting as is the main house which is a very comfortable and more contemporary log home. $6,900,000

TIMBER CREEK RANCH ALDER

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Whispering Pines is a 41Âą acre tract of conifercovered foothills located in the southeast corner of the Gallatin Valley, in the highly desirable mountain community of Bozeman, Montana. The highlight of the property is a beautifully crafted 5,388Âą square foot residence of Spanish design with western influences. The home is sited on an eastern-facing hill encapsulated by forest, yet open to the cross-valley view of the Bridger Mountains. The lands lie on the northeast flank of Mount Ellis adjoining public lands that extend all the way south to Yellowstone Park. Elk, deer, moose, black bear and turkeys are regularly seen roaming the property, feeding on the abundance of grass forage and drinking from the flowing springs. The property has a sense of privacy and wildness to it. $2,795,000

PHOTO GALLERY

WHISPERING PINES BOZEMAN

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MONTANA The Valley View Ranch consists of 2,339Âą acres located in Lake County, Montana, in the northern Mission Valley just south of Flathead Lake. With an estimated 550-acres of irrigated land, the property is estimated to support around 300 animal units on a seasonal basis. At the heart of the ranch are the Valley View Hills. With its 3,766-foot highpoint located within the ranch's boundaries, the property is visible from many miles away and offers panoramic views of the Mission Mountains and Flathead Lake beyond. The upper slopes of these hills holds a unique Palouse grassland that is protected by a conservation easement, but allows agricultural use. The property also features two homes. $2,950,000

VALLEY VIEW RANCH POLSON

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West Fork Ranch is found at the end of the road, in a very private drainage, just seven miles west of Big Timber, MT. The main and west forks of Little Timber Creek converge on the ranch as they flow toward the Yellowstone River, which forms the ranch's southern boundary. To the northwest, the ranch enjoys dramatic, protected views of the often snowcapped Crazy Mountains. This 2,764Âą deeded acre ranch is teeming with fish and wildlife, including resident elk through much of the fall season, and ever-present mule deer, whitetail deer, and antelope. Waterfowl, wild turkey, and Hungarian partridge are numerous, and the Yellowstone River and lower Little Timber Creek offer excellent trout fishing. $7,400,000

WEST FORK RANCH BIG TIMBER

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MONTANA

PHOTO GALLERY Emigrant Peak is known as the "Crown Jewel" of Montana's Paradise Valley and Twilight Peak Ranch basks in its reflected glory. Looking out from the deck of the residence to the peak's 10,915-foot summit, one will see a living montage of elk, deer, aspen, and pine. Twilight Peak Ranch, owned by world-renowned underwater photographer Al Giddings, includes 2,954± acres (689± deeded and 2,265± State of Montana and BLM lease) and has offered inspiration and solitude for its owner over the last 33 years. Sheltered strategically by thick stands of aspen and fir, the 5,500± sq. ft. main residence, 6,000± sq. ft. log lodge and two guest cabins ensure plenty of room for family and friends. All the structures are alongside a trout-rich lake and a series of ponds fed by Gold Run Creek and several springs. $5,800,000

TWILIGHT PEAK RANCH EMIGRANT

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MONTANA

PHOTO GALLERY Warren Peak dominates the view from all points on this ranch. The property is located in an area overlooked by many despite the fact that it has everything a western ranch buyer could want, from easy access off the pavement to a large wilderness area just beyond the doorstep. This property is sizeable for the area with 5,748± deeded acres as well as a full section of State lease for a total of 6,388± acres. With plentiful range, stock water, and 890± acres under irrigation (5 pivots) with solid water rights, this is a balanced operation. Trout Creek flows through the property offering on-site small stream fishing and the views from this place will stop you on a dime. Snow skiing is 20 minutes away at Discovery Basin and it is equidistant to the main stem of Rock Creek, a blue-ribbon trout fishery. $16,500,000

WARREN PEAK RANCH PHILIPSBURG

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WYOMING PHOTO GALLERY Located 25 miles west of Cody, this 1,246Âą acre historic mountain ranch lies at the end of the road in its own very private basin adjoining the Shoshone National Forest. Jim Mountain literally towers over the ranch, whose upper reaches include dramatic cliffs and lush timbered hills. The views are the most breathtaking we have ever seen and include only dramatic mountain peaks. One is totally unaware of any human habitation. Elk, deer, bear, mountain lion, wolves and coyotes are at home here. There are many springs and lakes, and a mountain stream passes through. Improvements include the historic Olive Fell house, a four-bedroom caretaker's house, a magnificent architect-designed 6,800Âą square foot owner's home, plus a barn and "dance hall" cabin, all in immaculate condition. Reduced to $7,950,000

FOUR BEAR RANCH CODY

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This 2,575Âą acre mountain property is located in both Washakie and Natrona counties, approximately 40 miles south of Ten Sleep. The ranch is situated on the southwest corner of the Bighorn Mountains with Lost Creek, Little Lost Creek and six tributaries passing through the property. The terrain is mountainous with open sagebrush flats transitioning to foothills and mountains covered with dense stands of pine and aspen trees. The small mountain streams that are scattered throughout the ranch flow west and eventually north into the Nowood River, providing drinking water for both wildlife and livestock. The ranch is private with huge expansive views. It offers an ideal combination of timbered areas that provide excellent wildlife habitat and rangeland that allows for a functional grazing property. $1,750,000

PHOTO GALLERY

LOST CREEK MOUNTAIN PROPERTY TEN SLEEP

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WYOMING

PHOTO GALLERY Located just outside of Thermopolis, WY, Saddle Horn Ranch is comprised of 34,535± acres (5,206± deeded, 12,050± BLM lease, 1,280± state lease, and 15,999± national forest lease). The ranch is rated at approximately 4,900 AUMs and is currently stocked with 400-500 pairs with outside hay purchased. Approximately 300± acres are irrigated consistently under two pivots. Additional irrigation is possible in high water years, with 1,895± acres of adjudicated water rights assessed by the Owl Creek Irrigation District. Ranch improvements include an excellent machine shop, apartment, garage, new corrals and new calving barn. There are approximately twelve miles of buried pipeline and several active water wells, including one well having hot water. $3,375,000

SADDLE HORN RANCH THERMOPOLIS

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WYOMING

PHOTO GALLERY IH Ranch is a very productive 387Âą acre ranch with practical and functional improvements, located only six miles from Sheridan and five miles from Big Horn. It includes approximately one mile and both sides of McCormick Creek and has multiple spring-fed draws flowing into the creek bottom. The ranch has excellent water rights providing flood irrigation on 73Âą acres with many more acres that are naturally sub-irrigated. The pastures are in excellent condition with well-sodded dense stands of grasses. The irrigated hayfields and exceptional grazing provide the needed ingredients to a viable small cattle operation. This fully improved ranch has two modest homes and excellent working facilities including a heated shop, lots of dry storage and excellent pipe corrals. $1,960,000

IH RANCH SHERIDAN

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WYOMING PHOTO GALLERY Teton Diablo is an excellent 350 plus AU operating ranch that runs on over 14,000 acres at the base of the Wind River Range, about 20 miles southeast of Pinedale near Boulder and its 8,000 foot jet capable airstrip. Its 4,600+ deeded acres adjoin thousands of acres of State and BLM leased land that provide over 8 miles of common boundary with the USFS. From its attractive remote hunting cabin, to the magnificent 6,200± square foot owner’s residence, to the remodeled manager’s house and operating improvements, it is immaculate. Wildlife is extensive and this is a worldclass hunting ranch. Good quality trout fishing in Silver Creek adds another dimension. A true end-of-theroad operating mountain ranch with every imaginable amenity and within an easy drive of Jackson. Reduced to $15,500,000

TETON DIABLO RANCH BOULDER

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WYOMING PHOTO GALLERY Pass Creek Ranch is comprised of 60,004± total acres (27,125± deeded, 24,382± BLM lease, 3,040± state lease, and 5,457± private lease) just ten minutes from the attractive community of Saratoga, WY. The picturesque ranch headquarters lies along Pass Creek, a trout stream which flows through the ranch for approximately four miles, providing water rights for approximately 1,364 acres of irrigated hay fields which surround the headquarters. The ranch improvements include two houses and cattle working facilities, which are high quality and in excellent condition. There is a lease of the ranch in place to a single, high-quality tenant which includes the ranch's grazing, crops and improvements, but not fishing or hunting. This provides an outstanding income at a high rate of return. $12,700,000

PASS CREEK RANCH SARATOGA

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S OUTHERN R O C K I E S R E G I O N REGIONAL MARKET REPORT Activity was up in 2016 and already we have seen a number of significant sales in 2017. However, the increasing number of sales has brought with it a flurry of new listings. This abundance of inventory is keeping a lid on value appreciation and extending the average time on the BRIAN SMITH market. This dynamic has resulted in a market where many sellers are growing ever more motivated to sell. For the remainder of 2017, we forecast continued strengthening in activity on the buy side, contrasted with high inventory levels and increasing motivation from some sellers leading to price reductions. The result - itâ&#x20AC;&#x2122;s a good time to be a buyer and we will likely see another strong year in sales for the Southern Rockies.

