Land Investor Magazine Volume 3 by Fay Ranches

FARMS • TIMBER • RANCHES • PLANTATIONS

LAND INVESTOR VOLUME 3

800-238-8616 • www.fayranches.com

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Straight talk. Real solutions. Wise investments. At Capital Farm Credit, we understand why you want to make a land investment. We also understand the best ways to make that happen. Count on us to stay by your side through the entire process with advice and programs to help reach your goals for land ownership, whatever they may be. We’ll even help put money back in your pocket with our patronage dividend program. Call us today and find out how.

Together we’re better. Partnership that really pays.

capitalfarmcredit.com | 877.944.5500 NMLS493828

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A LETTER FROM OUR PUBLISHER Dear Land Investor, Welcome to the third edition of Land Investor. In this issue, we have a number of fantastic articles, including insightful pieces on conservation easements and the uncertain future of 1031 Tax Deferred Exchanges. You’ll learn about things like stream reclamation and lake construction as tools to enhance the value and enjoyment of your land. I think you will find this issue informative and entertaining. There are so many facets of land ownership. Whether you invest in wineries, production ranches, timber or quail plantations, the different value drivers across the nation and from one genre of land to the next are fascinating. As land investors, you know how important it is to understand these value drivers and learn how to enhance them. Hopefully Land Investor will help you on this path and provide you with insight and knowledge about investing in land that you may not have had. Whether you buy and sell with us or not, our goal is to help everyone become smarter investors and stewards of their land. This issue is also a celebration of Fay Ranches’ 25th year in business. We started quite humbly in April of 1992 and now have offices from coast to coast. To our valued clients, employees and partners who have been a part of our growth along the way, thank you for everything. It’s been a great ride. Here’s to the next 25! Sincerely,

Gregory W. Fay Broker/Owner Fay Ranches, Inc.

800-238-8616 • www.fayranches.com

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4 • www.fayranches.com • 800-238-8616

LAND INVESTOR

VOLUME 3

FARMS • TIMBER • RANCHES • PLANTATIONS

TABLE OF CONTENTS FEATURES 3 A LETTER FROM OUR PUBLISHER 6 FAY RANCHES CELEBRATES 25 YEARS 9 SURFACE WATERS ADD VALUE TO LAND 35 THERE’S HISTORY IN THESE HILLS 40 HISTORIC LEGACY OF BLACKLEAF CATTLE COMPANY

LAND INVESTOR

PUBLISHER: Greg Fay, Fay Ranches, Inc. 395 Gallatin Park Drive Bozeman, MT 59715 Phone (406) 586-4001 Fax (406) 586-4020 www.fayranches.com

42 BOZEMAN PAST 66 KEEPING PROPERTY EXCHANGES OUT OF THE CROSSHAIRS 78 FISH HABITAT RESTORATION 82 OREGON VINEYARDS AND WINERIES 96 SPORTSMAN’S CORNER 98 CAN YOU BENEFIT FROM PLACEMENT OF A CONSERVATION EASEMENT? 108 SCOTCH DOUBLE 114 JOIN US

EDITOR: Julie Hilley CONTENT EDITOR: Alex Lovett-Woodsum MAGAZINE DESIGN: Morrison Creative Company, Inc. A SPECIAL THANK YOU: Chase Spears, Charles M. Davidson, Bryan Pickens, Jesica Hicks, Sarah Sloan, Meredith Johnson, Deb Caruso, Debra Hoffert, Allison Miles ©2017 FAY RANCHES, INC. Cover Photo: A Native Montanan. Cutthroat trout by Michael Chilcoat

PROPERTIES BY STATE 10 36 39 41 69 83 97 103 110 111 113

TEXAS COLORADO WYOMING MONTANA IDAHO OREGON WASHINGTON TENNESSEE GEORGIA MISSISSIPPI WEST VIRGINIA

888-726-2481 • www.republicranches.com

800-238-8616 • www.fayranches.com

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FAY RANCHES CELEBRATES 25TH ANNIVERSARY By Alex Lovett-Woodsum

hen Greg Fay founded Fay Ranches 25 years ago in the basement apartment of his brother’s house in Bozeman, Montana, the idea of selling land focused on fly fishing and recreation as a value driver and emphasizing conservation as a tool to keep the land agriculturally productive was a pioneering one; no company had done it before in the western land market. Up until this point, land values were based primarily on the agricultural production of the farm or ranch. Attributing value to the recreational components of a working ranch constituted a paradigm shift in the marketplace and has since become standard practice in the industry. Originally named Fay Fly Fishing Properties, over the past quarter century, Fay has expanded from its humble beginnings to become Fay

Ranches, a multi-faceted company specializing in farms, ranches, timberland and plantations with offices from coast to coast. Founding Fay Fly Fishing Properties was a result of a lightbulb moment Greg Fay had while he was, unsurprisingly, fly fishing. He had successfully sold smaller land parcels and residential real estate for five years before deciding to take a break. “I found that early work, selling houses, increasingly unfulfilling. I had made a bunch of money and I was still in my twenties, so I stopped selling real estate and took a year off to travel around the world. When I returned, I needed to figure out what my career would be. I was fishing with my brother Brian one day and as we were sitting on the banks of the river discussing my future, he asked me, ‘what are you good at?’ and I said, somewhat jokingly, ‘selling real estate and fly fishing.’ It turned out to be a life-changing revelation. We happened to be fishing on a stretch of a famous

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river that had recently had a subdivision built right on its banks, and we both felt that the development had virtually ruined it. It all came together that day and in subsequent conversations with my brother, and I decided to devote my business to trying to conserve the incredibly fertile agricultural ground along our country’s rivers.” Selling properties with a focus on both the agricultural and recreational aspects of the land turned out to be a highly successful model. A few short years after its founding, Fay Fly Fishing Properties was rapidly growing. Greg had bought a house and was working out of his living room when he met recent Montana State University graduate James Esperti, who joined the company in 1998 and today remains a Partner and Sales Associate. “I met Greg in the mid 90s and spent several falls chasing upland birds across Montana with him. As our relationship matured, he asked if I would be interested in joining him selling ranches.” Esperti knew right away that it would be a good fit. “I jumped on the opportunity to work with Greg because I felt he was ahead of the curve when it came to marketing and selling ranches. Fay was the first company to focus on the recreational values of the land in tandem with the productivity of the operation. Coupled with his focus on conservation, it seemed like a great fit. 25 years later, attributing value to the recreational components of land has become standard practice across the country. I think we’ve also contributed to a growing recognition that we need to conserve land and keep it agriculturally productive.” In 2001, Fay Fly Fishing Properties took a major step; during a downturn in the market, Greg saw an opportunity and decided to aggressively grow the business and increase the company’s market share. The first step was changing the name of the company to Fay Ranches and expanding the focus to all land types, while also expanding geographically throughout the United States. “We do things differently at Fay Ranches. The accepted model in the industry is to hire as many agents as you can. That’s not something I have any interest in being associated with. With the magnitude of the assets we’re entrusted to sell, it’s a model that I don’t feel works in the land brokerage arena. We have expanded in a thoughtful and methodical way because we need intelligent, competent agents, and we need to be able to spend three days in a truck with them. We also don’t have any internal competition. There are no sales awards, as we don’t want

our agents competing with each other. At Fay, our success is due in part to everyone working together and helping each other out. If you’re not a team player, you won’t be at Fay for long.” While the company has evolved and grown over the years, its success is still grounded in four pillars upon which it was founded: family, conservation, investment value, and sporting pursuits. Everyone at Fay Ranches is deeply committed to these founding principles. The staff and agents have a range of expertise that enables them to identify land investment opportunities for their clients. “The four pillars came from discussions about who we are and what we stand for,” says Fay. “There is tremendous diversity in the agents at Fay, from timber experts to ranchers, winery experts, farmers and sportsmen and women. But a common thread are the four pillars. We all share a genuine desire to keep land productive. We are family men and women who believe the outdoors is an incredible place for families to gather without the static of technology. It’s a place of hard work, and a place where kids can learn confidence, independence and resourcefulness. With the diversity of knowledge at Fay, we understand what drives value in different regions and with different land uses. Many of today’s modern land buyers are interested in the productivity of land as well as the recreational potential of land. We understand both.” Fay Ranches’ adherence to the four pillars is a cornerstone of its success, bolstered by the company’s diverse range of knowledge, marketing prowess and the trusted relationships Fay’s agents have built with clients over 25 years.

In 2014, Fay forged an alliance with Texas-based Republic Ranches, the result of a shared mindset and way of doing business and the desire to geographically expand the reach of both companies. “We all feel that our strongest selling tool is trust,” said Fay. “They are great people, they are extremely competent and like us, they only do deals that are in the best interest of their clients. We also like hanging out with each other, fishing and hunting, so that makes our relationship even stronger.” The strategic partnership between the two companies provides Fay and Republic clients access to one of the largest networks of land, landowners and investors in the country. In 2015, Fay Ranches established Fay Ranches Southeast and aggressively moved into this diverse region. “Many of our clients invest in land from coast to coast and have grown comfortable working with Fay. They encouraged us to move into the Southeast and have been wonderfully supportive.” Today, Fay Ranches is one of only two companies that executes land deals from coast to coast. Despite tremendous growth, Fay Ranches is still firmly grounded in the simple principles upon which it was founded. Its success is perhaps best summed up in the words of its founder: “Selling land is my dream job, and I’m enjoying it more now, after 25 years, than I ever have, and it’s because of our wonderful clients and the people I’m working with. James Esperti and I have been working together since 1998 and he and I have a shared vision of the type of people we want at Fay Ranches. Everyone is passionate, knowledgeable, and supportive, and we all work together. It’s not your typical real estate company.”

James Esperti, broker/partner and Greg Fay, broker/owner.

800-238-8616 • www.fayranches.com

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WE DON'T DO LIFT TICKETS

WE DON'T DO LIFT LINES

WE DON'T DO POWDER DAYS

WE DO PO WD E R WE E K S

The World’s Only Private Ski, Golf, & Adventure Community www.yellowstoneclub.com • ycsales@yellowstoneclub.com • Big Sky, Montana • 888.700.7748

FLYING TO MONTANA HAS NEVER BEEN MORE CONVENIENT WITH DAILY DIRECT SERVICE FROM 16 U.S. CITIES, INCLUDING NEW DAILY SERVICE FROM DALLAS & HOUSTON Membership in the Yellowstone Club requires real estate ownership. Yellowstone Club is a secure gate guarded private community and appointments for access to view the real estate or amenities need to be arranged in advance. This does not constitute an offer or a solicitation to residents in any state or jurisdiction in which registration requirements have not been fulfilled. Please call or email for complete information.

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SURFACE WATERS ADD VALUE TO LAND By Jeff Boswell

hile the entire state of Texas has only one natural lake over 1,000 surface acres, it has the highest overall acreage of surface water of any state in the country. Texans value their surface water, for the state is a relatively dry place overall. As an owner or prospective owner of rural property in Texas, trying to determine what value to place on surface water with respect to the overall value of the land can be critical in determining whether or not to move forward with building lakes and ponds, and the price offered on lands for sale with surface water. In Texas, water laws can be confusing. Groundwater is owned by the land owner (in very general terms), while most surface water is owned by the state, with few exceptions. Dams may be built to impound water on a person’s land (as long as it does not hold over 200-acre feet of water, which requires a permit) for the personal use of the landowner, but that water may not be used commercially without a permit. It is also important to know whether the soil on one’s land can hold water without seeping, so that a pond or lake won’t dry up during the long, hot summers. Because Texas is a fairly dry state, good surface water has significant value and can add a lot to the price of a property. In studying this over the years, we have come up with some defined values on lakes and ponds and how they increase the overall price of property. While it varies somewhat due to geographic locations in the state, we have found some fairly consistent numbers to help landowners and potential land buyers make decisions on determining values of these water features. In Texas, the size of a lake or pond has a significant effect on the value placed on it. Generally, that the larger the impoundment, the higher value placed on its surface acreage. Ponds under one acre generally do not make a significant value addition to a property (although properties with no ability to have even small ponds can have a negative effect). Lakes that are between one and 10 acres of surface water tend to carry additional values of $15,000 - $20,000 per surface acre. As you get over a 10-acre lake, the values will begin to

increase to a valuation of between $20,000 - $25,000 per acre. These valuations are on top of whatever the general land price beneath the water was already calculated to be. The variation in prices tends to be based on where the property is and the ability of the lake to hold water levels during the year. Properties in the northeast portion of the state, which are more conducive to building large lakes and holding water, tend to be on the lower end of the valuation. Properties with these water features in central and southern portions of the state tend to be towards the higher end of these valuations, as it is more difficult to build such lakes and hold water annually. The ability to keep reservoirs full throughout the year, whether through a spring fed water feature or through the ability to use groundwater, causes the valuation to be on the higher end of these values. Texas has a state law that any reservoir that holds over 200acre feet of water (an acre foot of water is a surface acre 1’ deep) must be permitted with the state. These permits are very difficult to get and only a small number of these lakes are built each year because of the high cost and permitting difficulties. The costs of the permitting can run as high as several million dollars. Because of this lack of supply of such permitted lakes these impoundments tend to fetch a high premium on the market. There is an exception to the maximum 200-acre foot rule that takes place if a lake does not receive runoff from a water course, but rather is leveed on all four sides and only gets water directly from water wells and rain. These lakes may be built without a permit and still bring premium prices. Our overall studies of these properties sold over the last ten years helped us conclude that in almost every case, any lake built in Texas will ultimately bring more value than the cost of building them. While it can be a significant expense, landowners can be confident that the increase in the price of their property will outweigh the price of construction, while providing wonderful recreational opportunities for themselves and their families to enjoy.

www.republicranches.com • 888-726-2481 • 9

TEXAS T hey say everything is bigger in Texas, and that is certainly true when it comes

to its 130 million acres of rural lands and 247,500 farms and ranches, the most in the nation. Texas’ size and geology has resulted in diverse landscapes resembling both the American South and Southwest. From remarkable sporting properties, to agricultural operations, mineralextraction and the vast and plentiful cattle ranches for which it is perhaps best known, much of the economy in Texas was built off the land, and Texas remains the symbol of the American cowboy. Today, large swaths of the state have become populous urban areas, but much of it remains a natural wonder, with its sweeping plains and wide range of wildlife and its beautiful and productive ranch and farm properties.