PHOTO GALLERY Only a short drive to Pagosa Springs and Stevens Field Airport, the Adams Ranch represents a unique opportunity to acquire an executive recreational retreat. Featuring both banks of the main stem of the San Juan River for approximately 4,000 feet and immediate access to thousands of acres of the adjacent San Juan National Forest, this property offers 535Âą acres of privacy, water rights, irrigated land and modest-yet-functional improvements. Smaller acreage properties offering this much river access and water resources are increasingly rare to the market.

Reduced to $4,900,000

ADAMS RANCH PAGOSA SPRINGS

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COLORADO

PHOTO GALLERY Located just over an hour's drive, 42 miles west of Colorado Springs and at the end of a private road, Bull Springs Ranch is 360Âą acres of raw, undeveloped mountain terrain and exceptional wildlife habitat. Views from the property are spectacular and include Pikes Peak, Mount Pisgah, the Collegiate Peaks, and the sunsoaked Sangre De Cristo Mountains. The land is vacant and undeveloped, while approximately 70 percent is tree covered with large stands of mature ponderosa pine, Douglas fir and aspen surrounded by meadows and oak-covered hillsides. The topography is varied and elevations range from 9,500 feet at the high bluff site, down to 8,550 feet in the secluded valley bottom. The current owners have developed extensive trail systems and limited the use of the property to hunting only. $1,650,000

BULL SPRINGS RANCH CRIPPLE CREEK

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101

COLORADO

PHOTO GALLERY Just 15 miles south of Montrose, Colorado off Highway 550, the Buckhorn Mountain Ranch spreads across 6,573± deeded acres of stunningly beautiful high desert land at the base of Storm King Peak. The ranch also encompasses 6,003± acres of leased BLM land for a total of 12,575± acres under its control. Buckhorn Mountain Ranch is almost halfway between Montrose and Ridgway and only 58 miles from the ski slopes, restaurants, and cultural attractions of Telluride. This exceptional property is both a working cattle ranch with a full complement of livestock facilities and a superb hunting retreat with excellent habitat for mule deer and elk, located in COER 65. The current owner runs about 300 head of Angus cattle year round and approximately 400 acres of irrigated pastures and hay meadows. $29,975,000

BUCKHORN MOUNTAIN RANCH MONTROSE

102

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Located in an area of Colorado that is highly sought after, Canyon Creek Ranch is easily accessible, only 25 miles from Telluride via a year-round county maintained road. Offering 3,247Âą deeded acres, considered a large holding for the area, this amount of land within proximity to a world-class destination is a rare find. Within an hour's drive of the property, Montrose offers a regional airport and one of the best private FBO's in the state, Black Canyon Jet Center. The cornerstone of this mountain ranch is the absolutely stunning views of the rugged and exceptionally beautiful Sneffel's Mountain Range. Situated atop East Iron Springs Mesa, the land is gentle and rolling while approximately two-thirds of the property is meadows, open pasture and several spring-fed ponds. $16,900,000

CANYON CREEK RANCH PLACERVILLE

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103

COLORADO PHOTO GALLERY The Cascabel Ranch encompasses three miles of the San Miguel River and some of the most coveted private trout waters in southwestern Colorado. To local anglers, this stretch of the river is simply "the Crown Jewel of the San Miguel." An extraordinary property, the 318Âą acre Cascabel Ranch spreads across the San Miguel Valley floor, following the course of the river and including both banks for most of its length. No place on the ranch is more than 1,000 feet from this pristine, natural, undammed freestone river. The current owners thoughtfully developed Cascabel Ranch over almost 30 years as both their own family retreat and a private fishing club. Noted Denver architect Peter Dominick developed the master plan for the property and designed most of the buildings. $7,950,000

CASCABEL NORWOOD

104

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INTERACTIVE TOURS

WOODBINE

BLUFFVIEW

DAY HOUSE

PAVILION

CABIN A

CABIN B

CABIN C

COLORADO PHOTO GALLERY From its location in the heart of the pastoral Elk River Valley, this 801Âą acre ranch features panoramic views of the surrounding mountains, well-appointed accommodations, fertile irrigated meadows and cottonwood-lined river with trophy trout fishing. A superb main house on the bank of the river is complimented by an historic ranch compound with a variety of lodging and entertainment for guests. Excellent water rights supply productive hay meadows in addition to upland pasture for grazing. A beautiful and private stretch of the Elk River meanders through the middle of the ranch providing outstanding fly fishing. Neighboring ranches with conservation easements provide protection on two sides, though this ranch is unencumbered. $19,500,000

ELK RIVER RANCH STEAMBOAT SPRINGS

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107

COLORADO

PHOTO GALLERY Located in the tightly held and incredibly scenic Cuchara Valley, JW Ranch presents an opportunity to acquire a diverse and hybrid property. Only 1.5 miles from La Veta, the ranch is both a working livestock operation and high-end recreational property. Large in size for the area, the land is very well watered, heavily timbered, offers diverse topography, features dramatic rock-outcroppings, and is a healthy ecosystem for resident wildlife. The improvements are not overdone, well appointed and functional. Surrounding views of the mighty Spanish Peaks, Sangre De Cristo Mountains and ancient lava dikes are the centerpiece to this truly magnificent property. $18,500,000

JW RANCH LA VETA

108

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COLORADO

PHOTO GALLERY With over a century of family ownership dating back to 1911, the Frentress Ranch has a long history of production, wildlife and stewardship. The 6,650± acre ranch consists of 4,500± deeded and 2,155± state lease acres, all in one contiguous block encompassing the Yampa River corridor and the rolling countryside to the south. The majority of the ranch has historically been farmed but it is also well suited for grazing and feed production either seasonally or year-round. Conservative estimates of capacity are 350-400 yearlings seasonally or 250-300 cow/calf pairs yearround, and could be higher, especially in wet years. The combination of river bottom, brushy draws and cultivated land provide ideal habitat for mule deer and the ranch is known for producing trophy bucks. $6,950,000

FRENTRESS RANCH HAYDEN

110

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Tailored for the trout enthusiast seeking the finest private fishing enclave, the centerpiece of the landmark Elk River Ranch is now offered for sale individually. This allows the purchase of all the river and the owner's compound without the historic headquarters buildings and the dryland grazing pasture. The 350Âą acre retreat encompasses the longest private stretch of both banks of the coveted Elk River without a conservation easement. The luxurious custom home is nestled within a cottonwood forest along the riverbank in the heart of the property, resulting in a very secluded and serene setting. Never before offered in this configuration, this property stands out for its river, privacy and proximity to ski resort amenities. $16,000,000

ELK RIVER SANCTUARY STEAMBOAT SPRINGS

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111

COLORADO

PHOTO GALLERY Combining over 1.5 miles of prime Yampa River with diverse mountainous land, this unique 1,380Âą deeded acre ranch stands out for its big river trout fishing and big game hunting. Located below the confluence of the Elk and Yampa rivers, the stretch of river on the property is wide and features an abundance of quality fishable water. Prolific aquatic bug and baitfish populations produce hefty browns, rainbows and the occasional northern pike. The fish on this ranch are wild, colorful and surprisingly large. Most big-river trout properties are, by nature, situated in broad downstream valleys, and therefore lack the topographic variety and vegetation of ideal big game habitat. Ghost Ranch is rare in that it also encompasses mountainous land adjacent to the river. $13,900,000

GHOST RANCH STEAMBOAT SPRINGS

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COLORADO Straddling the crest of Mexican Ridge near Rabbit Ears Peak in southwest Jackson County, this 1,277Âą acre ranch is highlighted by excellent big game hunting and awesome panoramic views of the surrounding mountain ranges of North Park. The location, vegetation and topography of the ranch result in outstanding wildlife habitat supporting abundant populations of elk and mule deer. The headwaters of a number of creeks originate on the ranch and their horseshoe-shaped valleys provide diverse slopes and aspects facing every direction. Hillsides of aspen and conifers provide plentiful wildlife cover and bedding areas, which are balanced by transition areas and open parks with ample feed. $4,150,000