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TEXAS

East Texas

BAREFOOT RANCH

HENDERSON COUNTY, ATHENS, TX • 2,493± ACRES • $59,000,000

More than a ranch, this 2,493± acre idyllic and very private, almost hidden retreat resort absolutely defies the imagination and defines the very best of authentic Texas ranch lifestyle with a Four Seasons finish. Exuding a simple tranquility and functional excellence, the ranch goes above and beyond, pampering both its owners and guests into a realm of extraordinary luxury. • 2,493± idyllic, very private acres • World-class amenities and hosting capabilities for: high-security executives, state and national politicians, music & film celebrities • Just 1 hour from Dallas & 10 minutes from a jet strip • Multifaceted lodging: 35,000 SF timber-beamed lodge with exquisite gardens, cabins and cottages and luxurious apartments • Magnificent 150± acre lakes – water skiing / boating / trophy bass • PGA rated 9-hole golf course • Shooting range • Tennis courts • Equestrian facilities • Collector’s garages • Chef’s greenhouse and more • Completely high-fenced and surrounded by woods and wetlands with abundant wildlife, including white-tailed deer with South Texas genetics In a Co-Marketing Alliance with Icon Global

For the most up to date information please visit our website or call an agent.

www.republicranches.com • 888-726-2481 • 11

East Texas

BOGATA FARM

RED RIVER COUNTY, BOGATA, TX • 6,591± ACRES • $17,136,600 The Bogata Farm is a premier, Midwestern style farm which has yield potential and farm operation improvements which are uniquely superior in the area. The owner has made significant capital improvements to increase the productivity of the land. Meticulous attention has been given to fertility and land improvements, allowing maximum yield potential. A 160-acre subsurface tile drainage research project has been installed, and crops grown in this field have demonstrated higher yields, meaning a future investment in expanding sub-surface tile drainage could push yields even higher. Structural improvements include 410,000 bushels of grain storage, diked fertilizer and fuel storage, and a chemical storage and mixing building. An added benefit is a new, state-of-the-art, 1.8 MILLION bird egg laying facility in the center to the property. The joint venture between Rose Acre Farms and Calmaine means higher local commodity prices, virtually no transportation expenses, and readily available chicken litter. Current corn price bid is considerably above the CBOT. • 6,591 tillable acres • Tile drainage system of 160 acres, 3” lines, and 200,000’ of tile • Local crops include corn, wheat, soybeans, cotton, canola, and grain sorghum • Six 55,000 Bu grain bins • Chemical mixing, storage, and injection systems • An additional 1,700± acres of leased land available • Annual rainfall is 42-45 inches • 1.8 million bird layer complex located in the center of the farm

RED RIVER RANCH

RED RIVER COUNTY, PARIS, TX • 6,370± ACRES • $16,562,000 This significant farm and cattle ranch combo property is on the banks of the Red River just West of US Hwy 37 and has tremendous potential to carry a large herd. This 6,370± acre irrigated farm includes approximately 4,820± acres of tillable land. 1,080± acres are under pivot irrigation with recently installed T & L pivots, each supported by multiple 36” alluvial gravel pack wells. 514± acres of sub-surface field tile drainage have been installed to further improve production capability, and 40± acres sub-surface tile research irr-drain project have also been added. The remaining 1,420± acres in pasture form the balance of the operation which could be expanded significantly by reallocating this to tillable land. • 4,835± tillable acres • 1,080 acres are under pivot irrigation, planted in corn • 1,400 acres available for irrigation expansion • 550± acres in subsurface tile drainage systems (part of this is irri-drain) • Intensive cattle operation with excellent cross fencing • Three houses on site, and working pens • Annual rainfall is 42-45 inches • 140 miles from Dallas In a Co-Marketing Alliance with Icon Global

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For the most up to date information please visit our website or call an agent.

TEXAS

East Texas

COUNTY LINE CATTLE RANCH

HARRIS & LIBERTY COUNTIES, CROSBY, TX • 797± ACRES • $6,376,000

This property has been operated as a cattle ranch since the early 1940s under the same family ownership. Located on the Harris and Liberty County line, this working ranch offers a quality livestock opportunity near a rapidly growing part of one of the largest metropolitan statistical areas in the country. Investment prospects are enhanced by the pending construction of the Segments H & I of the Grand Parkway, with the proposed alignment passing approximately 5 miles to the east of the property. The ranch is approximately 2.5 miles east of FM 2100, with the cities of Huffman, Crosby and Dayton just minutes away and George Bush Intercontinental Airport under 25 miles to the west. • The pastures are clean and are mostly native grasses with a stand of pecan trees at the HQ • Soils are predominantly League Clay (prime farmland classification) • The ranch has been responsibly grazed, with the current lease allowing for 1 A.U. per 4 acres • There is an older, but functional set of pipe and steel pens in good condition, an older equipment and feed barn, along with several smaller lean-tos equipment and loafing sheds • Fencing on the ranch is primarily 4-wire and is ready-to-operate • The ranch is cross-fenced into 13 traps of similar size, with good water distribution • Two electric wells and one windmill provide water to the troughs, and there is a small tank. Cedar Bayou crosses the southwest corner of the property, but is fenced out

RECASSA RANCH

LEON COUNTY, BUFFALO, TX • 1,390± ACRES • $4,100,500

The Recassa Ranch, located in east central Texas, is a spectacular example of predominantly natural woodland, exhibiting a mix of Post Oak and East Texas habitats. This very private ranch was part of an original 20,000 acre property put together in the 1930s. A trip to the ranch takes the visitor back to an earlier time, with diverse species of towering trees, free flowing streams and great topography. The ranch also boasts the approximately 15 acre Lake Lucy, numerous springs, timber and Texas Parks and Wildlife Department’s Keechi Creek Wildlife Management Area as its southern neighbor. • Located in the northeastern portion of Leon County approximately 14 miles east of Buffalo, Texas • The primary neighbor to the south is Texas Parks and Wildlife’s Keechi Creek Wildlife Management Area offering extensive and conserved wildlife habitat along southern boundary • The ranch is predominantly woodland with numerous species of trees and timber

For the most up to date information please visit our website or call an agent.

www.republicranches.com • 888-726-2481 • 13

East Texas

MILLICAN CREEK RANCH

BRAZOS COUNTY, COLLEGE STATION, TX • 270± ACRES • $3,969,000 Just 9± miles south of College Station and 75± miles from Houston, Millican Creek Ranch is an amazing combination wildlife and cattle ranch in the heart of the Post Oak Savannah area. Large post oaks scatter the ranch with mottes of Yaupon and live oaks. The ranch is high-fenced and cross-fenced with cattle working pens and a diverse habitat great for cattle and wildlife. Other wildlife includes a managed native deer herd. Highway 6 provides excellent access to the ranch through a beautiful rock-gated entrance. The ranch is prime for future development. • The ranch has a set of galvanized pipe cattle working pens with several protein feeders and pens • The ranch consists of 70% woods, 30% highly improved Tifton 85 bermudagrass that provides a nice combination for a wildlife and cattle ranch • The owners have managed the 100% native deer herd to produce deer over 170 SCI

7L RANCH

LIBERTY COUNTY, DEVERS, TX • 1,053± ACRES • $3,687,500 Less than 25 miles east of the Grand Parkway and 25 miles west of Beaumont, the 7L Ranch is an excellent Upper Texas Coast cattle ranch. It is a traditionally run ranch where cattle and horses are still its primary source of income. Excellent access from a state highway, ample rainfall, improved pastures, water availability and distribution and a beautiful owner’s home present an excellent livestock opportunity. • Portions of the ranch are planted in Jiggs bermuda and bahai grass • Per USDA data, soils are predominantly Vamont Clay and various silty, clayey loams • 30± acres of woods and brush and a timber-lined creek provide good cover for deer and hogs • In warm months, the ranch has easily supported a stocking ratio of better than 1 AU: 2.5 acres • Native game on the ranch include deer, hogs, dove, quail and waterfowl

HONEY LAKE RANCH

ANDERSON COUNTY, MONTALBA, TX • 162± ACRES • $1,300,000 Honey Lake Ranch offers an ideal balance of improved pasture and woods with plenty East Texas beauty. The quiet and comfortable improvements are situated at the highest point on the property and include a 3,500+ SF home, pool house, and a large shop. A 4+ acre lake and several wooded draws create excellent recreational opportunities on this ranch. • This property has 3 ponds and a 4+ acre spring fed lake • 3 deer blinds, 3 wildlife food plots, and feeders have been positioned throughout the ranch and are easily accessible • Approximately 80 acres of Coastal Bermuda that has yielded 250-300 round bales in a single cut • The property is located 20± miles south of Athens and 20± miles north of Palestine just West of Hwy 19. Dallas is approximately 95 miles and the ranch can be accessed from CR 464

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For the most up to date information please visit our website or call an agent.

TEXAS

East Texas

WILCOX FARM

BURLESON COUNTY, COLLEGE STATION, TX • 580± ACRES • $3,132,000

Investors from all over the world look to invest in U.S. production and agricultural property. Wilcox Farm in Burleson County is the best of the best when it comes to highly productive farmland. The current owners haven’t spared any expense in developing the land, which has been GPS leveled to ensure proper drainage, and it has been outfitted with GPS equipment that aligns with crop rows to conform with proper drainage and irrigation. The property also has all-weather roads, and it’s located near College Station and Texas A&M University — one of the nation’s largest universities known for agriculture, business and engineering. • The property has 5 water wells and power plants that supply 3 pivots and some row watered area • Water is abundant and found only 60 feet underground • The property is fenced and gated • Previous yields on this well-irrigated farmland make it a highly profitable investment

BLACK DIAMOND RANCH

MILAM COUNTY, CAMERON, TX • 270± ACRES • $1,950,000

Black Diamond Ranch is a great hunting property named for the Blackjack Oaks that you’ll find throughout the high-fenced property. Situated with Harl Creek running through the heavily wooded land, the ranch has trails and a few open areas with multiple hunting blinds and feeders. The ranch is stocked with genetically superior white-tailed deer, fallow, axis, and blackbuck — and many of these are trophy quality! The property has three ponds that are ideal for wildlife and cattle. Conveniently located 45 minutes north of College Station and just 2 hours from Dallas and Houston, the ranch includes a 7 bed/ 4 bath home with an open concept that is perfect for entertaining or for weekend retreats. • There is a 1900s historic home overlooking Harl Creek, which runs through the property • The ranch is very wooded with trails to a few open areas that are used for hunting

MITCHELL RANCH

JEFFERSON COUNTY, BEAUMONT, TX • 645± ACRES • $1,806,000

This upper coast cattle ranch is located on the outskirts of Beaumont, approximately 3.5 miles south of the Highway 124 and South Major Drive intersection. A 45-acre plus Coastal Bermuda hay patch supplements the remaining pastures of native grasses. Perimeter and cross-fenced with a new set of working pens, this ranch is ready for your herd. • Water is supplied by the Lower Neches Valley Authority, Bayou Din, Kidd Gully, and a nice stock tank • Approximately 3.5 miles southwest of the Beaumont City Limits at Highway 124 and Gaulding Road • There is more than 2,000 feet of frontage on Highway 124 and 3,400 feet along Gaulding Road

For the most up to date information please visit our website or call an agent.

www.republicranches.com • 888-726-2481 • 15

East Texas

MOUNT VERNON RANCH

FRANKLIN COUNTY, MOUNT VERNON, TX • 748± ACRES • $1,710,000 The Mount Vernon Ranch features two significant creek systems and is an excellent, mixed-use property for the sportsman and rancher. It has levees for outstanding waterfowl opportunities, thick woods, and also very fertile upland pastures for productive grazing. It’s located just north of Mount Vernon and is loaded with wildlife as it contains a lot of the wooded bottomland area around White Oak Creek. The ranch also has a new mobile home, barn facilities with tack room, a hunter’s cabin, and 4 fishing lakes. Mount Vernon Ranch is just about 110 miles from Dallas with a drive of just under two hours. It’s also about 70 miles Southwest of Texarkana. It’s located North of I-30 and Mount Vernon, and just East of Highway 37 on CR 2220. • The ranch has 2+ miles on both sides of White Oak Creek • Near the home there are 4 main lakes and each is stocked and complete with a fishing dock • 50± acres can be managed in wet soil food plots and cultivation for wintering ducks and geese

PRAIRIE CREEK RANCH

HENDERSON COUNTY, ATHENS, TX • 463± ACRES • $1,400,000 The Prairie Creek Ranch features creek systems and is positioned adjacent to a levee formation that is an excellent mixed-use property for the rancher and sportsman. It borders the Trinity-Neches levee system of the Trinity River which provides outstanding waterfowl opportunities. This ranch also has thick woods and open pastures for productive grazing. It is located just south of Athens, Texas in the Cross Roads community. It has a modular home and other structures used as storage facilities. • Excellent deer, duck and hog hunting • The waterfowl hunting on this ranch is exceptional due to the amount of open water, flooded timber, seclusion, and proximity to Cedar Creek Lake and Richland Chambers Lake • Most of the soils are comprised of silty clay loam combined with sandy loam on the pastures • Part of the land consists of a heavily wooded areas that create an ideal habitat for wildlife

WHITE OAK RANCH

FRANKLIN COUNTY, MOUNT VERNON, TX • 615± ACRES • $1,385,000 The White Oak Ranch is a unique live-water property located just north of Mount Vernon. This property offers many hunting and fishing opportunities that include two large creeks with unlimited wooded bottomland. The improvements are very private and overlook the ranch. Over 1.5 miles of White Oak Creek twists through the middle of the ranch. A few other smaller runoff creeks and duck marsh areas provide valuable attractants for wildlife. Bear Pen Creek flows through a portion of the property as well. The hunter’s cabin and an adjacent shop are serviced by community water. The ranch is located approximately five miles north of Mount Vernon and lays on the east side of Highway 37. The property can be accessed from CR 2220 and Highway 37. • Majority of the property is wooded and in the floodplain • Oak trees are limitless with some towering over 50 feet • Nahatche silty clay loam is the main arrangement of soils for this ranch • A levee and creek bottoms create superior waterfowl hunting

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For the most up to date information please visit our website or call an agent.

TEXAS

East Texas

SS DUTCH RANCH

HOPKINS COUNTY, SULPHUR SPRINGS, TX • 47± ACRES • $1,300,000

The Dutch Colonial estate has a stone gated entry that leads to the 10,623 SF home overlooking a stocked 13-acre lake and 47 gorgeous acres. The 5 bedroom, 5 bath home has 6 living areas and 7 dining areas for masterful entertaining for small or large groups, looks as though it has been cut from the pages of Town and Country Magazine. • The exterior is just as appealing, from the stone and silo appointments, concrete circular drive, to the pool with the pergola covered lounging area • The home sits on 47.31± acres that includes a 13±-acre lake stocked with largemouth bass and catfish along with another 2-acre lake • Currently, owners run 12 head of cattle and there is a small working pen • The property has 2 stocked lakes, one 13± acres and the other roughly 2 acres in size. The home is serviced by an aerobic septic system

PERRYMAN RANCH

HENDERSON COUNTY, ATHENS, TX • 383.6± ACRES • $1,148,927

The Perryman Ranch is 383.6± acres of virgin land filled with bio-diversity, water resources and high elevations all within Loop 7 in Athens. It truly has endless possibilities. The property consists of 383 acres of mostly hardwood pine, dogwoods, huge oaks, elms and gum trees. Walnut Creek traverses the property for approximately over 4600 feet and is lined with ferns and live springs. Having both sides of the creek creates the opportunity for a wonderful water feature. Along with the creek, there are numerous lake sites throughout the property, some with the potential to be many 10’s of acres in size. This rare property has residential, recreational and commercial value. And its close proximity to Dallas — with the local attributes of Athens, water and wildlife resources, and its hilltop views — make this a very attractive asset in the heart of East Texas at an exceptional asking price of only $2995 per acre! • Being heavily wooded with ample water, there is an abundance of wildlife • Wildlife species include white-tailed deer, migratory duck, dove and birds • Walnut Creek flows through the property for over 4600 linear feet

BIARDSTOWN FARM

LAMAR COUNTY, PARIS, TX • 1,072± ACRES • $2,782,200

This 1,072± acre contiguous farm is located in Lamar County approximately 10 miles south of Paris, Texas. Bordered on the east side by FM 1497 and the remainder of the tract by Lamar County maintained gravel roads. The large open and very productive fields have excellent drainage of mostly class II and III Crockett, Wilson, and Annona loam and silty loam soils. Improvements include a 5,000 bushel hopper bottom grain bin, 65’ x 90’ equipment shed, 30’x50’ storage building and numerous home building sites. Located 7 miles SE of Daisy Dairy’s state of the art facility, which is currently a major consumer of locally produced grain, silage and hay and projected to significantly increase area feed needs as it continues construction of its 12,000 head permitted facility. • 1,072± acres in Lamar County • 1,047± FSA tillable acres • Crop history includes corn, wheat, milo and soybeans

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Coastal Prairies

EL CORAZON RANCH

WALLER COUNTY, WALLER, TX • 381± ACRES • $14,000,000 El Corazon is a meticulously-manicured 381±-acre ranch with several large lakes, live oak-lined drives and an oasis of green pastures in the northern part of Waller county and 20± minutes from the Parkway. The main house overlooks one of the large lakes and is approximately 15,000 square feet with four bedrooms and large gathering spaces, perfect for family outings or easily a corporate/clubhouse retreat. With numerous outbuildings and multiple houses, this ranch has limitless possibilities within the outskirts of Houston for all types of activities. • The ranch is located in the hills of northern Waller County in the growing corridor of Northwest Houston • The ranch has several areas of thick woods dominated by live oaks, water oaks and hackberries. The remainder of the ranch is beautiful open pastures of improved grasses and roads lined with live oaks • The ranch has genetic whitetails and exotics including blackbuck, axis, red deer, impala, Dybowski sika, barasingha, fallows, hog deer, sables, red lechwe, gemsbok, zebra, blesbok, and Pére David deer • The ranch is under high fence around the entire perimeter with several fenced in pastures • The lakes offer outstanding trophy bass fishing and excellent duck hunting • Besides the good dove hunting in the area, one of the large barns is currently used for raising chukar and pheasant for bird hunting

BRAZORIA OAKS RANCH

BRAZORIA COUNTY, SWEENY, TX • 1,295± ACRES • CONTACT FOR PRICE Located less than an hour south of the Sam Houston Tollway outside of Sweeny, the Brazoria Oaks Ranch is a great working cattle ranch. The ranch is mostly cleared of thick timber and underbrush, but the open prairie is loaded with beautiful, mature, Spanish moss-covered oaks. The pastures are some of the most scenic on the upper coast. Located just south of Sweeny off of FM 524, the ranch is just off the west bank of the San Bernard River. Local, small town amenities in Sweeny are five minutes from the gate, while more dining and retail opportunities are found in nearby Lake Jackson and Angleton, and suburban areas south of Houston are about 50 miles away. The coast and Matagorda Peninsula are a short 25-mile drive south to Sargent. • The ranch includes 90± Jiggs bermuda and 40± acres of Gordo • The majority of the trees are huge live oaks with a handful of hackberry and pecans • Soils are predominantly Pledger clay (prime farmland classification) • The topography is generally flat, sloping gently east towards the river • Per FEMA data, approximately 800 acres of the ranch lie outside of the 100year floodplain • There are some 400 head of cattle on the ranch (livestock are not included in the asking price) • Native game on the ranch includes deer, hogs, dove, and waterfowl • This area is known for excellent waterfowl hunting

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TEXAS

Coastal Prairies

COLORADO RIVER RANCH

MATAGORDA COUNTY, MATAGORDA, TX • 987± ACRES • $7,402,500

The Colorado River Ranch is typical coastal prairie consisting of 987± acres on the Colorado River. With 3000± feet of river frontage, wooded areas along the river, grazing pastures and a diverse habitat for wildlife, this property has it all! From hunting to cattle roundups, this ranch is for sportsmen and cowboys alike. Located 6± miles north of Matagorda and 14± miles south of Bay City, and is just 1.5± hours from Houston. • Wildlife includes dove, waterfowl, white-tailed deer, hogs and many species of birds • Typical coastal prairie is on the east side of the property • Coastal prairie with a slough provides habitat for waterfowl in the middle of the property • The ranch has 3 water wells on the property • The property has 3700 feet of gravel roads and 3 miles of interior road and trails

POCO ALLEGRO RANCH

CALHOUN COUNTY, PORT O’CONNOR, TX • 75± ACRES • $5,500,000

The Poco Allegro offers a rare chance to buy a large waterfront tract of prime development land along the Intracoastal Waterway (ICW) in Port O’Connor Texas. One of the last undeveloped large waterfront parcels in the unincorporated community of Port O’Connor, this property presents a unique and exciting opportunity. Ideally suited for a canal living community, mixed use, or commercial development, this is a diverse investment opportunity. A preliminary master plan has been developed, which includes canals, waterfront-residential lots, marina with in-water boat slips, boat barns and a 5.8±-acre commercial site. Port O’Connor is known worldwide for fishing, hunting, birding, kayaking and its peaceful lifestyle. • The property is highly visible with over 2,000 feet of frontage along Highway 185 and over 1,000 feet of ICW frontage • The ranch has ample access to the east by Scurlock Dr. and to the south by Stella Ave.

CROWELL RANCH

BRAZORIA COUNTY, WEST COLUMBIA, TX • 1,650± ACRES • $4,950,000

The Crowell Ranch is a large river bottom ranch located between Angleton and West Columbia. The ranch is covered in towering live oaks and pecans with a great mix of open pastures and thick woods. The ranch has over a half mile of Brazos River frontage. Excellent combination hunting and cattle ranch located less than an hour from downtown Houston. • The ranch is located just between between Angleton and West Columbia. • There are several small ponds and one larger lake 8± acre lake • Two small bayous cut through the property (Day Bayou & Middle Bayou); some alligators can be found • Crowell Ranch is classic Gulf Coast bottomland habitat with areas of thick woods, open pastures and brush • The ranch is loaded with whitetail deer and is under MLD III Wildlife Plan. Dove, turkey and quail also found on property

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Coastal Prairies

DOSS CATTLE RANCH

MATAGORDA COUNTY, WADSWORTH, TX • 660± ACRES • $3,300,000 Doss Cattle Ranch is an incredible property and perfect for anyone looking to expand their cattle operation. The ranch consists of coastal prairie and is mainly open pasture with scattered trees. Suitable for waterfowl, hogs and deer. There are two canals running through the east side of the property, and the ranch has perimeter fencing for cattle, five water wells and a ranch house and two barns. The ranch is 70 miles south of Houston, located east of Wadsworth. • The ranch is just minutes from Wadsworth, Texas, on FM 521 • The ranch offers road frontage north on FM 521 and on east on Doss Road • There is a ranch house and 2 barns located on the east side of the property • There is perimeter fencing for cattle • There are 5 water wells on the property • The 2 canals and 2 ponds provide water for cattle and wildlife • Minerals: There are two wells located on the property

SELKIRK ISLAND RANCH

MATAGORDA COUNTY, MATAGORDA, TX • 608± ACRES • $3,154,650 The Selkirk Island Ranch is an historic ranch on the Colorado River just upriver from Matagorda. The ranch is covered in towering oaks, pecans, cottonwoods and hackberries and offers outstanding hunting. With 75’ of dockable river frontage, it is a unique opportunity for building a combination fishing and hunting property with excellent investment potential. • The ranch is less than 4 miles upriver from Matagorda on the east side of the river, 11 miles from the Gulf of Mexico and just 95 miles from Houston • The ranch is home to a thriving herd of white-tailed deer • There is an 11± acre managed wetland inside the property that is an excellent duck hunting spot • Dove, quail, hogs, alligators and woodcock make up the other potential hunting opportunities

CYPRESS CREEK PRAIRIE RANCH

HARRIS COUNTY, HOCKLEY, TX • 500± ACRES • $2,150,000 Located 9± miles north of Katy, the Cypress Creek Prairie Ranch is a rare opportunity to own a hunting and recreational ranch. Cypress Creek runs along one border for more than a mile. This ranch is a beautiful tall grass prairie and wetland property that has been operated and maintained by the Katy Prairie Conservancy over the past years. This ranch has great wetlands to attract a huge variety of waterfowl and wetland birds, including ducks, geese, and cranes, as well as lots of native prairie and frontage on Cypress Creek with huge oaks and plenty of thick woods for a variety of wildlife. In addition to the excellent waterfowl hunting, there are also plenty of quail, deer, and hogs. All of this is less than 40 miles from downtown Houston. • Located in the historic Coastal Prairie Region, this ranch has been carefully restored to a tall grass prairie and wetland to preserve this part of the ecoregion • Water features include three wetland units each between 46± and 75± acres. There are several other deeper ponds located on the property

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TEXAS

Coastal Prairies

CASA BENDITA RANCH

BRAZORIA COUNTY, WEST COLUMBIA, TX • 149± ACRES • $2,275,000

MAJOR PRICE REDUCTION! The beautiful Casa Bendita Ranch is located only 50 miles from Houston and is located just south of West Columbia. This is a live river ranch with a fantastic home surrounded by huge live oaks, pecans, rolling pastures and 1,500 feet of the San Bernard River. This recreational ranch includes a boat ramp and a boat dock with access to water skiing and fishing on the bay and gulf. The San Bernard River offers access to a great variety of fishing and hunting. White-tailed deer on the ranch are abundant. There are also doves, a few quail, hogs and plenty of predators. • Comprised of rolling pastures covered in huge live oaks with hanging Spanish moss all over the higher ground away from the river • More than 80 acres of the ranch are a primarily heavy forest of live oaks with several small creeks running through it and some native grasses growing within the tree cover • Main house is 6,200± SF and is an immaculate hilltop residence overlooking the river valley with wonderful landscaping and beautiful pool

GAZLEY HILLS RANCH

BASTROP COUNTY, SMITHVILLE, TX • 394± ACRES • $2,364,000

The Gazley Hills Ranch sits on the outskirts of Smithville, Texas, a quaint country town near the Bastrop/Fayette County line. Located just 46 miles from the state capital, this property makes for a great commuter ranch. The 394-acre property boasts great topography not easily found in these parts. Mature hardwoods line the hill tops and draws, and under the tree canopy lies hours of exploring. Located 1.3 miles west of Smithville off CR 325, this ranch is only 50 minutes from Austin and an easy 2 hours from Houston. • Gazley Hills Ranch has over 160 feet of topographic relief • Two high points overlook two deep draws running from west to east • The highest point on this ranch sits about 370 feet above sea level, the lowest point sits at about 290 feet above sea level • The wildlife species that can be found on the ranch include whitetail deer, dove and predators

SANDY FORK MEADOWS

CALDWELL & GONZALES COUNTIES, LULING, TX • 411± ACRES • $2,055,000

The focal points of this stunning 411-acre property include both banks of Sandy Fork Creek and original-growth hardwood forest interspersed with rolling prairie meadows. Sandy Fork is a live water creek that flows for 3/4 mile through Sandy Fork Meadows ranch. Approximately 150 acres are covered in manicured and fertilized grasses that provide scenic vistas of green blanketed with seasonal wildflowers – truly premier grazing land. The primary meadow stretches from north to south through the center of the property, and secondary meadows are located to the northwest. • Carefully maintained, Sandy Fork Meadows is very fertile ground ready for your dream house • Both surface and subsurface soils are sandy loam of the “Patilo-Stidham” classification • Average annual precipitation in the area is greater than 34 inches • No energy production (old or new) exists in the immediate area

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Coastal Prairies

CHINQUAPIN RANCH

MATAGORDA COUNTY, WADSWORTH, TX • 757± ACRES • $1,894,000 Chinquapin Ranch is a cattle, fishing and hunting paradise, located in Matagorda County near Big Boggy National Wildlife Refuge. The community of Chinquapin is also nearby. This ranch has historically been used as a wintering ground for cattle and has land suitable from grazing cattle. This ranch boasts more than two miles of Lake Austin frontage and is just a 3.25mile boat ride from the Intracoastal Waterway. • This ranch offers hunting and fishing with the opportunity for future development • The property is located 75± miles south of Houston in Matagorda County • Gently sloping terrain with high ground for grazing and salt marsh for wildlife • Wildlife includes waterfowl, hogs and many species of birds • The ranch has great habitat to support a large diversity of wildlife

SIX MILE CREEK RANCH

CALHOUN COUNTY, PORT LAVACA, TX • 221± ACRES • $1,850,000 The Six Mile Creek Ranch is 221± acres of prime coastal prairie land with almost a mile of both sides of Six Mile Creek. The ranch has huge live oak trees, a 400-plus pecan tree orchard and a small olive orchard along with excellent pastures for grazing or the installation of a commercial olive farm. Located just outside of Port Lavaca and only a very short distance from the Calhoun County Airport and Lavaca Bay, the property includes an elegant brick 4/4 main home, 1/1 guest home and another 3/2 ranch-style home across from the ranch’s main residence. There is also an Old-West style cantina, first-class horse stables, large equipment barn, hay barn, and a 23KW diesel auxiliary generator for backup power. • Water is available 24/7/365, among many other improvements • The current owners breed and raise certified Longhorn Cattle for their All Natural Grass Fed Beef, Texas Longhorn Land, and Cattle Co. • The grazing pastures have improved grasses along with strong native Coastal Bermuda

W. FORK DOUBLE BAYOU RANCH

CHAMBERS COUNTY, ANAHUAC, TX • 200± ACRES • $1,800,000 This incredible waterfront ranch is less than one hour from downtown Houston. The ranch has nearly 6,000 feet of frontage on the West Fork of the Double Bayou, which is a deep navigable waterfront that leads directly to Trinity Bay, which is less than 20 minutes away by boat. The property is cross-fenced with three homes that are on a well-landscaped waterfront with 600± feet of bulkhead. There are also three lighted fishing docks. This ranch is a terrific get away from Houston and is in a very private setting and is a real turnkey operation. • The bayou has excellent fishing for saltwater species such as redfish, speckled trout, and flounder • There is a 1± acre fishing and swimming pond stocked with largemouth bass, including a dock and a pavilion • The sale will include boats, jet skis, four wheelers, horses, tractors and other equipment • The ranch is a mix of improved pastures and heavy woods

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TEXAS

Coastal Prairies

PP FARM

BRAZORIA COUNTY, DANBURY, TX • 148± ACRES • $1,250,000

PP Farm is a nice piece of property in fast growing Brazoria County. This property has great access; just over 1 mile from Highway 35, and 6 miles from Highway 288, and it has over 2,000 feet of frontage on paved County Road 46. With its close proximity to Houston — the fourth largest metro area in the country — and to Pearland and Lake Jackson, this property could also be a great investment as a future rural subdivision. PP Farm is also close to great dining in Danbury, including what have been called the best steaks in Brazoria County served up at the Main Street Steakhouse and Bar. • This large property’s 148 acres are cleared • The property has high elevation • PP Farm is located in an area with high residential lot growth • This land is a great area to build a home or farm/ ranch • The property is currently being farmed and is enrolled in the FSA farm payment program

RIO LAVACA RANCH

LAVACA COUNTY, MOULTON, TX • 120.7± ACRES • $870,000

Great ponds, pasture, and topography highlight Rio Lavaca Ranch. Featuring well maintained, improved and native pastures, timber-lined Lavaca River frontage, a 1,550± SF farmhouse, and good cross-fencing. This place is ready to go for a weekend getaway ranch or working ranch in popular Lavaca County and midway between Houston and San Antonio. The ranch is located just outside of Moulton off of FM 532, 1.25± miles from town and groceries, gas, and restaurants. • The headwaters of the Lavaca River pass through the property, providing cover and a travel route for deer, hogs and other wildlife, as well as water for livestock • The river is tree-lined with willow, pecan, bull mesquite, cedar elm, and hackberry • In addition to the river, the ranch has two nice stock tanks

DEER RUN RANCH

WALLER COUNTY, HEMPSTEAD, TX • 920± ACRES • $9,500,000

The Deer Run Ranch consists of 920± acres of mixed prairie with scattered oaks and heavy woods with huge pecans, oaks, cottonwoods and elms along the Brazos River outside of Hempstead. The ranch includes a 60-acre oxbow lake along with over a mile of river frontage and is teeming with deer, dove, ducks, and hogs and good fishing in the lake. With great paved roadway frontage, this is one of the few big places left along the river in this area and it is absolutely beautiful. Great high ridges for building sites overlooking river bottom. • 920 acres of beautiful ranch land less than an hour from Houston near Hempstead • Includes miles of Brazos River frontage and over 60-acre oxbow lake • Huge pecans, oaks, cottonwoods and elms all over ranch • Includes high ground overlooking the Brazos Valley with good pastures and scattered oaks • Plenty of good paved road frontage For the most up to date information please visit our website or call an agent.