MEXICAN RIDGE RANCH WALDEN

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Highlighted by a scenic setting beneath the highest peaks of the Flat Tops Mountains, this historic ranch has been owned by the same family since it was originally homesteaded. The 800Âą acre mountain retreat encompasses the headwaters of Cedar Creek and is marked by numerous aspen groves, irrigated meadows, sage pasture, springs and ponds. The ranch features back-door access into the adjacent White River National Forest and the Flat Tops Wilderness Area. This location and habitat make it an excellent wildlife property for elk, mule deer and pronghorn antelope. Modest improvements in the form of several rustic cabins and a barn are nestled into an aspen forest at the headquarters. $2,000,000

OWEN-SKILES SUNNYSIDE RANCH BURNS

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PHOTO GALLERY The 6,416± acre (5,056± deeded) Mosca Pass Ranch is located 15 miles west of Gardner, Colorado. This ranch enjoys a dramatic and scenic setting against a backdrop of the jagged 14,000+ foot peaks along the eastern base of the Sangre De Cristo Range, which is the southern portion of the Sangre de Cristo Mountains. In addition to its unmatched views, Mosca Pass Ranch is distinguished by the fact that it offers a large block of private land that adjoins national forest and provides access to the Great Sand Dunes National Park. The ranch is accessed by a county road which traverses through the ranch and dead ends at the Mosca Pass Trailhead on the San Isabel National Forest located just above, but beyond the western boundary of the ranch. $6,500,000

MOSCA PASS RANCH GARDNER

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115

COLORADO

Both units of Lost Elk Ranch are contiguous and can be combined for 2,130Â± total acres.

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PHOTO GALLERY Lost Elk Ranch is a picturesque Colorado high country ranch nearly surrounded by national forest featuring excellent wildlife habitat, water resources and luxury improvements. The 1,378± acre J Bar Unit consists of 738± deeded acres plus adjacent 640± acres of state land controlled by the ranch. It is an exceptional wildlife property featuring trophy-caliber elk, mule deer, black bear and an occasional moose. A diverse landscape of aspen groves, dark timber, mountain meadows, sagebrush and creeks flow over multiple drainages, providing excellent habitat and attracting game from surrounding public lands. The ranch has abundant water with three streams, stocked fishing ponds, historic water rights and irrigated meadows. Reduced to $7,750,000

LOST ELK RANCH - J BAR UNIT STEAMBOAT SPRINGS PHOTO GALLERY Situated at the confluence of Beaver Creek and Morrison Creek, the 4F Unit of Lost Elk Ranch features a beautiful mountain setting, excellent wildlife habitat and a lake teeming with trout. The 752± acre ranch encompasses a broad irrigated meadow and numerous gently sloping side drainages with additional pocket meadows, water, aspens and timber. The ranch borders Routt National Forest on both the east and west sides, providing access into additional land for recreation and hunting. The comfortable 1,600± square foot ranch house is complemented by a large garage with shop. Located less than 30 miles south of Steamboat Springs in the secluded upper Morrison Creek valley, the scenic location is bounded by the Gore Range and Sarvice Creek Wilderness to the east and Green Ridge to the west. Reduced to $5,750,000

LOST ELK RANCH - 4F UNIT STEAMBOAT SPRINGS

COLORADO

PHOTO GALLERY The Motherwell Ranch raises the bar as Coloradoâ&#x20AC;&#x2122;s foremost multidimensional mountain ranch. Spanning an enormous block of contiguous deeded land, this 10,350Âą acre sporting paradise is distinguished by its unmatched combination of exceptional privacy, diverse landscape, abundant water, plentiful wildlife and ideal location. From the cottonwood-lined river, the ranch rises 2,500 feet in elevation over 5 miles to the national forest, encompassing prime big game habitat throughout. Situated in the scenic Williams Fork River valley along the north flank of the Flat Tops Mountains of northwest Colorado, this extraordinary ranch is only 20 minutes from the regional airport and 45 minutes from ski resort amenities in Steamboat Springs. $45,000,000

MOTHERWELL RANCH STEAMBOAT SPRINGS

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119

COLORADO

PHOTO GALLERY Blessed with tremendous views of the dramatic San Juan Mountain Range, Piedra Valley Ranch is distinguished by an unequalled combination of size, recreation, wildlife, scenery, and immediate proximity to a mountain resort community. Located within ten miles of Pagosa Springs and the Stevens Field Airport, the ranch is easily accessed and provides the rare opportunity to possess a large and exceptionally private holding within a few minutes of the amenities and conveniences of town. This vast 9,600Âą acre retreat is comprised of a single contiguous block that shares nearly nine miles of common boundary with the San Juan National Forest. The diverse landscape includes thousands of acres of aspen and pine forest, timbered mountain slopes, lush meadows and open pasture. $46,000,000

PIEDRA VALLEY RANCH PAGOSA SPRINGS

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PHOTO GALLERY Perfume Pasture possesses 810Âą acres of vacant land bordered by a year-round county-maintained road, easy accessibility in a mountain valley, and offers incredibly scenic views - all within minutes of Pagosa Springs. The land is interspersed with large, healthy stands of Ponderosa pine and open, undulating grasslands. Extremely well located, the property presents an opportunity to acquire raw land and build to suit near Stevens Field Airport and in the San Juan National Forest. The land is well suited for the placement of a conservation easement and/or future development.

$2,950,000

PERFUME PASTURE PAGOSA SPRINGS

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COLORADO

PHOTO GALLERY Powder Keg Ranch is a picturesque mountain acreage providing an array of recreational amenities including fishing and big game hunting. Located 8.5 miles south and east of Pagosa Springs, this 463± deeded acre property is part of a larger inholding within the San Juan National Forest and shares common boundaries with national forest lands on three sides. In addition to providing a tremendous viewshed of nearby peaks including the Needles, Blackhead Peak and Square Top, the property features small stream fishing for cutthroat and rainbow trout on 800± feet of the Rito Blanco River. Resident wildlife includes good numbers of mule deer and turkey as well as elk. Private, yet easily accessible, the ranch's easy topography features a balance of open parks and forested terrain. $2,990,000

POWDER KEG RANCH PAGOSA SPRINGS

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INTERACTIVE TOUR

EQUESTRIAN BARN

COLORADO PHOTO GALLERY Rocking R - Horse Ranch is the preeminent equestrian property for sale in Boulder County today. The property offers 86Âą acres, irrigated brome grass hay meadows, sufficient water rights and is conveniently located within twenty minutes of Boulder and less than five minutes from Lyons, Colorado off paved Highway 66. Extensive improvements punctuate this property and include three homes, a 36,400Âą sq. ft. indoor arena, horse barn, equipment shop, a large hay barn, multiple loafing sheds, two outdoor arenas, supplement agricultural buildings, and miles of piped fencing throughout. Three large, livewater irrigation waterways lined with old-growth cottonwood trees traverse through the property, adding a beautiful aesthetic element. The Rocking R - Horse Ranch is a turn-key opportunity. Reduced to $5,500,000

ROCKING R - HORSE RANCH LYONS

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COLORADO The Orchard House at Rocking R is a perfect smallacreage getaway, second home or retirement opportunity. Conveniently located within minutes of Boulder, Lyons and Longmont, the property offers private access off Highway 66. The home is surrounded by mature cottonwood trees, two irrigation canals, an apple orchard, and a very private location.

Reduced to $2,000,000

ROCKING R - ORCHARD HOUSE LYONS

PHOTO GALLERY

Rocking R - Vacant Land presents an opportunity to acquire a property to build a private residence or develop into smaller parcels. Contiguous to Rabbit Mountain Open Space, this 119Â± acre parcel of land is a rarity in today's market. Direct access off Highway 66 and year-round County Road 64, the property is easily accessible and well located between Boulder, Longmont, Lyons, and Estes Park.