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South Texas

HOYT RIVER RANCH

UVALDE & ZAVALA COUNTIES, UVALDE, TX • 4,223± ACRES • $11,875,000 The Hoyt River Ranch is an exceptional recreational and agricultural ranch with over two miles of the Leona River and a location between Uvalde and Batesville. With rolling hills covered in excellent South Texas brush and rich river bottom soils, the ranch includes excellent groundwater resources and a unique historic home built near the banks of the river. The ranch is not burdened by oil and gas traffic and continues to be a peaceful and secluded property. • The ranch is located 10± miles south of Uvalde along the east side of FM 117. The ranch contains 802 acres in Uvalde County and 3,421 acres in Zavala County • The ranch features rolling hills falling off into the Leona River Valley • The majority of the ranch is classic South Texas brush with large live oaks and bull mesquites along the river and creek bottoms. Soils include significant amounts of “red dirt” sandy loams, some gravel ridge areas and some areas of heavier soils. The river bottom is deeper alluvial soils with large live oaks, bull mesquites, pecans and other large trees along the river’s edge • The ranch has large areas of high quality native brush and rangelands, providing food and shelter for white-tailed deer, quail, dove, Rio Grande turkey, javelina, feral hogs and predators • The ability to plant irrigated food plots to attract doves in the river bottom pastures should provide tremendous dove hunting. During normal times, the river has many deep holes with plenty of fish

LAZY A RANCH

BEE COUNTY, SKIDMORE, TX • 3,238± ACRES • $11,818,700 The Lazy A Ranch is really an all-around great game ranch with abundant white-tailed deer, turkey, dove and quail. The ranch has been managed to allow for deer to age properly and to promote an improved native herd within the ranch’s diverse habitat of native grasses, South Texas brush and live oaks, with some trees certified as more than 900 years old. As a recreational property, the ranch has three miles of the Aransas River, which is usually clear, runs year round, and holds great fishing for catfish, bream and bass. The famous Corrigan Hole, a lake within the Aransas Watershed, is also on the property, which offers kayaking, swimming and fishing. The ranch is in a great location 20± minutes south of Beeville and only 1± hour from Corpus Christi. • The ranch offers beautiful views of rolling terrain developed by ancient sand dunes and relief created from the river; most of the soils in this area are sandy-to-sandy loam and are ideal for enhancing quail hunting • The Lazy A has only four neighbors: one is over 5,000 acres, one is over 7,000 acres, one is over 8,000 acres and the last is well over 20,000 acres • The ranch has all low fences and 11 new Atascosa Executive Blinds; there are no visible blinds on neighboring properties along the entire perimeter • The ranch regularly takes 160+ class native deer. No improved genetics have been introduced • This ranch has very nice improvements at the HQ, including a 4,000 SF, 4-bedroom/4 bath main house with several porches and a swimming pool

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TEXAS

South Texas

AMARGOSA RANCH

JIM WELLS COUNTY, ALICE, TX • 2,331± ACRES • $5,011,000

The Amargosa Ranch is the perfect South Texas ranch. It is loaded with large mesquite trees and thick brush, offset by approximately 800 acres of great grass pasture with mixed brush. The grass pastures hold a lot of deer and they are set up perfectly for quail hunting. The grass areas would also be perfect for rotational cattle grazing. There is an historic home, electricity and three water wells. Water is piped all over the ranch to concrete water troughs and three nice small lakes. The ranch is located approximately 25 miles south of George West, approximately 5 miles north of Alice, and approximately 50 miles west of Corpus Christi, Texas. • The soils on the ranch are good sandy loam soils, with darker soils in the bottoms and tighter soils on the hills. The ranch is approximately 70% South Texas brush and 30% motte country groomed for quail hunting and cattle grazing • The ranch is loaded with deer, a good turkey population and the everpresent wild hogs, and is set up well to hunt dove and quail

PAPALOTE RANCH

BEE COUNTY, PAPALOTE, TX • 1,303± ACRES • $4,850,000

What an address and what a ranch! Properties in this big ranch country do not come up for sale very often. This unique property is located in Bee County, Texas, between Sinton and Beeville. It has incredible oak trees, large drainages, superb quail habitat, thick native brush, farm land and a small amount of the minerals. The neighbors range from large to very large acreage. • The soils are good sandy loam soils, some portions have more clay and some portions have more sand • Unique combination of farmland, large oak trees and thick brush creating the perfect habitat for whitetail deer, turkey, and quail • The new tanks are perfect for dove hunting • A new barn, a new mobile home, three water wells and miles of piped water support the ranch • Cattle working pens

DOUBLE EAGLE RANCH

JIM HOGG COUNTY, HEBBRONVILLE, TX • 1,500± ACRES • $3,975,000

Double Eagle Ranch is a premiere wildlife property located in northern Jim Hogg County, Texas. The ranch consists of 1,500 high-fenced acres just north of the town of Hebbronville. This eco-region is famous for its unsurpassed Bobwhite quail habitat, and Double Eagle hosts the ultimate combination of wild Bobwhite and stunning (native) whitetail populations. Good rain years produce 40+ coveys per day, and the deer herd is fully stabilized with excellent age structure and antler quality. Double Eagle is located on the west side of Hwy 16. • The terrain at Double Eagle is top-tier wildlife habitat • Half of the property is located in the fabled “sand sheet” that many biologists call the finest Bobwhite quail habitat on the planet • The other half of the property consists of thicker brush with great diversity – all of the iconic chaparral species like Granjeno, Guayacon, Guajillo, Kidneywood, Persimmon, and Brazil are present in abundance

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South Texas

EL RANCHO GRANDE

JIM WELLS COUNTY, BEN BOLT, TX • 1,630± ACRES • $3,749,000 El Rancho Grande is approximately 1,630 acres of land located in Jim Wells County, Texas, along the north side of F.M. 735, approximately 4 miles west of US Highway 281, and approximately 15 miles west of Kingsville, TX. The ranch has the ideal environment for deer, dove, quail, and hog hunting. In addition, the sandy loam soils provide the backbone for a good cattle operation. The main gate and entrance road are located along the north side of F.M. 735. • The main ranch road leads to the hunter’s cabin in the south portion of the ranch • The hunter’s cabin has an estimated 760 SF of total living space, consisting of two separate units • Each unit features a living/dining area, one bedroom, one bath, fully equipped kitchen and heating/air-conditioning units. It is equipped with electricity, water well and septic system • The ranch has one large pond, two electrical water wells and two windmills

SYCAMORE CREEK RANCH

VAL VERDE & KINNEY COUNTIES, DEL RIO, TX • 3,746± ACRES • $3,727,270 The Sycamore Creek Ranch, located in Val Verde and Kinney Counties of Texas, is a fantastic opportunity to own a southwest Texas ranch with 2.5 miles of both sides of Sycamore Creek and its riparian habitat and waterholes. The ranch’s diverse brush country and native rangelands are bisected by some six other drainages as well, with significant stands of live oaks, sycamores and other trees, all offering fantastic wildlife habitat. The ranch is located along Highway 90, just west of Brackettville. Del Rio offers groceries, shopping, ranch supplies, commercial air service and medical facilities. • The ranch has varying terrain surrounding Sycamore Creek and the other creek drainages. Topographic relief of some 65’ allows for great views of the ranch and the hill country to the north • Sycamore Creek has also cut some nice cliffs over time, allowing for great wildlife viewing from topside stand locations • Sycamore Creek is a very large watercourse that is over .25 mile wide in places

SAN ANTONIO RIVER RANCH

WILSON COUNTY, FLORESVILLE, TX • 738.81± ACRES • $3,590,616.60 The San Antonio River Ranch is a fantastic recreational and agricultural property with approximately 3.25 miles of the San Antonio River. With a diverse mix of heavily wooded river bottom, rangeland, pasture and a little dry land farm plus two lakes and modest improvements, this ready-to-use ranch offers multiple opportunities for a new owner. • The ranch is located a south of Floresville off of CR 223 and only about 45 minutes from San Antonio • The San Antonio River Ranch is a diverse property with about 21% being open pasture (a portion being tillable); the majority being heavily wooded river bottom with majestic live oaks and, as you move up from the bottoms, mesquite dominated rangelands • There are also 3 significant drainages and several more minor drainages in the interior of the property offering further riparian habitat and diversity

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TEXAS

South Texas

TATE RANCH

WEBB COUNTY, FREER, TX • 1,309± ACRES • $2,159,850

This is a great hunting and cattle ranch! This property consists of 1,309± acres situated in one of the best white-tailed deer counties in Texas. There are 4 stock tanks, a full corral, and 7 deer blinds. All ranch roads are extremely well maintained and surfaced with caliche from the property. Stock tanks 50 by 100 yards, are graded to around 35 feet in depth and are fed by intermittent streams. A focus on land and wildlife management has resulted in improved pastures for cattle and an abundance of quail, dove, Rio Grande turkey, javelina, and South Texas whitetails. • The property is accessed from Welhausen Road, a well-maintained county road off of Highway 59 • There are approximately 610 acres under grass, which have been maintained under the EQIP program (last root plowing of 300 acres in 2014); the result is a superb habitat for quail and deer • A large hay barn, an excellent corral, and well-established buffelgrass throughout make it a great working cattle ranch

HACIENDA BAYVIEW

CAMERON COUNTY, BAYVIEW, TX • 21± ACRES • $1,400,000

Step back in time with an 11,500 SF adobe hacienda built in the early 1920s surrounded by a 21-acre grapefruit farm, resaca frontage, and lush tropical landscaping all just minutes from the resort area of South Padre Island and the South Padre Island Golf Club and Valley International Airport. The property has 1,600 feet of water frontage and hundreds of Rio-Red grapefruit trees in the grapefruit farm complete with an irrigation system along with numerous other fruit trees, palms, and Texas ebony trees. • Made with thick adobe brick, the home stays cool in the summer and warm in the winter • The home has 5 bedrooms, 5 full bathrooms, 2 half baths and a dining room, living room, study/office, upstairs sitting room and workout room and numerous patios • The home has a four-car garage, separate servant quarters and a boathouse • There is a 3,000 foot long by 12-foot-high security fence surrounding entire grounds

LONE PALM RANCH

KLEBERG COUNTY, KINGSVILLE, TX • 206.65± ACRES • $1,100,000

Located on the outskirts of Kingsville, the Lone Palm Ranch is an excellent and unique small ranch recreational opportunity in the heart of the lower coast’s big ranch country. Over 2.5 miles of live creek frontage along San Fernando Creek and a 4± acre tank provide excellent hunting for the deer, turkey, hogs, doves, and ducks found in abundance on this property. This property would make a great place for continued family and friends enjoyment, or would serve as a great base camp for client entertainment hunting and fishing the lower Texas coast. The ranch is located on the outskirts of Kingsville, less than a mile east of Highway 77 on the south bank of San Fernando Creek. • Complete with a mobile home, blinds, and feeders, this ranch is ready to hunt now • The ranch is primarily semi-open prairie, with areas of heavier brush along the creek • Adjoining grain farms, water, and proximity to town make for fantastic dove hunts For the most up to date information please visit our website or call an agent.

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Edwards Plateau

RIVER VALLEY RANCH

BLANCO COUNTY, CYPRESS MILL, TX • 1,562± ACRES • $15,000,000 The stunning Pedernales River Valley between Cypress Mill and Johnson City is one of the most idyllic areas in our Texas Hill Country. River Valley Ranch, by all measures, represents the best this area has to offer. With its 1.3 miles of unspoiled river frontage, including a 20-acre natural lake with cascading runs on each end of it, rolling terrain, native grasses, majestic trees, diverse habitat, wildlife and unobstructed views that go on forever, this ranch is ready for its next steward. Importantly, like many of the nearby ranches in this incredible area, the owners of this ranch made the decision to make sure this land would be conserved forever. To that end, the current owners negotiated a donated conservation easement that allows them to continue to operate the ranch in a fashion that keeps its conservation values intact. The decision of the current owners and similar actions by many of their neighbors have created a “conservation neighborhood” of ranches that not only conserves the natural state of each ranch but also provides ranches in the area with enhanced perpetuity of natural rangelands, habitats and views. With the ability to develop up to seven ranches and homes on this property, it has excellent potential for long term development/investment. • The ranch is located about 4 miles southwest of the town of Cypress Mill on paved Cypress Mill Road. The ranch is located 7 miles northeast of Johnson City and 30 miles west of Austin • This conservation-focused ranch’s 1.3 miles of unspoiled river frontage has a 20-acre natural lake • This ranch has a conservation easement on it to protect the property in its natural state • The ranch may be split in up to six or seven separate ranches. Each ranch may develop their own building envelope. A common area river frontage would be enjoyed by all the ranches

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TEXAS

Edwards Plateau

ROCK CANYON RANCH

VAL VERDE COUNTY, DEL RIO, TX • 12,250± ACRES • $12,403,125

With stunning views, outstanding hunting, star-filled night skies and firstclass improvements, Rock Canyon Ranch is a true gem located where the Trans Pecos, the Hill Country and the Brush Country come together in Val Verde County. At about 12,250 acres with sweeping valleys and awesome ridgelines, Rock Canyon is in an elite group of large high-quality Texas ranches. This ranch boasts some of the finest native and exotic game hunting in the area, with both high-fenced and low-fenced pastures. • Located in northern Val Verde County near Loma Alta and 40 miles north of Del Rio • The ranch has about 5,150 acres under high fence; divided into several distinct pastures with highly improved whitetail genetics and trophy exotic game • Abundant dove and Rio Grande turkeys are throughout the ranch, not to mention quail and the occasional black bear. Exotics include axis, black buck, aoudad, addax, red stag, fallow, bison, scimitar horned oryx, red lechwe, gemsbok, wildebeest, zebra and species of sheep and ram. • Built in 2011, the 7,000± SF main lodge located in the southwestern portion of the ranch sits atop a high point on the ranch with tremendous views • The ranch owner’s 3 bed/2 bath home (built in 2007 and remodeled in 2011) is 2100± SF. Near the owner’s home is a large barn and equipment shed with a workshop, carport, RV storage, horse stalls, turnout pens, tack room, office, small kitchen, and restroom • Features an impressive road system with over 43 miles of improved roads • Also available in two smaller parcels (western and eastern)

LAZY M RANCH

KENDALL COUNTY, BOERNE, TX • 180± ACRES • $2,970,000

Located just outside of Boerne, this southern Kendall County ranch will make an extraordinary home place, not to mention its investment appeal. With two of the high points in the area (both over 1600 feet) located on the property, the ranch commands spectacular views in almost all directions, including the Spring Creek Valley to the southeast and towards the north are the Sabinas Creek Valley and the greater Guadalupe River Valley. Those views coupled with fantastic trees and great wildlife in an incredible location make the Lazy M Ranch one to take a closer look at. The ranch is located on FM 474 north of Boerne and only 4 miles from Boerne High School. • The central portion of the ranch sits at the higher elevations with lower elevations found along the southern, eastern and portions of the northern borders • The ranch has approximately 171 feet of relief with a high point at 1621 feet on Smith Hill and a low point at about 1450 feet in the northeast corner • The ranch has varied terrain coupled with the live oaks, red oaks, post oaks, junipers, cherries, agarita, native grasses, succulents and other flora typical of the Hill Country • Wildlife species include white-tailed deer, feral hogs, free-ranging exotics, and songbirds • The main home has a wonderful patio overlooking the Spring Creek Valley