$3,300,000

ROCKING R - VACANT LAND LYONS

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PHOTO GALLERY Encompassing a secluded mountain valley at the base of Sand Mountain, this picturesque retreat is nearly surrounded by national forest, yet located less than 30 miles from Steamboat Springs. The gently sloping alpine meadows of the 160Âą acre property are cradled by aspen and timber covered hillsides. Several small creeks flow from the forest through the property while cascading through numerous beaver ponds. The rich habitat of the area is home to abundant elk, mule deer, moose, black bear and grouse. Sand Mountain Retreat is bordered by Routt National Forest on three sides, providing a tranquil and private setting with excellent access into adjacent public lands that are difficult for the general public to get to. From the property there are striking views of Sand Mountain, Hahns Peak and other nearby mountains. $1,400,000

SAND MOUNTAIN RETREAT STEAMBOAT SPRINGS

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COLORADO PHOTO GALLERY Crowned by an exceptional custom home perched on a bench overlooking the Elk River Valley, this 797± acre ranch is distinguished by its live water, wildlife habitat, luxurious accommodations and spectacular panoramic vistas. The beautiful Elk River flows through the property, providing outstanding fly fishing for a variety of trout. The cottonwood-lined riparian areas are a haven for wildlife including sandhill cranes, great blue herons, bald eagles, sharp-tailed grouse, elk, mule deer, and pronghorn antelope. A sizable tributary, Deep Creek, meanders through another area of the ranch. Historic water rights from both sources provide irrigation for 120± acres of hay meadow. In addition, there are about 500± acres of rolling upland pasture. Reduced to $9,900,000

SKY RIVER RANCH STEAMBOAT SPRINGS

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COLORADO PHOTO GALLERY At the pinnacle of the upper Elk River valley is a unique gentlemans ranch combining exceptional land and extraordinary improvements. Snowy Mountain Ranch is ideally positioned to capture the majestic setting overlooking Steamboat Lake and the surrounding high mountain peaks. The land features a diverse blend of attractive characteristics, with 210Âą acres of beautiful meadows, healthy aspen and timber forests, ponds, wetlands and meandering Willow Creek. With Routt National Forest bordering one side of the property and Steamboat Lake State Park on the other, nearly every conceivable outdoor activity is within easy reach. The impressive residences are masterfully crafted of quality large-diameter log and stone construction with the highest levels of finish. $8,975,000

SNOWY MOUNTAIN RANCH STEAMBOAT SPRINGS

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PHOTO GALLERY The RSM Ranch presents a rare opportunity to acquire 232Âą acres of undeveloped and vacant land 35 miles from Downtown Denver, RTD Light Rail access, and 45 minutes to Denver International Airport. Adjacent to the ever-economically-thriving mountain former mining towns of Blackhawk and Central City with casino gaming and hotel activity, RSM is strategically located between the Central City Parkway and Highway 119, with immediate access provided by County Road 6 serving as the southwestern boundary of the property. Less than 10 minutes north of I-70, access to Arapahoe Basin, Copper Mountain, Keystone, Breckenridge, and Vail ski resorts is easily accessible. The ranch is nestled in a very private and picturesque setting of heavy timber, mountain meadows, rock outcroppings, diverse topography, and 180-degree views. $4,700,000 READ MORE... RSM RANCH BLACKHAWK

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COLORADO Conveniently bordering the town of Steamboat Springs, yet amazingly private and pristine, Slate Creek Ranch offers the rare combination of a large undeveloped mountain property and a location within minutes of world-class resort town amenities. The 1,145Âą acre ranch stands out for its development potential, resulting from an unparalleled blend of proximity, scenery, water rights, intact mineral rights, wildlife habitat, public land adjacency, stream-fed ponds, paved road access and modest but usable improvements. Encompassing a diverse landscape ranging from irrigated meadows and pastures around the ranch headquarters to oaks, aspen groves and pockets of dark timber up the mountain, this well-caredfor ranch has become a sanctuary for wildlife. $16,900,000 READ MORE... SLATE CREEK RANCH STEAMBOAT SPRINGS

PHOTO GALLERY

Rolling T is an investment-quality eastern Colorado property supporting approximately 9,842 acres of rangeland, dry farmland and CRP. This productive property is located on paved State Highway 52 only eight miles north of Fort Morgan, Colorado, which is a hub for agriculture and commerce in the area. A prominent feature, Wildcat Creek, runs through the property for several miles. This creek contains numerous stock ponds with a year-round water supply and several areas of shade trees. On either side of the creek are rolling hills of strong native grasses. Several other drainages with ponds and springs insure a good supply of livestock water throughout the ranch. A shared livestock water distribution system on the northern pastures of the property completes the extensive water facilities. $6,156,500

ROLLING T RANCH FORT MORGAN

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COLORADO

PHOTO GALLERY From spectacular views of the San Juan Mountains to an intelligent master plan and luxurious improvements, the Stealey Mountain Ranch combines the best attributes of a Colorado high-country ranch with those of a superb recreational retreat. The land spreads across 2,142Âą acres at the foot of the Cimarron Ridge and the mighty Courthouse Mountain of the San Juan's. Ridgway, the closest town, is 8 miles from the ranch, while Montrose is 35 miles northwest and Telluride is about 47 miles southwest. The diverse terrain, ideal for endless recreational activities, rises in elevation from 7,400 to 9,200 feet above sea level, from lush, irrigated hay fields along cottonwood covered creek banks, over hills of pinion, oak brush, and juniper to alpine meadows, and spruce forests. $24,950,000

STEALEY MOUNTAIN RANCH RIDGWAY

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COLORADO PHOTO GALLERY A tranquil oasis of lush irrigated meadows and cottonwood-lined streams nestled beneath rocky buttes, Table Rock Ranch is one of the finest fly-fishing properties in western Colorado. The extraordinary water, beauty and privacy of this end-of-the-road property are complemented by outstanding accommodations and a convenient location within easy reach of both the Vail Valley and Steamboat Springs resort areas. Table Rock Ranch is blessed with a unique setting at the mouth of three canyons where streams tumble out of the rugged mountains and combine their flows as they meander alongside fertile meadows. This natural abundance of water has been further accentuated by professional enhancements to make this ranch truly stand out for the amount of high-quality live water and stillwater fishing. $15,950,000

TABLE ROCK RANCH VAIL VALLEY AREA

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COLORADO

PHOTO GALLERY The South Parlin Ranch is 12 miles east of Gunnison, Colorado, just east of Parlin and contiguous to Highway 50. The South Parlin Ranch offers 205Âą acres of irrigated meadow land and ample water rights. Mother Nature created a masterpiece when she designed the trout habitat on Tomichi Creek as it winds and ribbons for a mile through the ranch. This freestone fishery offers consistent temperatures, a mild gradient, diverse insect population and self-supporting trout habitat that is home to rainbows, brookies and browns. Located in the Tomichi Creek Valley and just upstream from the confluence of Quartz Creek, this property is part of a unique ecosystem that has protected over 15,000 acres under conservation easements. $1,600,000

SOUTH PARLIN RANCH PARLIN

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PHOTO GALLERY Just 12 miles east of Gunnison, Colorado, directly west of Parlin and contiguous to Highway 50, Two Creeks Ranch offers 101Âą acres, a completely refurbished 2,750Âą sq. ft. ranch-style brick home, irrigated land, water rights and approximately 4,900 feet of both banks of Tomichi Creek. A freestone fishery offers consistent temperatures, a mild gradient, diverse insect population, and self-supporting trout habitat that is home to enormous German browns. Located in the Tomichi Creek Valley and just downstream from the confluence of Quartz Creek, this property is part of a unique ecosystem that has protected over 15,000 acres under conservation easements. Reduced to $990,000

TWO CREEKS RANCH PARLIN

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COLORADO

PHOTO GALLERY Woodchuck Mountain Ranch offers the rare combination of exceptional hunting, a fishing stream, diverse landscape, and adjacency to a wilderness area, along with year-round access and 30-minute proximity to a major ski resort town. Comprised of 2,204± deeded acres, the ranch also holds the grazing lease on 880± acres of adjacent BLM lands bringing the total to 3,084± acres. The property is situated on Morrison Creek near the confluence with the Yampa River, and one mile of the stream flows through the middle of the ranch. East of the creek, the ranch shares three miles of boundary with the Sarvis Creek Wilderness and encompasses several drainages descending to the creek. The land on the west side of the creek is highlighted by a local landmark, 8,971 foot Woodchuck Mountain. $5,950,000

WOODCHUCK MOUNTAIN RANCH STEAMBOAT SPRINGS

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FEATURE ARTICLE

THE BOBWHITE QUAIL

ALL HABITAT IS NOT CREATED EQUAL

BY JUSTIN BRYAN, MANAGEMENT DIVISION, ABILENE, TX

LET’S FACE IT

We all have our comfort zones, our personal space. That location which we feel safe, secure and at ease. Wildlife are no different. They have a “home range” - an area they are comfortable using from time to time. Then they have a “core area” - that area they use most often and that provides them with easy access to the food, water and shelter that they require in order to survive. As wildlife managers, if we can define a particular species’ home range and core area, such as bobwhite quail, we can then begin to learn the specific interspersion of grass, forbs, brush, trees, bare ground and water they require to not only survive but proliferate. For quail, who have a home range size of only 30-35 acres, it is fairly important to understand and provide that which is essential to them, to ensure the population has the best chance of thriving year-in, year-out. For those of you who are quail enthusiasts, you know that if you can create and maintain ideal quail habitat on a large scale, you have a very good chance of possessing huntable populations of wild quail annually. Fortunately, GPS technology is the tool that provides us with this ability to accurately identify the quail world.

HOME RANGE VS. CORE AREA

As we now understand, all habitat is not created equal when it comes to interpretation by the bobwhite quail. For our clients who are quail enthusiasts, we often use GPS equipment and partner with Dr. Brad Dabbert of Texas Tech University to learn the current habitat a quail population is selecting on a particular property. This is simply accomplished by capturing wild birds, fitting them with a gps transmitter (Figure 1), and releasing them back to where they were captured. The GPS unit then begins to collect data regarding the movement of the quail, which allows us to learn and accurately document the different vegetation types preferred and when they choose to use them. – Figure 1

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Preference in habitat, or lack thereof, is the information we want to learn (Figure 2). Following acquisition of this data, we travel into the field to those exact locations documented by the GPS unit and begin to detail what ideal quail habitat looks like on a particular property. During that process we are verifying the species of grasses, forbs, brush and trees that are present, how often they occur, their physical size, their spatial distribution, and the vertical and horizontal nature of this vegetation. Just as important is the amount of bare ground, soil type(s) and surface water present. – Figure 2

To make things more complex, this technology has also shown that not only do quail select for particular habitat, but they may also avoid the home range area of adjacent coveys (Figure 3). Stay tuned for more information on that subject. Collecting data for exact GPS locations of coveys can be acquired when we conduct aerial quail surveys. Figure 4 illustrates quail densities with color - light to dark (low to high) - on a property in Texas. Following the survey, we can enter those areas and once again analyze them to determine what habitat type quail prefer.

– Figure 3

BETTER TOGETHER

Working with landowners and acquiring such property-specific knowledge means that we can begin to judiciously apply management practices such as the use of prescribed fire, mechanical equipment, and whether to increase or decrease grazing or chemical applications to create additional similar areas of preferred habitat on a larger scale…one hundred, one thousand, or ten thousand acres. All this data will assist in an effort to be more efficient and effective at properly managing a habitat to increase the numbers and distribution of a bobwhite quail population across a property. If you would like to take advantage of the opportunity of working with our farm and ranch management team, contact us at 325-260-5883.

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2016 Fall Helicopter Quail Survey Coveys 7 3.5 0

– Figure 4

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OKLAHOMA

PHOTO GALLERY The Fisher Ranch, one of Oklahoma's larger reputation ranches, consisting of 11,504Âą acres, is located 60 miles south of Tulsa in McIntosh County. This good working ranch is being operated as a year-round home for 1,500 cows and approximately 70 ranch horses. Lying along on both sides of State Highway 9, just east of the Indian Nation Turnpike, the ranch is easily accessible and centrally located in the heart of cattle country. Put together by longtime rancher Roy Fisher, recognized and awarded for its stewardship practices over many years, this ranch has a rich history of raising strong cattle and excellent ranch horses. The Fisher Ranch is nestled in the surrounding hills and is interspersed by live creeks, and numerous lakes and ponds. There are trophy whitetail deer, turkey, quail, and outstanding fishing on the ranch. $21,000,000

FISHER RANCH EUFAULA

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T H E G R EAT PL A INS REGIONAL MARKET REPORT Southwest Kansas and large parts of the Oklahoma and Texas Panhandle areas have suffered record losses from the recent fires that swept through unabated. There are livestock losses in the thousands of head, plus millions of dollars in infrastructure losses from fences, buildings, and homes. The generosity from all across America that has been expressed in many ways, from truck convoys with hay and feed supplies, fencing, clothing, and other dry goods is humbling. The economic effect of this fire event will be felt over a large area for several years. For the most part, the moisture component in Kansas and Oklahoma is severely lacking, and the winter wheat is showing some stress.

JOHN WILDIN

Overall commodity prices are still near record lows. There has been some weakening in the land market but with the inventory of land for sale still below normal levels, this trend looks to carry on through the first half of the year. PLAINS WILDFIRES 2017 The March 2017 wildfires across Texas, Oklahoma, Kansas, and Colorado have left devastation on over 2,365 square miles due to the dry conditions. Ranchers have been directly impacted with the loss of pasture, hay, and livestock. Each of these states have organizations that are requesting donations to help in this relief.Â To contribute to these efforts or find further information, contact www.TSCRA.org, www.OKcattlemen.org, www.KLA.org, or www.Coloradocattle.org.

OKLAHOMA

PHOTO GALLERY KiamichiLink Ranch, one of Oklahoma's largest contiguous ranches consisting of 11,000Âą acres, is located in the southeastern quadrant of the state. This gorgeous ranch is operated with a registered Angus cowherd along with a state-of-the-art fully functional assisted reproductive laboratory operation. Current owners have spared no expense in clearing and maintaining the land along with adding well-appointed building improvements which have resulted in this one-of-a-kind private reserve. Situated in the southern part of the Ouachita Mountains and surrounded by numerous nearby recreational destinations and wildlife management areas, the ranch itself has four creeks running through, along with three major lakes, in addition to smaller lakes and ponds. $18,000,000

KIAMICHILINK RANCH FINLEY

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OKLAHOMA

PHOTO GALLERY Located just 16 miles north of downtown Tulsa, Oklahoma, at the intersection of two major highways, the iconic Star Lake Ranch is a unique opportunity for the discerning investor. Comprised of 3,290Âą allcontiguous acres, the largest single block of land in Tulsa County is now offered for sale. The open rolling hills covered in native bluestem grass provide beautiful vistas in all directions. Well known throughout America in the pure bred Hereford cattle business, the ranch is accented with a well-appointed managers home, two modern matching cabins, an office/sale barn along with several other barns and outbuildings.

$13,160,000

STAR LAKE RANCH TULSA

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SOUT HWEST R E G I O N REGIONAL MARKET REPORT Is cash still king? It would still seem so to our Texas markets. Without surprise, market conditions across Texas vary and often exhibit very different drivers. Ranches with a strong recreational component and within reach of a large city still see quite strong sales, especially TYLER JACOBS those of higher quality. Ranches and farms with a strong production agriculture component have found sales hard to come by, yet inventory is still remarkably thin in most regions. With the continued financial squeeze on commodities, most predict this trend to continue. Across almost all sectors inventory is tight, and evidence would suggest that for most rural properties, equity is not an issue, for buyers or sellers. So, cash is still king for now. Likely a great time to get your farm or ranch on the market.

ARIZONA PHOTO GALLERY The amount of deeded, large-acreage land available in the state of Arizona is scarce, to say the least. To find 1,060Âą acres with the amenities Rancho de las Rocas possesses is an absolute rarity. Conveniently located near Tucson, this highly unique property is a geological marvel featuring dramatic terrain variations, and incredibly diverse and massive rock outcroppings. The land presents a multi-dimensional opportunity ranging from several development options, placing a conservation easement, or building a dream home. The ranch is in close proximity to vast amounts of public land, home to a variety of wildlife, and has an abundance of recreational opportunities. Additionally, this property can be purchased all or in part. $7,900,000

RANCHO DE LAS ROCAS BENSON

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The O X Ranch is a beautiful desert ranch, highly improved for an efficient livestock operation. The headquarters is situated in a lush valley surrounded by desert mountains. It is uniquely located close to the cowboy atmosphere of Wickenburg, which has all the amenities of a small town and is isolated enough for the quiet enjoyment of the desert scenery. The combination of range land and irrigated pastures allows great flexibility for a cattle or horse operation. The headquarters site has been studied as an ideal location for a resort operation utilizing the vast expanse of the ranch property for recreation, scientific studies and horse and cattle experiences. The Little Horse Ranch (included) adds to the O X Ranch with summer grazing for a substantial portion of the O X calf crop, increasing the flexibility of the overall operations. $22,000,000

PHOTO GALLERY

O X RANCH WICKENBURG

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PHOTO GALLERY

The South Mill Ranch consists of 1,224Âą deeded acres that occupies a substantial part in its own valley protected by the San Cayetano Mountains which rise 2,000 feet above the ranch to 6,000 feet on the west. The 8,000Âą acre Sonoita Creek State Natural Area borders the ranch on the south, and natural geography including the Grosvenor Hills are on the east. The Santa Rita Mountains are just to the north, rising over 9,800 feet. The ranch lies 18 paved miles east of Tubac behind a private entry gate and just over an hour's drive south of the Tucson International Airport. The adobe style ranch improvements are impeccable and include a magnificent owner's residence, an equally attractive but smaller guest house, a manager's home and a stable complex. The ranch is well watered and offers incredible vistas. $8,000,000