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Edwards Plateau

PITAYA RANCH

CORYELL COUNTY, GATESVILLE, TX • 353± ACRES • $1,623,800 Pitaya Ranch is located on the low side of Cowhouse Creek — which is an outstanding attribute to the property’s diverse 353 acres in Coryell County. Over 1-mile of the creek runs along the southern border for easy access. The Cowhouse Creek is known for its strong annual flow, clarity, springs and fishing. Summer months are spent enjoying the cool waters of the Cowhouse, fishing the ranch’s 4 stocked ponds and spotlighting for hogs. While fall and winter pursuits turn to hunting dove, turkey, deer and of course any hogs that dare venture into the feeder or food plot! This ranch is only 90 minutes from Austin and an easy 2 hours from Dallas-Fort Worth. • Wildlife is abundant due to quality management under a Wildlife Management Plan • 6 food plots and abundant native food such as acorns and pecans • The creek has distinct elements like sand beaches, river rock bars and deep holes • 4 stocked ponds, placed throughout the ranch for watering cattle and wildlife

VALDINA RANCH

MEDINA COUNTY, D’HANIS, TX • 2,905± ACRES • $7,698,250 Valdina Ranch is the house pasture of the historic Valdina Farms located in the sought after transition country where the Hill Country meets South Texas. Valdina Farms was an 18,000-acre ranch established in the early 1900s by Mr. E.F. Woodward. The ranch has a rich and colorful past full of interesting stories. Some even include lost mines and hidden treasure. Valdina Ranch pasture includes rich bottomlands surrounding parts of the Seco and Parker Creeks. The ranch has an abundance of majestic oaks and expansive vistas. The ranch is located in Medina County about 18 miles north of D’Hanis Texas. Valdina Ranch is located in TPWD CWD monitoring zone. • The habitat is a mix of South Texas brush, persimmon, granjeno, cenizo, kidneywood, mesquite, cedar elm, hog plum, juniper, and oaks • Deeper soils in the bottom country allow for food plots; hill tops offer scenic views • The Seco Creek is a seasonal creek that has spectacular rock outcrops • Located in TPWD CWD monitoring zone

EL RANCHO CIMA

HAYS & COMAL COUNTIES, TX • 2,382± ACRES • $24,500,000 In the heart of the Texas Hill Country, along the edge of the Edwards Plateau, sits the historic El Rancho Cima. This property boasts the iconic Devil’s Backbone ridge line and pristine, deep water frontage along both sides of the Blanco River. The Devil’s Backbone and twelve additional mesas on the ranch provide vantage points for unmatched, panoramic views of the Blanco River Valley. For more than 63 years, the Boy Scouts of America have been stewards of this 2,382-acre ranch, not only preserving and enriching its features, but also using the property to instill the values of character and land stewardship. El Rancho Cima is located 18 miles west of San Marcos, providing easy access from both Austin and San Antonio. • The camp improvements consist of four older homes, cabins, a covered riding arena, horse barn, two large maintenance barns and a storage barn • There is also a dining hall, counselors’ living quarters, shooting range, swimming pool, and ropes course. The ropes course has a zip line that takes you across the river

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TEXAS

Cross Timbers

VEALE RANCH

TARRANT & PARKER COUNTIES, FT. WORTH, TX • 3,798± ACRES • $95,000,000

The historic Veale Ranch is a very rare offering, available to only the best of land stewards and most savvy investors. This large working cattle ranch is unique because of its size and location in the area, and the ranch gate is just 11 miles west of downtown Fort Worth. Seldom does a ranch of this magnitude come on the market in the DFW area. The vistas are stunning, rolling plains are mesmerizing, and the opportunities are limitless. • 3,798± acres in Tarrant and Parker Counties • Borders the city limits of Fort Worth • School district is Aledo ISD • Located south of the Walsh Ranch • 1/16 of the mineral estate conveys • Half of the ranch is un-leased and does not have production • Over 3 miles of Dutch Branch Creek • Access to Union Pacific Railroad • Paved road frontage and several access points • Rolling topography with views of downtown • Multiple homes, barns, and working pens

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Cross Timbers

MERIDIAN RANCH

BOSQUE COUNTY, MERIDIAN, TX • 860± ACRES • $3,612,000 The Meridian Ranch is a recreational paradise located in central Bosque County. The topography is truly unique with rock cliffs and bluffs that create a very scenic retreat. The privacy of the ranch and surrounding properties have a very positive impact on wildlife numbers in this area. • Deer and turkey hunting are excellent - also plenty of opportunities to chase hogs, ducks, dove, and do some fishing • Improved with a lot of new fencing, cedar mulching in strategic locations, and a carefully designed road system that has been recently dozed to enhance the interest of the ranch

WALNUT BRANCH

COOKE COUNTY, VALLEY VIEW, TX • 70± ACRES • $799,000 This 70-acre ranch is located on scenic FM 922 between Valley View on the west and Tioga on the east. This ranch’s improved pasture, road frontage and excellent location make it an ideal homesite location — especially for equestrian enthusiasts. Walnut Branch Ranch has all the bones to be a topclass horse ranch or get-away homesite and is only one mile from Lake Ray Roberts, making fishing trips super convenient. The lake is well known for its bass, crappie and white bass fishing. • Pilot Point and Gainesville are both approximately 12 miles from the gate • One small pond is near the centerline of the property • Pecans, oaks and some willows line the creek area

FAVORETTA WEST RANCH

MILLS COUNTY, GOLDTHWAITE, TX • 1,052± ACRES • $4,350,000 Favoretta West Ranch is a 1,052-acre showplace located in the sought after Goldthwaite area at the northern edge of the Texas Hill Country. The high wooded hills, large ponds and abundant deer population make Favoretta West an ideal Hill Country recreational or grazing ranch. The superb 7-strand barbed wire fencing, water wells, newly built barns and quality pastures are ideal for folks who plan to run up to 100 cows. • A 5-acre lake in the center of the property with a floating dock is full of fish • Lower pastures have an excellent stand of native grass, are smooth, almost rock free • Loaded with white-tailed deer and is not leased for grazing or hunting • Also available in two smaller parcels (western and eastern)

BELKNAP CREEK RANCH

MONTAGUE COUNTY, BOWIE, TX • 958± ACRES • $2,184,240 Belknap Creek Ranch is a one-of-a-kind North Texas spread. Spectacular and diverse plants and terrain make every part of this ranch exciting to explore. The Red River is just 7.5 miles north of the property. The ranch is positioned in a unique geographical setting where the Cross Timbers give way to the Rolling Plains—all less than one-and-a-half hours from Dallas-Fort Worth. • The abundant wildlife has access to one large and two smaller tree-lined creek systems running through the ranch • Montague County is known for its large bucks. Rio Grande turkey, quail and plenty of varmints also make their home on the Belknap Creek Ranch

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Trans Pecos

FRENCH INGRAM RANCH

VAL VERDE COUNTY, LANGTRY, TX • 14,035± ACRES • $9,613,975

The French Ingram Ranch owners have enhanced several roads to provide easy access to the river, for recreational paddling and fishing along a 5.5 mile stretch of the river! The historic French Ingram Ranch in Val Verde County, Texas has over 7 miles of crystal clear flowing Pecos River frontage. This is an incredible year-round recreational ranch paradise that offers both hunting and fishing, not to mention exploring for Native American artifacts or pictographs and enjoying the stars at night or the daytime views of the Sierra Madre Oriental Mountains. • The ranch is conveniently located near a variety of attractions and places of interest including Del Rio with restaurants, shopping, museums and the oldest winery in Texas, dating back to 1883 • Nearby Lake Amistad offers some of the finest large lake bass fishing to be found in the USA. Seminole Canyon State Park is also nearby • The colorful tales surrounding Judge Roy Bean, an eccentric U.S. Justice of the Peace in Val Verde County, Texas, who called himself “The Law West Of the Pecos” make for an interesting step back into early Texas history with a quick trip to Langtry, TX, located about 8.5 miles south • The varied terrain features numerous canyons with many draws holding live oaks amongst other native fauna, saddles and gentle slopes with native grasses and succulents • Wildlife species include white-tailed and mule deer, blue quail, turkey, dove, javelina, varmints and songbirds. The river provides fishing for largemouth bass and catfish

EL CORAZON DE CRYSTAL RANCH

BREWSTER & PECOS COUNTIES, ALPINE, TX • 18,000± ACRES • $16,830,000

The Glass Mountains of far west Texas are iconic landmarks of the TransPecos region, the range’s peaks painting a backdrop that is truly mesmerizing. The northwestern portion of this range bisects the El Corazon De Crystal Ranch. As you explore the ranch’s 18,000± acres, Old Blue Mountain, one of the highest peaks in the Glass Mountains, keeps a watchful eye on you. The ranch’s mountains, valleys and grasslands are stewarded to promote and maintain fantastic populations of mule deer, elk, aoudad and blue quail; a hunter’s paradise! • The ranch is about 45 minutes from Alpine and about 1 hour from Ft Stockton • About half of the El Corazon De Crystal Ranch has mountainous and foothill terrain, the remainder is rolling to level • The ranch has four of the five vegetation types found in the Trans-Pecos region: Chihuahuan desert scrubland, desert grasslands, oak-juniper-pinyon woodlands and riparian woodlands • The trees in the southeastern canyons include, pinyon, oaks, redbud, madrone, hackberry, junipers, little walnut and southwest chokecherry • Native grasses on the ranch include blue grama, sideoats grama (state grass of Texas), little bluestem, Texas grama, purple three awn, hooded Windmill, and whiplash pappusgrass • The property easily supports 380 stockers for 6 months, which are moved through several pastures and finishing at the shipping pens. There is also a small herd of buffalo pastured near HQ and foreman maintains a cow/calf herd on ranch For the most up to date information please visit our website or call an agent.

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Trans Pecos

LION MOUNTAIN RANCH

JEFF DAVIS COUNTY, FT. DAVIS, TX • 16,655± ACRES • $41,637,500

Lion Mountain Ranch, named for only one of the many peaks found on the ranch, is truly a once in a lifetime opportunity to acquire an historic ranch in the revered “sky island” Davis Mountains of Far West Texas. Rarely do ranches become available in in these mountains. This ranch has the “wow” factor! A unique opportunity offering incredible igneous rock features, flowing springs, creeks, lots of trees, great grasses, wildlife, hunting, over 1,850 feet of topographic relief, easy access, good roads and nice improvements. • Numerous igneous rock lined canyons and unmatched vistas off Star Mountain • The ranch has the most desirable types of vegetation found in the TransPecos: high desert grasslands, oak-juniper-pinyon woodlands, limited conifer forestlands and riparian woodlands • Trees of note found on this diverse ranch include pinyon pine, numerous species of oak, ash, juniper, madrone, cottonwood, cherry, big tooth maple and ponderosa pine • Native grass cover is exceptional throughout the ranch. Other than a few stray cattle and grazing species of wildlife, the ranch has been deferred from grazing for some 15 years • The ranch is well watered, both naturally and by way of distributed water, with springs, creeks, header dams, dirt ponds, wells, storage and distribution to troughs • There are three water wells in Short Canyon with additional storage and distribution facilities across the ranch, including some of the more remote and difficult to reach areas • The ranch is rich with wildlife: mule deer, white-tailed deer, aoudad, elk, feral hogs, mountain lions, scaled quail, Montezuma quail and dove, as well as varmints and songbirds

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THERE’S HISTORY IN THESE HILLS ARCHEOLOGICAL MARVELS IN THE DAVIS MOUNTAIN REGION OF WEST TEXAS By Alex Lovett-Woodsum

n 1895 hunting expedition to the peak of Mount Livermore in the Davis Mountains of Far West Texas led to a significant early archeological discovery when two hunters found a cairn filled with primitive arrow points. Later explorations yielded many more points, a discovery now known as the Livermore Cache. A flurry of expeditions followed throughout the region. Subsequent discoveries were not well documented and many artifacts were lost over time, though most of the original Livermore Cache is displayed in a museum in Texas. Over the years, additional significant caches were discovered, including the Means Cache in 2002. The Means family contacted archeologists, permitting them to participate in the excavation and thus preserving the scientific integrity of the discovery and providing the first formally documented mountaintop cache in the region.1

Long before being settled by Mescalero Apaches and later by early ranchers, the Trans-Pecos mountain region of West Texas was home to prehistoric hunter-gatherers known as the “Livermore Culture,” who inhabited the area from approximately 800 A.D. to 1350 A.D. Today, relatively little is known about this prehistoric group, though notes from Spanish explorers and archeological discoveries like the Livermore and Means Caches provide important insights about their behavior and lifestyle.2 A 2008 expedition led by archeologist Robert Mallouf on the privately-owned Wild Rose Ranch—named for the Demaree rose found only in the Davis Mountains—led to the discovery of the Indian Sign Cairn Site. Subsequent explorations of the ranch identified prehistoric rockshelters, camps and other signs of the prehistoric group. These discoveries have great significance, each furthering knowledge of the long and rich history of the area. Much of the Davis Mountain region is comprised of large, privately-owned ranches that have mostly been in the same families, many for over a hundred years. Lion Mountain

Ranch—originally called the Powell Ranch by the soldier who established it in the late 1800s and now named for one of many famed peaks on its vast 16,655 acres—recently became available for sale. In addition to its sweeping vistas, igneous rock features, mountains, canyons, springs, creeks, and a remarkable diversity of trees, grasses and wildlife, this breathtaking property is rich with history and full of archeological sites, most of which have never been fully investigated. The ranch is rife with possibilities, from wild game hunting to cattle grazing, but perhaps some of the most intriguing and unique features of this vast property are the largely unexplored sites that could provide even more fascinating information about the early cultures that helped shape this beautiful region of Texas. For any buyers seeking a truly unique ranch in the fabulous Davis Mountains of West Texas, we highly recommend a closer look at Lion Mountain Ranch. The pictures are fantastic but a ranch visit is necessary to fully appreciate everything the ranch has to offer. Mallouf, R.J. The John Z. and Exa Means Cache Center for Big Bend Studies Sul Ross State University, Spring 2009 (Volume 20) 2 Mallouf, R.J. The John Z. and Exa Means Cache Center for Big Bend Studies Sul Ross State University, Spring 2009 (Volume 20) 1

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COLORADO K nown primarily for its skiing, fishing, hunting, and plentiful other recreational

opportunities, Colorado is a dream for the outdoor enthusiast. The landscape is diverse, with just under half of it flat and rolling lands, and much of the rest of the state dotted with the magnificent mountain peaks Colorado is famous for. Many of the beautiful ranches in Colorado are recreational properties perfect for families that love the outdoors, while some also offer cattle production, mineralextraction and agricultural opportunities.