SOUTH MILL RANCH TUBAC

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NEW MEXICO

PHOTO GALLERY In New Mexico, property with live water, particularly a significant river, is very valuable and challenging to find. The centerpiece of the Dos Caballos Ranch is the Canadian River, which runs for about five miles through the middle of this 10,000± acre property. The ranch encompasses both banks of the river, ensuring private access. Over thousands of years, the river has cut a spectacular 500-foot-deep canyon with immense stone cliffs that rise dramatically from the beautiful river bottom. Dos Caballos consists of 6,980± deeded acres with an additional 3,110± acres of state leased land. The terrain is diverse and includes several finger-like canyons, valleys, arroyos, mesas, and plateaus. Vegetation on the property is typical of New Mexico with cottonwoods, willows, elm, boxwoods, pinion, oak brush and ponderosa pines. $6,750,000

DOS CABALLOS ROY

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TEXAS PHOTO GALLERY Cañones is a legacy ranch situated along the southerly banks of nearly 4.5 miles of the upper Colorado River and its long navigable pools. Consisting of nearly 1,080 acres, the ranch offers outstanding canyon formations, rich regional history, pristine views, and productive habitat for fisheries, wildlife and livestock. Several 100-150 foot high, nearly sheer canyon faces on the river give vantage points of the area's river valley and the ranch's diversity. The roads along the river and canyon cliffs are exhilarating, having a bird's-eye view of both the aquatic and terrestrial wildlife. Cañones is in its fourth year of the Texas MLDP Level 3 whitetail program, allowing the owner flexibility in harvesting as well as hunting season, and the genesis of some larger mature bucks in a low-fenced area of the state. $6,500,000

CAÑONES SAN SABA

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Cow Bayou Pasture is a true country ranch that combines production, recreation, and aesthetics. This 409Âą acre offering is just minutes from Waco and Temple, and all the area's recent growth and attractions. This Brazos River bottom ranch is typical of similar native-type places in the area, with lush pastures, scattered hardwoods, and abundant wildlife and game. The miles of Brazos River frontage offer premium opportunities, with both high banks and lengthy sandy beaches, and extensive length of the Cow Bayou meandering through its western reaches. Fertile river bottom soils accommodate grazing and modest hay production. Fencing and corrals are in fair to good condition, and three small oil wells are in production. Scenic yet scattered pecan trees, tree-lined creek frontage, and various ponds sustain the wildlife. $1,300,000

PHOTO GALLERY

COW BAYOU PASTURE CHILTON

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TEXAS

PHOTO GALLERY At 279Âą acres, this beautiful game ranch in the rolling hills of east Texas contains a central kitchen/dining complex, multiple lodges, and is ready to be enjoyed by family and friends. Providing an excellent location and paved access, the ranch offers value and amenities in perfect proportion. Fire Tower Ranch is game fenced and stocked with selected whitetail and a handful of exotic species, offering a year-round experience for owners and guests alike. Bordered by Larrison Creek to the west, the topography quickly rises over 150 feet in elevation, however somewhat gentled by the cleared meadows, three-acre pond, towering trees, and springfed creeks. A beautiful setting among the towering pines and hardwoods, four guest cabins, central kitchen, dining, and entertainment areas combine for a unique opportunity at an exceptional price. $1,295,000

FIRE TOWER RANCH ALTO

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TEXAS PHOTO GALLERY East Carolina Creek Ranch, just 45 minutes north of The Woodlands, TX, is located east of Huntsville. This 832Âą acre high-fenced game ranch offers an opportunity for investment, recreation, and quality improvements for the perfect family getaway. With the owner's living quarters, guest lodge, manager's quarters, immaculate shop improvements, large timber assets, and abundant water, the ranch is fully appointed to be enjoyed by friends and family alike. Game management is supported by firstclass blinds, protein and corn feeders, bulk grain storage, quick-feed trailer, and nearly 6.5 miles of fixed-knot high fence on galvanized posts. Welldesigned game processing facilities and cold storage also add to the functional operation of the ranch. $3,669,000

EAST CAROLINA CREEK RANCH HUNTSVILLE

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TEXAS PHOTO GALLERY There are few truly great ranches available in Texas - ranches that are intrinsically valuable, with unique geographic features and established wildlife resources - ranches that are private and encompassing, yet still easily accessed and navigated, even among the challenging and awe-inspiring mountainscapes of the region - ranches that are true to the sky island ecosystem, and enjoyable for friends and family. Livermore Ranch is one of the last great places in Texas. Nestled in the heart of the Davis Mountains, and encompassing all of Brooks Mountain, Livermore Ranch is largely situated upon alpine topography and includes major to minor peaks, shear bluffs, notorious rock formations, deep shaded canyons, and large meadows which create a diverse ecological system featuring both aspen forests and productive Chihuahuan grasslands. Livermore Ranch has an abundance of game and non-game wildlife. $17,500,000

LIVERMORE RANCH ~ LAST OF THE GREAT PLACES FT. DAVIS

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TEXAS

PHOTO GALLERY Lucky P Ranch sits on the shores of Lake Cypress Springs, just north of Winnsboro in Franklin County, Texas. Nearly 300 acres, the ranch offers a large hacienda-style home, equestrian facilities, abundant game, and the rolling timbered hills of east Texas. This is a family ranch, offering the unique recreational lifestyle of lake frontage and large acreage. The 5,701Âą sq. ft. residence with Mediterranean styling emphasizes four living areas and the panoramic view of the lake. The home is situated atop a high ridge that extends into the body of the lake, creating 725Âą feet of shoreline and resulting in gorgeous views of sunrises and sunsets. The rear patio is extensive at approximately 2,000 sq. ft., and made to capture precious moments with the family enjoying the lake. $3,550,000

LUCKY P RANCH WINNSBORO

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PHOTO GALLERY

Simply referred to as "The Farm" by the Robbins family, this 238Âą acre parcel has been enjoyed by friends and family for several generations. Located just east of Chappell Hill, TX, Robbins Farm offers a total of 1.25 miles of paved, rolling Washington County road frontage, a large pond, an old homestead, and endless possibilities. The gently rolling pastureland and wildflowers are typical of the iconic charm that buyers seek in the area. Currently ag-exempt, the farm has exceptional access to Highway 290 and is only 35 miles from the Grand Parkway. With development potential and a grand home site for a country estate, Robbins Farm offers both beauty and investment potential. $2,995,000

ROBBINS FARM CHAPPELL HILL

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TEXAS

PHOTO GALLERY Moon River Ranch lies just 16 miles south of Waco and its vibrant, growing, and robust economy, along the banks of the grandest river in Texas. The rolling hills, fertile farmlands, and tree-shaded valleys of the middle Brazos River basin fill every visitor with a deep reverence for the landscape. Moon River Ranch offers the entrepreneur the setting and improvements to capture a profit from those public events that draw people to such a setting. Weddings, family reunions, corporate events, and team development are all activities that deserve to be located at a place that inspires. Moon River is both grand and quaint, rustic and refined, and is sure to leave a lasting impression. The property is currently being used to host executive retreats, corporate events, weddings, private parties, and family reunions. $5,600,000

MOON RIVER RANCH CHILTON

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TEXAS

PHOTO GALLERY Three Mile Forks is a rare offering in the prized community of Franklin, just a 35-minute drive from Bryan and College Station. Featuring quality improvements, fertile and improved pastureland, scenic rolling hills, hardwood timber wildlife corridors, and even a fishing pond or two, the ranch is a unique opportunity for the working rancher and avid outdoorsman alike. With long frontages on both Bishopville and Mitch McMillian Roads, grazing livestock is always easy to spot on the drive home from work. Lush pastures of Coastal and Tifton 85 bermudagrass combine with the productive sandy loam soils to provide impressive grazing and hay production. The gated entrance and winding, downhill ranch road approach the headquarters with a notion of a destination. $1,800,000

THREE MILE FORKS FRANKLIN

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SOUT HEAST A N D M I D W E S T R E G IO N REGIONAL MARKET REPORT In the Southeast’s rural real estate market, there has been a noticeable increase in activity since the early part of winter. In my market report last fall, I commented on how the increased activity was defined to very specific property types with unique lifestyle attributes, but we are now seeing this increased activity spreading to more common southern landscapes. With this said, I’m not suggesting we are in a strong land market – this is not the case. ELLIOT DAVENPORT Instead, we are in what I would call a healthy market with respectable levels of buyer activity. We are receiving more qualified inquires and are scheduling more showings than six months ago, but buyers are still disciplined and market prices are very relevant to transacting. I’m happy to report that in 2016, Hall & Hall sold 16,000 acres in the Southeast and that we remain poised to continue delivering the Southeast’s rural real estate market the representation it deserves.