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COLORADO BTU RANCH STEAMBOAT STEAMBOAT SPRINGS, CO • 13,935± ACRES • $25,000,000 The BTU Ranch is a four-season family ranch uniquely capable of providing fun and adventure for kids of all ages. Its proximity to Steamboat Springs provides incredible skiing in the winter and wonderful summer activities including shopping, golf, fly fishing, hiking, mountain biking and riding horses. The big game hunting is some of the best available in the United States. There is a resident elk herd of approximately 500 to 1,000 animals on the ranch, with a migratory herd of several thousand that transition through the ranch seasonally. These elk are part of the White River Elk Herd comprised of approximately 37,000 animals, which is recognized as the largest herd of elk in the world. At $1,794/acre, with its proximity to Steamboat, no conservation easement, amazing views in every direction and endless recreational opportunities the BTU Ranch at Steamboat Springs is one of the finest large ranch opportunities on the market today. • The BTU Ranch is comprised of approximately 13,935 deeded acres all in one block. It is rare for this many deeded acres to be in one block and not ‘checkerboarded’ with state or BLM land. The entirety of the acreage is prime elk habitat • There are 1,052± acres of dry land farming on the ranch which are leased to a neighbor • In addition to the deeded ground, the ranch includes approximately 2,050 acres of BLM grazing lease land • The ranch is contiguous with approximately 3,000 acres of BLM land • The ranch is located 40± minutes from downtown Steamboat Springs, Colorado, one of the most authentic resort towns in the state with one of the west’s finest ski areas • Yampa Valley Regional Airport, the commercial airport that services Steamboat Springs, is a short 15± minute drive from the ranch

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HORSEMAN’S RETREAT CARBONDALE, CO • 38.37± ACRES • $2,495,000 The Missouri Heights area has become one of the premier horse lovers areas in the stunning Roaring Fork Valley. Specifically, the Aspen Valley Polo Club has created a buzz in this area with one world class facility and plans for another. This property has one of the ONLY straw bale 30,000 sq./ft indoor riding arenas, offering a pure environment for the year-round comfort of both the rider and the horse. The Elk Range stretches before you the entire length of the horizon with views of mountains such as Snowmass, Capital Peak and the mighty Mount Sopris. The world-renowned ski resorts of Aspen, Ajax and Snowmass are all within 45 minutes from the property. Other worldclass activities include fly fishing the Frying Pan, rafting, hiking and biking. Additionally, the Aspen Airport is just 45 minutes away. The property offers endless riding in the surrounding national forests and public lands a short distance away. The arena and barn has an amazing 3 bedroom, 1 bath, living quarters with a large deck overlooking the property with amazing mountain views. The property has utility service, multiple pastures, leveled outdoor riding arena area, future homesite cleared.

BRUSH CREEK RANCH EAGLE, CO • 85.02 ± ACRES • $2,495,000 The Brush Creek Valley has a unique identity within the Rocky Mountains. Not only is the Brush Creek Ranch close to the popular ski resorts of Vail and Beaver Creek, it is also just east on I-70 from stunning Glenwood Canyon and some prime whitewater rafting. Additionally, the Eagle County Regional Airport is just fifteen minutes away. This high mountain ranch property with 1/4 mile of Brush Creek meandering through the property is truly the base camp to adventure bordering the White River National Forest and Sylvan Lake State Park and neighboring the exclusive Frost Creek Golf Course Community. The historic homestead was remodeled in 2012. Water rights of .5 cfs. New irrigation system. Hunting Unit 44 is one of the most prized areas in the country. Gold Medal trout fishing on property. Possible B&B, hunting lodge or executive retreat. • Active working ranch • Very private • Lush vegetation • Can be subdivided • 2,375 SF historic homestead

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WYOMING F rom world-class fishing and big game hunting to watching bison graze the plains with a rugged mountain range for

a backdrop, there is no place quite like the beautiful state of Wyoming. Home to Yellowstone National Park and Grand Teton National Park, its entire landscape is largely unpopulated and vast, with large ranches and wide open spaces abound. Consisting of the Rocky Mountains to the center and west and the High Plains to the east, the landscape of Wyoming is truly something to behold. Its ranch and farm opportunities range from recreational ranches to cattle farming, mineral-extraction and agriculture.

CONTINENTAL DIVIDE RANCH RAWLINS, WY • 96,447± ACRES • $9,950,000 The Continental Divide Ranch features 96,447± acres in one contiguous block of land situated in the Haystack Mountain Range and along the North Platte River. The ranch offers over five miles of North Platte River frontage, which is a source for irrigation and blue-ribbon fishing; an established cow/ calf operation; opportunities to hunt deer, elk, and antelope. This diversified ranch consists of 29,000± deeded acres, 40,960± acres of BLM, 2,960± acres State School lease, and 23,527± acres private lease. Improvements include an excellent calving/vet barn, feedlot, working corrals, three homes and several support buildings. While currently leased at a very attractive rate to a solid tenant, the Continental Divide Ranch offers a low overhead ranch with a yearround grazing permit and solid improvements. • 29,000± deeded acres, 40,960± acres of BLM, 2,960± acres State School lease, and 23,527± acres private lease • Over five miles of North Platte River frontage • Improvements include an excellent calving/vet barn, feedlot, working corrals, three homes and several support buildings • Well-known as a cow-calf ranch • Abundant wildlife • Located just northeast of Rawlins, WY

Based For theonmost available up to date sources information at time ofplease printing, visitstats our are website approximates or call an agent. only.

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• 39

HISTORIC LEGACY OF BLACKLEAF CATTLE CO. THE ROCKY MOUNTAIN FRONT

ew places are blessed with the natural beauty, diverse ecological resources and cultural and historical significance of the Blackleaf Cattle Company in Choteau, Montana. A masterpiece of nature, the ranch cascades from the top of the magnificent Rocky Mountain Front towards the expansive grasslands to the east. The combination of converging habitats supports one of the most diverse concentrations of wildlife found in the Rocky Mountain West.

The current operation is very simple and has low input costs. Irrigation water is managed with a few head gates, and much of the ground subirrigates from the various ditches. The cattle are rotated out of areas seasonally preferred by the wildlife. Approximately 400 acres of irrigated and subirrigate hay ground is harvested by the current owner, producing approximately 800 to 850 tons of grass hay from one annual cutting. There is also another 100 acres of dryland hay that is harvested annually.

The ranch is a fantasyland of ponds, streams, wildflowers, prairies and towering mountain faces. The neighboring Bob Marshall Wilderness Complex and Blackleaf Wildlife Management Area coupled with extensive preservation efforts along the Rocky Mountain Front have preserved much of the area from future sale or development.

ACREAGE

The ranch’s history of plant eating dinosaurs, nomadic Mongols, Blackfoot Indian lore and multi-generational ownership contribute to its distinction as one of Montana’s finest legacy ranches, and the history of the area is as rich as any. Egg Mountain, 12 miles west of Choteau, is one of the most important landmarks in archeological history. It was here that the first dinosaur embryos were discovered by Museum of the Rockies paleontologists Jack Horner and Marion Brandvold. In the years since the initial discovery, the largest collection of dinosaur eggs, embryos and baby skeletons found in the western world has been unearthed at this location. It is this site on the Montana Dinosaur Trail that has provided more information on the Cretaceous Period than any other dig in the world.

AGRICULTURAL OPERATION For the last several years the ranch has leased the grazing to a neighbor. The arrangement has allowed the ranch owner to manage the ranch for the wildlife while maximizing the agricultural operation. Currently the ranch leases grazing for approximately 325 pair of cattle (AUM), utilizing the cattle for range management. At that level, there is minimal impact on the available forage.

The Blackleaf Cattle Company consists of 6,800± deeded acres and 1,440± leased acres starting from 4,600 feet elevation and rising to almost 5,500 feet elevation along the Rocky Mountain Front. The southern boundary of the ranch adjoins the Blackleaf Wildlife Management Area, which then abuts the expansive Bob Marshall Wilderness Area. Approximately two miles of Blackleaf Creek traverse the property, offering a private small stream fishery and providing exceptional habitat for resident wildlife. The ranch headquarters are located in a secluded and beautiful setting in the middle of the ranch, at the base of the Rocky Mountain Front. Blackleaf Creek, Gansman Creek and a variety of springs, tributaries and ponds provide water for irrigation and livestock.

IN SUMMARY Blackleaf Cattle Company is exceptional in every way. The ranch’s historic legacy is one of cultural significance, and the entire property evokes a visceral sense that others before you have valued this special land. The ranch’s contemporary legacy is one of a still wild place, featuring an extraordinary array of wildlife made possible by the unique diversity of overlapping habitats and the vast areas of conserved neighboring lands. The attributes most desired in a ranch property—history, wildlife, location, beauty and water resources—all exist at the very highest level at Blackleaf Cattle Company, placing it among the elite western ranch properties and inviting continued preservation and thoughtful stewardship for years to come.

BLACKLEAF CATTLE COMPANY CHOTEAU, MT • 6,799± ACRES • $5,400,000 • Coveted location along the Rocky Mountain Front, one of the most highly conserved areas in the west • Fascinating natural history, dating back to pre-Columbian peoples and dinosaurs • One of the rarest arrays of wildlife to be found anywhere in the Continental U.S. • 1± miles of private fishery on Blackleaf Creek • 6.12± miles of Gansman Creek • Borders Blackleaf Wildlife Management Area, which borders the 1.5 million acre Bob Marshall Wilderness Complex • Exceptionally private, pristine setting in one of the most spectacular Rocky Mountain landscapes

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MONTANA T he Big Sky State is truly a gem of the Mountain West—it is the fourth largest state in the nation yet has one of the smallest populations, with just over six people per square mile. Idyllic recreational ranches and farms dot the vast countryside, punctuated by sweeping plains, lush valleys, rugged mountains, and crystal clear lakes and rivers. Truly a sportsman’s paradise, Montana’s ranches boast some of the best fishing and hunting in the world. Montana has so many other outdoor activities to offer, from horseback riding and remarkable skiing to hiking and exploring the numerous state and national parks—like the famous Glacier National Park, known as the Crown of the Continent. There’s a reason they call Montana “The Last Best Place”—the sky seems just a little bluer, the air crisper, the wildlife diverse and ever present, and the entire landscape breathtaking.

MONTANA

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BOZEMAN PAST 12,000 FRIENDLY FOLKS AND A COUPLE OF OLD SOREHEADS An Interview with Russell Westlake, Owner of Bridger Shadows Farm

e sat down with Russell Westlake, the owner of Bridger Shadows Farm, a 735-acre property listed in three parcels with breathtaking views of Bozeman, Montana. Mr. Westlake is a lifelong member of the Bozeman community, and we spoke to him to gain some perspective on the history of the area and the legacy of a native Montana farmer. Mr. Westlake served on Bozeman’s ACS committee for nine years in the 1980s—the longest period of time one can serve on the committee—working on the dairy buyout program, Conservation Reserve Program and other government farming programs. Mr. Westlake was an active member of Gallatin Valley’s farming community and has a clear love for “the best soil in the valley” in Bozeman, dedicating his life to studying farming practices in the Gallatin Valley.

TELL US ABOUT YOUR FAMILY'S HISTORY IN THE BOZEMAN AREA. My family first came to Bozeman from Iowa on a train in the late 1800s, my great-granddad bringing his wife and five kids with him. They had a dairy farm on Peach Street, bottling the milk and delivering it door-to-door. You can still find some of the old Westlake Dairy bottles floating around the country. He was also one of the first investors in the Baxter Hotel in Downtown Bozeman which was renovated not long ago. My dad grew up on the farm and decided to stay in agriculture, as did two of his three brothers. My parents bought the house where I was raised in 1945 and started farming at that time. Before they purchased it, half of the property was homesteaded and the other half was owned by the railroad. Over time, they bought neighbors’ places, and at the peak of their ownership, my parents had about 1,800 acres of land. My father also worked extensively with Montana State University developing new grain varieties for seed stock.

WHAT ARE THE MOST SIGNIFICANT CHANGES YOU’VE SEEN IN BOZEMAN IN YOUR LIFETIME? I can remember when there was only one light higher on the hill above our property and now there’s a maze of houses up there. I knew all the neighbors and recognized all the cars that went by. That has changed; the city has grown and the lights in Bozeman all run together now. Back in the day, the sign on East Main Street said, “12,000 Friendly Folks and a couple of Old Soreheads.” There was a drive-in movie theater, which is gone now. On the farm, the earthquake of 1959 activated multiple springs on our property and we suddenly had water running where we never had water running before. There is a lot less runoff in the springtime than there used to be, probably due to less snowpack and better farming practices. Growing up, we would have water running over the roads in the spring. I still love this place—we spend our winters in Arizona now but I could still live in Bozeman full-time.

WHAT ARE SOME OF YOUR FAVORITE MEMORIES ON BRIDGER SHADOWS FARM? I liked horses and used to ride every night on the property growing up. I liked the cattle, liked the livestock. We have also enjoyed great hunting on the property over the last 30 years. We see deer, elk, antelope, Hungarian partridge, pheasants, moose and an occasional bear roaming. I saw two elk a few days ago, both cows, and one wasn’t fifty feet from me frozen like a whitetail deer—I’m guessing she had a calf in there. There’s a lot of game out there and just tremendous wildlife viewing and scenery. Most people driving by on the main road don’t have any idea what’s up there on the ranch.

WHAT WAS YOUR LIFE LIKE GROWING UP IN BOZEMAN? I was born and raised in this place, so I’m a true native Montanan. I’ve been here all my life except for six-months on active duty. My grandkids asked me what sports I played growing up, and I told them I didn’t, I worked. They can’t really understand that. I graduated high school in 1966 and did my active duty in the National Guard and then came back and met my wife in 1967— she had just graduated from high school and I’d been out a year. I had completed a couple quarters at Montana State University, studying agricultural production and animal science. We were married a year after we met and moved up on Summer Cutoff Road and had to gravel the road so we could get to our house since we were the only ones up there at the time.

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MONTANA

Bridger Shadows Farm Tracts

LOOKOUT POINT

BOZEMAN, MT • 186± ACRES • $2,513,295

Lookout Point at Bridger Shadows Farm is a beautiful 186± acre property that is configured in 5 separate parcels that are contiguous. Two of the parcels totaling 78 acres are zoned Agricultural Suburban while the rest of the farm is unzoned. You can’t beat the location, minutes from downtown Bozeman. The Bridger Mountains provide a stunning melodic backdrop with 360-degree views of the entire Gallatin Valley. Located just 5± miles north of Bozeman in the productive and striking landscape of Montana’s Gallatin Valley, this property offers endless possibilities to the new owner, including exquisite hunting, ranching and farming, equestrian possibilities, cross-country skiing, 4-wheeling, snowmobiling, hiking and land development or conservation easement potential. • 186± deeded acres configured in 5 separate parcels that are all contiguous • 78 acres are zoned Agriculture Suburban while the rest is unzoned • Abundant wildlife

VALLEY VIEWS

BOZEMAN, MT • 308± ACRES • $4,241,600

Valley Views at Bridger Shadows Farm is a stunning 308± acre parcel located near the base of the Bridger Mountain Range, literally minutes from downtown Bozeman. It is the largest acreage currently being offered with such proximity to Bozeman. There are several areas of heavy brush which include multiple deciduous pine and cedar trees filled with a few springs providing a small pond and water for livestock and wild game. The terrain offers many possibilities for secluded, rural living within minutes of downtown Bozeman amenities. This large parcel provides 360-degree awe-inspiring panoramic views of the Bridger and Gallatin Mountains along with the Spanish Peaks and Tobacco Root Mountain ranges. • 308± deeded acres configured in 3 separate parcels that are contiguous and unzoned • Abundant wildlife • 5± miles from downtown Bozeman • 10± minutes from Bozeman Yellowstone International Airport

ASPEN DRAW BOZEMAN, MT • 240± ACRES • $3,540,000 Aspen Draw at Bridger Shadows Farm is a beautiful 240± acre property that encompasses some the Gallatin Valley’s most picturesque land. Numerous building pockets are perfectly sited to take in the mountains above or the valley below. Within minutes of downtown Bozeman and Bozeman Yellowstone International Airport and a short 15± minute drive to Bridger Bowl Ski area, this historically agricultural area is also known for good pheasant, Hungarian partridge and deer hunting. A rare find, this property consists of a combination of rolling grassland and fields currently being used to raise wheat and barley. • 240± deeded acres configured in 6 separate parcels that are contiguous and unzoned • Abundant wildlife • 5± miles from downtown Bozeman • 18± miles from Bridger Ski Mountain • 10± minutes from Bozeman Yellowstone International Airport For the most up to date information please visit our website or call an agent.

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QUIGLEY SPRINGS RANCH CHOTEAU, MT • 7,700± ACRES • $11,000,000 Quigley Springs Ranch is a wonderful 7,700± acre ranch that represents a true Montana landscape. Whether you’re enjoying a late afternoon hike, an extended horseback ride, an evening of hunting, or fishing the early morning hours on any one of the many trout streams in the area, you’ll find yourself in absolute paradise on the ranch. However you decide to enjoy these wide-open spaces and inspiring panoramic views, you’ll soon realize why you’ve chosen to live in Montana. • Excellent grazing pasture with exceptional hunting opportunities • Conservation easement allowing three building envelopes • Numerous enhanced springs for stock water

ELK CREEK RANCH AUGUSTA, MT • 630± ACRES • $1,550,000 Few places are blessed with the natural beauty, diverse ecological resources and cultural and historical significance as the Rocky Mountain Front. A masterpiece of nature, Elk Creek Ranch cascades from the base of Hay Stack Butte towards the expansive grasslands to the east. The combination of converging habitats supports one of the most diverse concentrations of wildlife found in the Rocky Mountain West. The ranch offers the untouched and pristine setting of Elk Creek, wildflowers, prairie and towering mountain faces offering the broadest range of outdoor recreation, coupled with extensive preservation efforts along the Rocky Mountain Front to preserve much of the area from future sale or development. The ranch’s history of multigenerational ownership contributes to its distinction as one of Montana’s finest legacy ranches. • Borders 6,300± acres of state of Montana land • Coveted location along the Rocky Mountain Front, one of the most highly conserved areas in the west • Fascinating natural history, dating back to pre-Columbian peoples and dinosaurs • One of the rarest arrays of wildlife to be found anywhere in the Continental U.S. • .25± miles of a private and intimate brown trout fishery on Elk Creek • 8± miles to the expansive trail systems through the 1.5± million acres of the Bob Marshall Wilderness Complex • Minutes to the Sun River

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MONTANA CROSS SIX RANCH

HARLOWTON, MT • 480± ACRES • $1,968,000

The headquarters of the Cross Six Ranch is nestled in the valley between the Crazies, Castles and Little Belt Mountains. The famed North Fork of the Musselshell River flows through the ranch for 1.3± miles and provides an extremely private fishery as well as ample water for stock and irrigation. With the additional section of pasture available to the north, this is a very rare opportunity to own a property that has both recreation and productivity. The ranch also offers exceptional upland bird, waterfowl and deer hunting. • 300± irrigable hay meadows • Well perimeter and cross-fenced with several pastures • Several small outbuildings used for storage and a rustic 1900s log cabin

WINTER RANGE RANCH

DEER LODGE, MT • 1,200± ACRES • $3,450,000

The Winter Range Ranch is situated between the Flint, Garnet, and John Long Mountain Ranges. Currently WRR is being managed as a cow/calf operation. One mile of the Little Blackfoot River delineates the northern boundary of the ranch and offers great fishing opportunities for brown and rainbow trout. The ground along the river is lush and flood irrigated, and produces quality grass hay. Water is diverted upstream on the Little Blackfoot River and flows via irrigation ditches onto the property. • Approximately 238 acres of water rights from the Little Blackfoot River • Produces about 100 tons of hay annually • Excellent grazing and flood irrigated fields • Exceptional hunting opportunities

BOULDER YELLOWSTONE RANCH

BIG TIMBER, MT • 87.5± ACRES • $995,000

The Boulder River and the Yellowstone River are two of the most beautiful fly fishing rivers in Montana. Combine over 1± mile of both of these completely different sized freestone rivers and you create one hell of a recreational-based family paradise. The Boulder Yellowstone Confluence Ranch, with 87.5± acres of deeded land, is this paradise. The ranch, established at the confluence of both rivers, contains .33± miles of the Yellowstone River and .75± miles of the Boulder River. Located just minutes from downtown Big Timber, this riverside oasis contains virtually all of the recreational attributes most often desired by landowners, along with a myriad of wildlife. The massive cottonwood trees and the Yellowstone River form the northern boundary, while the Boulder River and its rich riparian bottom and old river channels form the eastern boundary. • 1± mile of frontage on the trout-filled, blue ribbon Yellowstone and Boulder Rivers • National Forest close by to enjoy recreational amenities and hunting

For the most up to date information please visit our website or call an agent.

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O’DELL SPRING CREEK RANCH

ENNIS, MT • 102± ACRES • $3,375,000

Welcome to Montana’s legendary Madison River Valley. Known worldwide for its trout fishing, the Madison River and its tributaries comprise many hundreds of miles of some of the finest dry fly water in the United States. The O’Dell Spring Creek Ranch is lucky enough to call this pristine valley home. Situated just minutes from the quaint town of Ennis and surrounded by a classic western landscape with beautiful views of the Madison Range to the east, the Gravelly Mountains to the south and Tobacco Roots to the west. The property consists of 102± acres, and has 1± mile of both sides of O’Dell Spring Creek as well as .45± miles of Bear Creek, both world-class fisheries. The ranch’s namesake creek is world famous for its productive trout waters, mild temperatures, and series of riffles and pools. The property is directly adjacent to the west with a state piece of ground that leads directly to the Madison River. This property provides all the ingredients for one of the most attractive fly fishing ranches. • World-class fishing on 1± miles of O’Dell Spring Creek • .45± miles of the intimate Bear Creek • Perpetual access to the Madison River via the contiguous state land • Just over an hour from Yellowstone National Park (western entrance) • 45± minutes from Quake, Hebgen, Cliff, Wade, and Henry’s Lakes • Within 1.5 hours from Beaverhead, Ruby and Big Hole Rivers • Panoramic mountain views • Great building sites

CALAMITY JANE HORSE CACHE MOLT, MT • 1,522± ACRES • $2,978,570 The Calamity Jane Horse Cache is a 1,522± acre deeded ranch consisting of deep grassy canyons, ponderosa pines, and majestic rock bluffs. Situated just 12± miles west of Billings and 10± miles north of the quaint town of Laurel, the ranch is one of the largest contiguous blocks of land remaining in the area and a prime spot for solitude, recreation, and investment. Steeped in western lore, the ranch has a rich history dating back to the 1800s when Martha Jane Canary, aka “Calamity Jane,” watered her horses at the ranch’s Canyon Creek before driving them up to the famous plateau titled the Calamity Jane Horse Cache on USGS maps. Today the ranch is home to an abundance of wildlife including mule and whitetail deer, antelope, mountain lion, bobcat, coyote, raccoon, badger, pheasant, bald and golden eagle, red-tailed hawk, great horned owls, wild turkey, pigeon, Canadian geese, ducks, great blue herons, sharp-tailed grouse, and Hungarian partridge. Listed on the Audubon bird trail, the .5± miles of Canyon Creek flowing through the property sees a variety of heritage and local birds every year. In addition to the draw of abundant wildlife, step outside your front door to enjoy cross-country skiing, snowshoeing, horse-riding, four-wheeling, and camping. • Parcel A: 1,522± acres - Listed at $2,978,570 • Parcel B: 1,268± acres - Listed at $2,283,570 • Parcel C: 254± acres with cabin - Listed at $695,000

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MONTANA BILLMAN CREEK RANCH LIVINGSTON, MT • 557± ACRES • $1,750,000 It is not often that a ranch this diverse comes on the market. The Bozeman/ Livingston areas have, for many years, been the most sought after locations for recreational ranches in Montana because of the abundant wildlife and fishery resources, as well as some of the most dramatic scenery in the Northern Rockies. Additionally, the proximity of the ranch to Yellowstone Park, along with Livingston and Bozeman, contribute to the attractiveness and value of the ranch. For these reasons, it is difficult to imagine an investment that will provide more enjoyment while at the same time remain one of the most sought after and finite products in the real estate investment world. • 557± deeded acres total with 1± miles of Billman Creek supports excellent wildlife habitat • 100± acres of irrigated ground • The ranch sits in 2 separate parcels providing significant conservation easement possibilities

CAMAS CREEK RANCH HAMILTON, MT • 181± ACRES • $775,000 Located along the desirable west side of the Bitterroot Valley, the Camas Creek Ranch is an ideal tract for a recreational retreat or a permanent residence. This west side of the valley has seemingly endless drainages flowing easterly from the Bitterroot Mountains towards the valley floor. Nearly all of these have small water and healthy vegetation throughout and Camas Creek is no different. Highlights include live water, beautiful valley views of the Sapphires and Bitterroot Range as well as adjacency to US Forest Service lands. • 181± Acres located just 8± miles SW of Hamilton, MT • Newer barn and loafing shed built in 2007 • Septic established in 2002 • Live water from Camas Creek

BOULDER RIVER MEADOW McLEOD, MT • 35± ACRES • $1,195,000 Within the shadows of the Absaroka Mountains lies the coveted Boulder River Valley. Closely held and rarely available, Boulder River Meadow is an opportunity to live in one of Montana’s most beautiful and scenic areas. The blue ribbon Boulder River flows through the rich, riparian bottom, enhancing amazing mountain vistas. Blessed with a tremendous spring source coursing through the ranch, the property provides valuable ecosystem enhancement as a feeding source for fish and a host of other wildlife. Additionally, the property has been thoughtfully designed for the perfect home site. · . 4± miles of the Boulder River · Excellent spring-fed pond on the property · Beautiful mountain valley views with a river bottom setting · Abundant wildlife · Plethora of nearby recreational opportunities amongst the surrounding Absaroka-Beartooth Wilderness and neighboring National Forest • A few miles from the location of the famous movie “The Horse Whisperer” • Owned and used by horse outfitters since the 1940s For the most up to date information please visit our website or call an agent.

800-238-8616 • www.fayranches.com

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ENGWIS RANCH

BIG TIMBER, MT • 5,546± ACRES • $19,500,000

Located along 3.5± miles of one of the world’s greatest fly fishing rivers is the Engwis Ranch. Positioned conveniently between the towns of Livingston and Big Timber, the ranch’s 5,546± diversified acres have been managed meticulously for the past 37 years, enhancing both wildlife and range productivity. From its northern boundary, the ranch feathers down toward the famous Yellowstone River. Multiple coulées and drainages lined with cottonwood, aspen and willow trees serve as excellent wildlife corridors. As the ranch drops in elevation the lush rolling grasslands and meadows splinter into productive pivot irrigated fields, then onward to the rich riparian zone teaming with a multitude of birds and big game. The river bottom or “riparian area” is a forest of mature cottonwood trees and small juniper. The thick grass provides a nursery in the spring and summer months for a myriad of nesting birds, waterfowl and does birthing their fawns. Watch where you step. But, do keep stepping. Next stop, the mighty Yellowstone River and blue-ribbon fishing. • 5,546± deeded acres plus an accessible adjacent school section • 3.5± miles of Yellowstone River frontage with large riparian area for wildlife • Presently 600± acres of irrigated ground • 2016 property taxes were $13,486 • Excellent hunting for multiple big game as well as upland birds and waterfowl • World-class fishing on 3.5± miles of Yellowstone River frontage • Three separate parcels provide exit strategies and conservation easement possibilities

BOULDER RIVER HOMESTEAD BIG TIMBER, MT • 40± ACRES • $1,495,000 The Boulder River Valley is one of the most sought after areas in the Northwest. Closely held and rarely available, the Boulder Riverfront Homestead is an opportunity to live in one of Montana’s most beautiful and scenic river valleys. Bordering the Boulder River for .25± miles and encompassing almost 40± riverfront acres, the Boulder River Homestead includes a remodeled home built around the original homestead cabin with well-maintained historical improvements including barns, outbuildings and corrals. Located just 9± miles south of Big Timber, Montana and with easy year-round access, this secluded Boulder River Frontage is a wildlife epicenter with excellent fishing opportunities. • .25± miles of one side of the Boulder River • Beautiful mountain valley views with a river bottom setting • Abundant wildlife • Plethora of nearby recreational opportunities amongst the surrounding Absaroka-Beartooth Wilderness • 14± minutes from Big Timber, Montana and a private airport and within 1 hour and 15± minutes of two commercial airports • 4 bedroom, 3 bathroom ranch style home with multiple outbuildings

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MONTANA BLACK BEAR RANCH SUPERIOR, MT • 545± ACRES • $2,500,000 The Black Bear Ranch is a premier recreational property that lies at the head of the Bitterroot Range within the Murphy Creek drainage of western Montana. The ranch has an excellent combination of irrigated meadows, rolling grasslands and forestland with unique rock outcroppings that extend into USFS lands. Murphy Creek meanders through the property and feeds a scenic pond that attracts a variety of wildlife throughout the year. There are two residences on the ranch: a cozy log home and a ranch manager’s residence. The area offers a multitude of recreational pursuits including fishing the Clark Fork River, hunting various game species, golfing, sightseeing, whitewater rafting in the Alberton Gorge, horseback riding or hiking on USFS lands, camping, bird watching and mountain biking on the Hiawatha Trail. • 65± irrigated acres • 1,750 SF 3 bed 2.5 bath log home built in 2005 • 1975 Managers residence remodeled in 2004

WADE LAKE OVERLOOK

CAMERON, MT • 20± ACRES • $995,000

Nestled over 400 feet above the gin clear waters of Wade Lake sits the Wade Lake Overlook. The awe-inspiring 360-degree views of the surrounding mountain ranges and Madison River Valley takes your breath away. The retreat encompasses 20± acres and includes a 2 bedroom, 1 bathroom, 1,500± SF custom-built home built 2 years ago. Drive less than 5 minutes to the famous Madison River and start fishing from a very private 55± acre common area park that boasts .5± miles of private water within Madison River Ranches. This is a rare opportunity to own a gorgeous piece of land and spectacular custom home with some of the most staggering views overlooking one of Montana’s most pristine lakes and wilderness areas. • Stunning 360-degree mountian views • 5 minutes to Wade and Cliff Lakes • Borders thousands of acres of the Beaverhead National Forest which connects to over 2 million acres of Yellowstone National Park

BIG HOLE VISTAS RANCH GLEN, MT • 382± ACRES • $1,900,000 The Big Hole Vistas Ranch on the Big Hole River consists of 382± acres and is legendary for its fishing, especially the salmon fly hatch that occurs each June. This incredible ranch is located in the beautiful section of the river between Glen and the “Notch” fishing access and as the name suggests, offers incredible views of the surrounding mountain ranges and the Big Hole River. The diverse landscape includes lush river bottom with approximately 1± miles of river frontage and side channels as well as rolling hills and draws. The Big Hole Vistas Ranch provides privacy and room to roam in a location that is easily accessed by paved road, is only 20 minutes to the university town of Dillon and 45 minutes to a commercial airport, yet has few lights to dim the stars at night. • 1± mile of frontage on the Big Hole River • 15 to 20 minutes north of Dillon, MT • Excellent fly fishing for wild trout • Quality big game and waterfowl hunting

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GLACIER FALLS RANCH COLUMBIA FALLS, MT • 143± ACRES • $2,750,000 Every once in a while, a property becomes available that is so outstanding, so embracing, and so distinctive that it creates a setting like no other property you have seen. Glacier Falls Ranch is such a place which offers approximately 143± acres and is only 17± miles from the western entrance to Glacier National Park. A balance of evergreen forests, meadows, beaver lodges, trout ponds, and incredible 5-star landscaping make this ranch special. Cattle and horses once grazed the meadow below, but now deer, elk, turkey, pheasant, ducks, geese, and the occasional bear call this sanctuary home. • Wildlife meadow • Hunting, fishing and a multitude of other recreational opportunities nearby • Ranch house, Trapper’s cabin & bunkhouse • Extensive master landscaping • Spectacular views of the Tobacco Root and Highland Mountain ranges • Excellent white-tailed deer, waterfowl, and pheasant hunting on the ranch