GEORGIA

PHOTO GALLERY Oconee Farm is a spectacular property located only 75 minutes southeast of downtown Atlanta near the town of Eatonton. These 855Âą acres have a diverse landscape offering a number of quality hunting, fishing, and outdoor opportunities. The farm boasts fantastic whitetail deer and turkey hunting, and the land has been managed in a manner that supports a quality quail program. Built in 2006, there is a three-bedroom house with an open floor plan serving as the perfect farm retreat, as well as a charming two-bedroom guesthouse for entertaining. The farm includes a nice section of Glady Creek and a threeacre lake. Oconee Farm's location offers extraordinary convenience to the surrounding area's amenities. $3,700,000

OCONEE FARM EATONTON

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171

ILLINOIS PHOTO GALLERY Located in the Kaskaskia River valley of south-central Illinois, an easy drive from multiple metropolitan areas, River Bend Farm is comprised of 1,148± acres that are dedicated to the management of waterfowl and other wildlife. The property can truly be classified as duck nirvana while also offering very high-quality trophy whitetail deer and upland bird populations. Over the last 15 years, this land has been reconstructed from a grain farm to an intensely managed wildlife sanctuary featuring 816± acres enrolled in the Wetlands Reserve Program (WRP) including a 4.5 mile main levee that surrounds 462± acres, creating 7 separate waterfowl impoundments with water-control features. The managed WRP lands have been transformed into optimal waterfowl habitat. $4,700,000

RIVER BEND FARM RAMSEY

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NORTH CAROLINA PHOTO GALLERY This beautiful and diverse landscape comprised of 1,769Âą acres, known since the 1800s as Willow Oaks Plantation, is situated on the Dan River in Rockingham County, North Carolina. Willow Oaks is an incredibly rich and bountiful recreational hunting property. This area of North Carolina is regarded as the state's trophy belt for whitetail deer and Willow Oaks is known to be one of its garden spots. However, it is the diversity of the wildlife that makes this property a true gem. Manicured sunflower fields produce dove hunts that will leave family and friends anxious to return. On spring mornings, echoes of gobbling turkeys will be heard from all corners of the property. Known to be a microflyway, the managed waterfowl impoundments off the Dan River provide duck hunts rarely found in this state. $11,500,000

WILLOW OAKS PLANTATION EDEN

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TENNESSEE PHOTO GALLERY The Horse Farm is a gorgeous 221Âą acre equestrian farm located just minutes from Nashville and Franklin, Tennessee, near the charming community of Leiper's Fork. The property offers the best of both worlds - the serenity of a peaceful country setting and the ease of access to the amenities of metropolitan areas. The farm is characterized by an array of rolling hills, mature hardwood forests, lush green pastures and a babbling creek. The Horse Farm is more than adequately equipped to handle the most dedicated equestrian enthusiast. The property currently includes a modest equestrian facility with three barns, but could easily be expanded to become a world-class facility. There are 50Âą acres of pastures that are well-fenced and ready to accommodate your four-legged friends. $3,800,000

HORSE FARM PARCEL 2 FRANKLIN

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TENNESSEE PHOTO GALLERY Wildflower Woods is a gorgeous 950Âą acre farm located just minutes from Nashville and Franklin, Tennessee, near the charming community of Leiper's Fork. Rarely do you find a property of this stature situated as conveniently to these culturally significant and buzzing urban areas. It offers the best of both worlds - the serenity of a peaceful country setting and the ease of access to the amenities of metropolitan areas. Wildflower Woods has been assembled by its current owners over the last 33 years. The farm is characterized by an array of rolling hills, mature hardwood forests, lush green pastures and babbling creeks. The centerpiece is a 12-acre lake that is host to many memorable occasions with family and friends. $11,800,000

WILDFLOWER WOODS PARCEL 1 FRANKLIN

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CHILE

PHOTO GALLERY Located 20 miles from the city of Coyhaique in southern Chile’s Patagonia region and less than 60 miles from the Balmaceda airport, the ranch features 11,125± acres of titled land and approximately 13 miles of both sides of three high-quality trout streams, including an exceptional spring creek with brown trout in the 30-inch class. The extent and diversity of fishable water on the ranch combine to make Valle Dorado an unparalleled opportunity in today’s market. Near endless fly-fishing opportunities at Valle Dorado are complimented by ease of access, outstanding scenery, tasteful, functional improvements, and a well-managed, low-overhead ranching operation. $17,000,000 USD

ESTANCIA VALLE DORADO COYHAIQUE, PATAGONIA

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MEXICO

PHOTO GALLERY Likely the most prominent and prestigious opportunity in the entire Baja region, Predio Pichilingue offers the most unique setting among the crystal blue waters of the Baja market. With combined acreage of 640Âą acres, personal luxury estate and development opportunities abound amid excellent access. Punta Colorado and Tesoro Beach are landmark features of the entire region. La Paz is not only the capital of Baja California Sur, it is the boating capital of Baja. Its location in the Sea of Cortez provides calm waters for boating and some of the most beautiful islands in the world. La Paz is truly a boater's paradise. Unlike nearby Los Cabos, La Paz boasts four marinas, a variety of yachting destinations, hundreds of snorkeling and diving locations. $16,000,000 USD

PREDIO PICHILINGUE LA PAZ

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MEXICO The largest of the Predio Pichilingue properties, and the nearest to La Paz, this southernmost 257Âą acre La Colina de la Estero Puerto Gato portion rises nearly 500 feet in elevation, and offers nearly a mile of coastline and highway frontage. The grand views of Bahia de La Paz offer an exceptionally grand setting for a new luxury estate and compound. Mexico Highway 11 follows the coastline through the property and connects to Mexico Highway 1 just south of La Paz, offering great mobility and connectivity to the U.S. border, frequently traveled by snowbirds and expats alike. La Paz is not only the capital of Baja California Sur, it is the boating capital of Baja. $4,000,000 USD

LA COLINA DE LA ESTERO PUERTO GATO LA PAZ

PHOTO GALLERY

Punta Colorado consists of 154Âą acres, which is the most preeminent peninsula of the region, and an opportunity yielding well over two miles of beach frontage. It is the premier location to construct a worthy home and luxury compound sitting atop the hills, over the beaches and among the notorious views. Located approximately six miles north along the coast from the city of La Paz, Punta Colorado extends into the Bahia de La Paz nearly one mile in a southwesterly direction. Prominent ridges, exceptional beaches and exclusive prominence set the property amid the blue waters surrounding it. La Paz is not only the capital of Baja California Sur, it is the boating capital of Baja. $9,000,000 USD PUNTA COLORADO LA PAZ

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PHOTO GALLERY La Colina de la Playa del Tesoro rises nearly 500 feet in elevation over the blue waters, and its prominence is unmistakable and unique. Featuring El Tesoro, the most famous beach in all of La Paz, this 196Âą acre portion of Predio Pichilingue offers tremendous access, recreational development and exclusive luxury-estate promise. Mexico Highway 11 severs the beach and coastline from the higher elevations of the property, yielding exceptional access and opportunity for a variety of personal or development opportunities. La Paz is not only the capital of Baja California Sur, it is the boating capital of Baja. Its location in the Sea of Cortez provides calm waters for boating and some of the most beautiful islands in the world. La Paz is truly a boater's paradise. $3,000,000 USD

LA COLINA DE LA PLAYA DEL TESORO LA PAZ

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MEXICO

PHOTO GALLERY Rancho Doljoca is likely the most stunning hunting ranch on the western coast of Sonora. Nearly 41,000 acres, the ranch boasts world-class trophy desert bighorn sheep and trophy desert mule deer hunting, all among a setting that is stunningly grand and beautiful, accessible, scenic, and well improved. The hunting lodge sits high upon one of the mesas, surrounded by giant saguaro cactus and a sweeping southerly view towards Kino Bay and the Gulf of California. Offering four master suites in the 6,000Âą sq. ft. lodge, it is uniquely constructed for the singular purpose of entertaining hunting clients and friends. Built in 2008, the lodge centers on the dining, kitchen and entertainment areas adjacent to the pool, spa and outdoor parrilla grill. $6,500,000 USD

RANCHO DOLJOCA KINO BAY, SONORA

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FINANCE APPRAISAL FARM AND RANCH MANAGEMENT

REAL ESTATE GROUP BILLINGS, MONTANA James Taylor * Randy Shelton BOZEMAN, MONTANA Joel Leadbetter * David Johnson Tim Murphy B Elfland Ryan Flair MISSOULA, MONTANA Bill McDavid * Keith Lenard DENVER, COLORADO Mike Hall (Managing Director) Tom Metzger Jeff Buerger STEAMBOAT SPRINGS, COLORADO Brian Smith * Cody Lujan SUN VALLEY, IDAHO Stoney Burke Trent Jones * HUTCHINSON, KANSAS John Wildin COLLEGE STATION, TEXAS Tyler Jacobs LAREDO, TEXAS Jay Leyendecker LUBBOCK, TEXAS Monte Lyons (Managing Director) BUFFALO, WYOMING Mike Fraley

In the constantly changing real estate environment, you want to work with qualified experts to help navigate through often complex business decisions. With deep roots in rural real estate, Hall and Hall is a multifaceted company with a depth of knowledge and expertise that is unparalleled in the real estate industry. Hall and Hall offers a wide range of services including competitive loan products, appraisal and valuation services, farm and ranch management, and consulting. Whether purchasing, selling, or looking to optimize your current operation, our multidimensional approach can help identify opportunities and tailor a plan to meet your current and long-term goals. Call any of our offices for more information on loans, appraisal and valuation, management, and consulting services. FINANCE, APPRAISAL AND MANAGEMENT GROUP BILLINGS, MONTANA Douglas Hall Jerome Chvilicek * Scott Griswold Dave Roddy * Wes Oja * â&#x20AC;&#x160;Dan Bergstrom Tina Clark Hamm * BOZEMAN, MONTANA Mike McDonnell DENVER, COLORADO Mike Hall (Managing Director) JC Chirila ABILENE, TEXAS Justin Bryan LUBBOCK, TEXAS Monte Lyons (Managing Director) J.T. Holt

AUCTION GROUP EATON, COLORADO Scott Shuman Rob Hart

AFFILIATES WESTERN WYOMING/EASTERN IDAHO Ken Dunn SOUTHEAST Elliott Davenport

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BOZEMAN, MONTANA 1227 N 14th Ave., Ste. 1 Bozeman, MT 59715 tel: 406.587.3090 MISSOULA, MONTANA 901 S. Higgins Ave.,Ste. 103 Missoula, MT 59801 tel: 406.542.3762 SUN VALLEY, IDAHO 560 2nd Ave. N Ketchum, ID 83340 tel: 208.622.4133 WESTERN WYOMING/ EASTERN IDAHO 189 N Main St. Ste, 100 Driggs, Idaho 83422 tel: 208.221.3866 BUFFALO, WYOMING 150 South Main Buffalo, WY 82834 tel: 307.217.0545 SOUTHEASTERN U.S. 1428 Williams Street, Ste. C2 Chattanooga, TN 37408 tel: 423.364.2092

COLLEGE STATION, TEXAS Rick Bice * Director

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OFFICE LOCATIONS BILLINGS, MONTANA 2290 Grant Road Billings, MT 59102 tel: 406.656.7500

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DENVER, COLORADO 1559 Logan Street Denver, CO 80203 tel: 303.861.8282 STEAMBOAT SPRINGS, COLORADO 3001 S Lincoln Ave., Ste. E Steamboat Springs, CO 80487 tel: 970.879.5544 EATON, COLORADO 100 S Cherry Ave., Ste. 6D Eaton, CO 80615 tel: 970.716.2120 HUTCHINSON, KANSAS 1 N Main St., Ste. 517 Hutchinson, KS 67501 tel: 620.662.0411 ABILENE, TEXAS 422 CR 131 Tuscola, Texas 79562 tel: 325.260.5883 COLLEGE STATION, TEXAS 543 William D. Fitch, Ste. 104 College Station, Texas 77845 tel: 979.690.9933 LAREDO, TEXAS 1202 Houston St., Ste. 200 Laredo, TX 78040 tel: 956.771.4255 LUBBOCK, TEXAS 6833 82nd Street, Suite 102 Lubbock, TX 79424 tel: 806.698.6882

EXCLUSIVE INVENTORY INDEX ARIZONA O X RANCH SOUTH MILL RANCH RANCHO DE LAS ROCAS

152 153 151

CALIFORNIA CALIENTE RANCH LAS PILETAS RANCH LOS ROBLES RANCH

30 29 33

COLORADO ADAMS RANCH BUCKHORN MOUNTAIN RANCH BULL SPRINGS RANCH CANYON CREEK RANCH CASCABEL ELK RIVER RANCH ELK RIVER SANCTUARY FRENTRESS RANCH GHOST RANCH JW RANCH LOST ELK RANCH - 4F UNIT LOST ELK RANCH - J BAR UNIT MEXICAN RIDGE RANCH MOSCA PASS RANCH MOTHERWELL RANCH OWEN-SKILES SUNNYSIDE RANCH PERFUME PASTURE PIEDRA VALLEY RANCH POWDER KEG RANCH ROCKING R - HORSE RANCH ROCKING R - ORCHARD HOUSE ROCKING R - VACANT LAND ROLLING T RANCH RSM RANCH SAND MOUNTAIN RETREAT SKY RIVER RANCH SLATE CREEK RANCH

98 102 101 103 104 107 111 110 113 108 117 117 114 115 119 114 122 120 123 125 126 126 133 132 127 128 133

SNOWY MOUNTAIN RANCH SOUTH PARLIN RANCH STEALEY MOUNTAIN RANCH TABLE ROCK RANCH TWO CREEKS RANCH WOODCHUCK MOUNTAIN RANCH GEORGIA OCONEE FARM IDAHO EE-DA-HO RANCH GWIN SPRINGS RANCH LITTLE WILLOW CREEK RANCH LOST PEAKS RANCH SIERRA DEL RIO RANCH SUSIE Q RANCH ILLINOIS RIVER BEND FARM MONTANA ALICE BASIN BEARTOOTH MOUNTAIN RANCH BIG BLACKFOOT RIVER RANCH BIRCH CREEK RANCH BRIDGER PASSAGE RANCH BRIDGER PEAKS RANCH CAYUSE CREEK RANCH CLARK FORK RANCH COVE CANYON RANCH CRAZY WATERS RANCH DANCING WIND RANCH ELK CREEK RANCH ENGDAHL RANCH G BAR T RANCH HOBBLE DIAMOND RANCH HOLLAND PEAK RETREAT IX RANCH LAZY E BAR Z RANCH

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131 138 134 137 139 140

171 20 23 25 23 26 22 172 40 40 41 37 38 47 47 46 52 43 44 53 52 49 50 56 55 61

LONE CYPRESS RANCH 58 MEDICINE LODGE MOUNTAIN CABIN 59 MILLER CATTLE COMPANY 62 MILLER LAKE RANCH 67 MONTANA MOUNTAIN VIEW RANCH 59 OTTER BUTTES RANCH 64 QUAGLE CREEK RANCH 64 ROCKING FOUR A 70 ROSEBUD SOUTH RANCH 65 SHORTHILL HOMESTEAD 68 SKALKAHO CREEK RANCH 73 SMITH RIVER RANCH 74 STRAWBERRY CREEK RANCH 71 ST. CLAIR RANCH AT FISH CREEK 71 SULA PEAK RANCH 79 THE SUMMIT 77 TIMBER CREEK RANCH 80 TWILIGHT PEAK RANCH 85 VALLEY VIEW RANCH 83 WARREN PEAK RANCH 86 WEST FORK RANCH 83 WHISPERING PINES 82 NORTH CAROLINA WILLOW OAKS PLANTATION

175

NEW MEXICO DOS CABALLOS

154

OKLAHOMA FISHER RANCH KIAMICHILINK RANCH STAR LAKE RANCH

144 147 148

OREGON DAVIS LAND & LIVESTOCK JMK RANCH MCEWEN RANCH AND CATTLE COMPANY

INVENTORY INDEX

14 17 18

TENNESSEE HORSE FARM PARCEL 2 WILDFLOWER WOODS PARCEL 1

176 179

TEXAS CAÑONES COW BAYOU PASTURE EAST CAROLINA CREEK RANCH FIRE TOWER RANCH LIVERMORE RANCH LUCKY P RANCH MOON RIVER RANCH ROBBINS FARM THREE MILE FORKS

157 158 160 159 163 164 166 165 169

WASHINGTON IDLEWILD CANYON

WYOMING FOUR BEAR RANCH IH RANCH LOST CREEK MOUNTAIN PROPERTY PASS CREEK RANCH SADDLE HORN RANCH TETON DIABLO RANCH

88 93 90 97 91 94

INTERNATIONAL CHILE ESTANCIA VALLE DORADO

180

MEXICO LA COLINA DE LA ESTERO PUERTO GATO 184 LA COLINA DE LA PLAYA DEL TESORO 185 PREDIO PICHILINGUE 183 PUNTA COLORADO 184 RANCHO DOLJOCA 186 LOG ON TO OUR WEBSITE FOR DETAILED MAPS AND PHOTOS ON EACH OF OUR EXCEPTIONAL LISTINGS.

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