BIG SKY NORTH FORK RANCH BIG SKY, MT • 484± ACRES • $4,295,000 Big Sky North Fork Ranch sits just above the Meadow Village and Town Center just 5± minutes to the wonderful restaurants and shops of Big Sky as well as the Arnold Palmer Golf Course. The 484± acre ranch backs up to Forest Service and the wild country of the Greater Yellowstone Ecosystem providing miles of hiking and hunting in some of the most scenic country in the lower 48 states. Every morning you can decide to head into the woods on a trail or head down to town and get a latte, or both. We’ve never seen such an incredibly beautiful and wild ranch this close to so much good food! • Seasonal stream running through property • Stunning mountain views overlooking the Meadow Village and dead on views of Lone Peak • Backed up against 1± mile of US Forest Service land • Minutes from Big Sky, MT and the world-class Big Sky Ski Resort

BITTERROOT RIVER RETREAT DARBY, MT • 11.32± ACRES • $839,900 Situated on the bank of the Bitterroot River, this retreat offers amazing views, incredible fishing opportunities, and a wildlife observation point, all from the private deck. Approximately 11.32± acres, this property provides those weary of city living with a chance to truly “get away from it all” and take a step back into nature for a weekend, a long vacation, or full-time living. • Home with covered patio deck overlooking the river • Great fishing and rafting access • 17± acres of water rights • Heated/insulated 44x64 shop and RV storage

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MONTANA FISH CAMP SILVER STAR, MT • 68± ACRES • $799,000 Fish Camp boasts .6± miles of Jefferson River frontage, notably one of the top trophy trout fisheries in the West, and offers excellent hunting for whitetailed deer and waterfowl. This 68± acre parcel is located in an expansive Montana river valley with mountain views in all directions. The property also has prime development potential with the added bonus of a nice pond and several other springs. • .6± miles of frontage on the upper Jefferson River, a tremendous trophy trout fishery • 4± acre spring-fed pond • Great access off a paved highway • Trophy trout fishing on five nearby rivers • Spectacular views of the Tobacco Root and Highland Mountain ranges • Excellent white-tailed deer, waterfowl, and pheasant hunting on the ranch

MEANDERING FLOWS RANCH MARTINSDALE, MT • 608± ACRES • $2,795,000 The Meandering Flows River Ranch, bisected by the famed North Fork of the Musselshell River, is an exceptionally rare offering encompassing all that one is looking for in a recreational/working ranch. Straddling the ranch for a little less than 2 miles, the North Fork of the Musselshell River provides an extremely private fishing experience on a very private stretch, as well as excellent water rights to run an extremely efficient cow/calf operation and hay operation. The diverse 608± acre property is also contiguous with two state land sections and is an excellent property for a recreation-minded buyer who enjoys the solace of private fishing complimented with very productive ground. • Less than 5± miles from the property there is easy access to the Little Belt Mountains, making it an excellent location for hunting, snowmobiling and four-wheeling • Excellent wildlife habitat on the ranch and beautiful views of the surrounding mountains

CASTLE MOUNTAIN HOMESTEAD CHECKERBOARD, MT • 600± ACRES • $1,299,000 Quality ranch properties in this area of Montana have historically been tightly held and hard to come by. The Castle Mountain Homestead is a rare offering in this remarkably beautiful and genuinely Montana setting. The 600± acres lie within the Lewis and Clark National Forest on the northeastern slopes of the Castle Mountains. The ranch offers hunting for elk, deer, black bear and mountain grouse. With improved access just 7± miles south of Checkerboard and 95± miles northeast of Bozeman, the ranch offers a convenient getaway, loaded with recreational flair right in the midst of a very special and largely unaltered western ranching community. • Also offered in 4 separate parcels: Parcel A: $335,000, Parcel B: $448,000, Parcel C: $232,400, Parcel D: $407,600 • Excellent elk, deer, black bear and mountain grouse hunting • Beautiful mountain views • Borders thousands of acres of Lewis and Clark National Forest • 20± miles east of White Sulphur Springs For the most up to date information please visit our website or call an agent.

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MEDICINE RANCH THREE FORKS, MT • 1,230± ACRES • $2,200,000 The Medicine Ranch is located just north of Three Forks and lies along the south bank of the Missouri River. The ranch varies from deep juniper canyons to a lush riparian bottom along the river corridor which spans over 1.5± miles. The river braids offer abundant wetland habitat which attracts a wealth of waterfowl and a mecca of other wildlife. The views are equally diverse and dramatic with the Bridgers to the east and the Spanish Peaks and the Tobacco Root Mountains to the south/southwest along with the Elk Horn and Big Belt Mountains to the north. • Also offered in 4 Tracts: Tract A (908± acres) - $1,700,000; Tract B (473± acres) - $912,000; Tract C (435± acres) - $935,000; Tract D (323± acres) $532,950 • Incredible views of five mountain ranges • 1.5± miles of the Missouri River

FARE THEE WELL FARM POLSON, MT • 40± ACRES • $1,700,000 Fare Thee Well Farm is a historic farm located in the secluded area the locals refer to as Finley Point and is truly a special property that boasts 80± acres along the eastern shores of Flathead Lake. Mature trees frame the grass pastures, and the unique topographical features provide panoramic sunsets across the lake. The wildlife zone along the lake lures in several species of waterfowl year-round. A custom home with an exceptional level of craftsmanship was built in 2010 and sits on the upper bench overlooking the lake. Animal lovers will appreciate the barn which has 5 stalls, fenced horse runs, heated water troughs, hay storage and a quaint champagne deck with views of the lake. The barn has a second story which is also insulated and wired with electricity. It could be easily converted into an office. This property is made up of two parcels and has plenty of incredible building sites for additional residences, all of which have views of the lake.

KOBER RANCH RED LODGE, MT • 169± ACRES • $965,000 The Kober Ranch on Rock Creek is comprised of 169± acres of which 78± acres are irrigated, producing 2-3 tons of hay per acre. The property has two excellent fisheries including a .25± mile of Rock Creek flowing through the west side of the property and .37± miles of Clear Creek flowing through the east side, providing an excellent riparian habitat. There are several possible home sites on the property that would provide tremendous views of the Beartooth Mountains, Red Lodge Mountain Resort, the Crazy Mountains and views overlooking Rock Creek. The Kober Ranch would make a great place for a vacation home or a small horse or cattle operation while enjoying excellent fly fishing on the ranch and the surrounding area. • .25± miles of Rock Creek and .37± miles of Clear Creek on the property • Year-round access from well-maintained county roads • Hunting opportunities for white-tailed & mule deer, pheasant and Hungarian partridge

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MONTANA LAST CHANCE RANCH HUSON, MT • 600± ACRES • $1,750,000 This beautiful and secluded 600± acre ranch is situated in the upper reaches of the Ninemile Valley. It offers year-round, live water from Pine Creek and it backs to the Lolo National Forest. Located roughly an hour from Missoula, the Last Chance Ranch could be the perfect location for a year-round residence or weekend retreat. There are minimal improvements and the land is ready for a custom home. Mature pine forests engulf much of the foothills providing excellent cover for wildlife, including elk, mule deer, whitetails, moose, bear, lions, and wolves. • Over 1/2 mile of Pine Creek flows through the property • Backs to Lolo National Forest • Tremendous on-site big game hunting opportunities

3 CREEKS RETREAT RED LODGE, MT • 71± ACRES • $1,550,000 The 3 Creeks Retreat consists of approximately 71 acres and is strategically located 5± minutes from the quaint Montana town of Red Lodge. In addition to being within minutes of town and the Red Lodge Ski Area, the property is at the end of the road and boasts incredible views of the Beartooth Mountains. 3 Creeks Retreat holds a trifecta of live water flowing through the property with an additional large pond that is full of wild and reproducing trout. This property is also set up as the perfect horse ranch, with all of the infrastructure needed to be the perfect property to ride, relax and enjoy. • 71± acres at the end of the road with large pastures and mature trees • Over 1.3± miles of live water flowing from Willow Creek, The West Fork Ditch and another unnamed spring creek • Multiple home sites from which to choose • Minutes from the town of Red Lodge and Red Lodge Mountain Ski Area • Beautiful views of the Beartooth Mountains • Wildlife includes deer, waterfowl, cranes, moose, black bear and a multitude of other fur bearing critters and birds • Easy commute to Billings, Montana’s largest city

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DIAMOND B RANCH

EMIGRANT, MT • 765± ACRES • $1,650,000

The Diamond B Ranch is nestled beneath Emigrant Peak which towers over the southern Paradise Valley and the famous Yellowstone River. This Montana ranch is just 30 minutes away from Yellowstone National Park via the North Entrance at Gardiner. The 765± rolling acres have no structures and offer a blank canvas on which the new owner can create their own vision for their Montana ranch. The view from atop the bluffs that overlook the valley provides an expansive panorama of the Yellowstone River and the surrounding mountain ranges. There are also tremendous amenities at the historic Chico Hot Springs Resort located a couple minutes away offering accommodations, fine dining, a day spa and the namesake year-round hot springs. • Unimproved bare land offering a blank canvas for the new owner to create their dream Montana ranch • Expansive panoramic views of the Paradise Valley • Incredible location, minutes to Chico Hot Springs Resort, 30± minutes to the north entrance of Yellowstone National Park and 25± miles to Livingston

NINEMILE MOUNTAIN RETREAT HUSON, MT • 103± ACRES • $750,000 The Ninemile Mountain Retreat is 103+ acres of picturesque and recreationally diverse property, completely surrounded by Lolo National Forest, making it a tremendously rare opportunity for the outdoor recreationist. Perfectly situated in the mountains high above the Ninemile Valley, this property offers unsurpassed seclusion and an ideal location for a private getaway. • Surrounded on all sides by Lolo National Forest • Tremendous on-site big game hunting • Close to world-class fishing and hunting destinations, skiing and backcountry access

RED ROCK RIVER FISHING RETREAT DELL, MT • 31± ACRES • $1,745,000 The Red Rock River Fishing Retreat is located down river from Dell, Montana and encompasses 31± acres, with the Red Rock River acting as the western boundary for approximately 1 mile and an additional .5± mile of a side channel flowing through the ranch. The property offers a variety of recreational amenities which include excellent fishing for brown and rainbow trout, waterfowl hunting in the fall, as well as opportunities to hunt whitetailed deer. The ranch is bordered on all sides by large working ranches. This is certainly a great opportunity to own river frontage on one of Montana’s most private and coveted trout streams. • Beautiful home, guest house and garage • 1.5± miles of the Red Rock River and side channels • World-class trout fishing • Very private fishery • Excellent waterfowl and big game hunting • Lush riparian corridor with old growth cottonwoods and willow trees

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MONTANA BURNT LEATHER RANCH MCLEOD, MT • 623± ACRES • $7,600,000 McLeod, Montana’s Burnt Leather Ranch has historically been comprised of several parts that worked together to form a well-balanced and recreationally diverse Montana ranch. We are privileged to offer for sale what is referred to by the ranch owner as the ‘Old Steen Place.’ The Steen Place portion of the ranch includes the headquarters of the Burnt Leather Ranch as well as its most valuable recreational resources. This is the portion for which the Burnt Leather is famous, primarily because of the over 2 miles of both sides of the West Boulder River which flows through the Montana ranch, providing one of the most scenic and prolific stretches of water on which to catch trout in the Lower 48 states. Burnt Leather Ranch is arguably the most coveted ranch in the most desirable neighborhood for recreational ranches in Montana. The ranch provides a window to the very best of the Northern Rockies and a privileged place in nature alongside one of America’s great wildernesses. • Over 2 miles of both sides of the world-renowned West Boulder River • Headquarters of the Burnt Leather Ranch • Arguably the most scenic fly fishing experience in Montana • 15± minutes to the main Boulder River and 30± Yellowstone River • Entire ranch under conservation easement • Outstanding wildlife: deer, elk, moose, black bear and the occasional grizzly, mountain lion and wolf, antelope, turkey, Hungarian partridge, sharptail grouse and waterfowl • Located in the heart of the Greater Yellowstone Ecosystem • Just 35±minutes from Livingston

RUBY RIVER RANCH SHERIDAN, MT • 746± ACRES • $9,900,000 The 746± acre Ruby River Ranch is a unique ranch that combines highquality agricultural production with world-class recreational amenities, making it an affordable ranch to own on an annual basis as well as a wonderful ranch for families and friends to share new adventures and build lasting memories. The Ruby River meanders through the ranch for just less than 2 miles and provides some of the finest fly fishing for large trout available in Montana, in a private and exclusive setting. The Ruby is unique because it is so small it is rarely floated, yet because of its water quality, the trout grow large. Many hours can be spent on the Ruby River Ranch casting to rising brown trout without ever seeing another person. • Just under 2 miles of the Ruby meanders through the ranch • Approximately 1.4± miles of both sides and .45 miles of one side of the Ruby River providing semi-private angling for wild, trophy trout • 540± acres under irrigation • Spectacular Ranch Compound with exquisite structures perfect for enjoying with friends and family • Property conserved and protected with 2 conservation easements • Spectacular views of five surrounding mountain ranges • Trophy trout fishing on five nearby rivers (Ruby, Beaverhead, Jefferson, Big Hole and Madison) • Excellent deer and waterfowl hunting on the property • National Forest close by for pursuit of other recreational activities

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LOST POND RETREAT BIG SKY, MT • 40± ACRES • $995,000 Located on 40± pristine acres within a gated community up Beaver Creek Canyon on a gently sloping treed hillside, sits Lost Pond Retreat. With panoramic views overlooking the Gallatin Range, this property is located just 5± minutes from the famed Gallatin River and thousands of acres of Gallatin National Forest. Drive less than 10± minutes to the Meadow Village at Big Sky for all your amenity needs or less than 20± minutes to world-class skiing at Big Sky Resort and the Yellowstone Club. Thoughtfully perched on the bluff of this beautiful parcel is the guest house with an open floor plan that includes high ceilings, a wood burning fireplace and a spacious kitchen. The guest home offers 1,310± SF of indoor living space and features 1 bedroom, a large sleeping loft and 1.5 bathrooms. The front porch frames the Gallatin Range for your cup of coffee in the morning, or enjoy the back deck for the evening sunset. The crowning jewel of this pristine 40± acres is the private trout-filled pond. Your dream home is waiting to be built just steps from the pond where you can fish all year-round. The vistas and privacy from this large acreage are unparalleled and will appeal to the most discerning buyer.

SUNNY MEADOW FARM

BOZEMAN, MT • 66± ACRES • $3,950,000

Sunny Meadow Farm offers a combination of arts and crafts styling in a beautiful western log home just minutes from Bozeman. Situated on 66± private, striking acres and surrounded in aspen trees is a 4 bedroom, 3 bath main house and a 2 bedroom, 1 loft, 1 bath guest quarters above a horse barn. A pond on the property provides a private pool for elk with a picturesque foreground of the dramatic Bridger Mountains. This is an ideal property for a horse lover or any outdoor recreation enthusiast who is looking to create their Montana dream! • 7± miles from downtown Bozeman • Beautiful log home and horse barn with large guest accommodations • 5,493± SF main house built in 2002 with 4 bedrooms, office and 3 bathrooms • 1,762± SF guest house built in 2003 with 2 bedrooms, 1 bath and 1 large loft • 50x60 barn with 4 stalls, 1 bath, tack, feed and wash room • Pond with viewing deck and benches • Abundant wildlife located on the property, most notable are the elk and deer populations • 19± miles from Bridger Bowl Ski area • 21± minutes from commercial airport • End of the road privacy, located on Bozeman’s south side • Easily accessible year-round off Mount Ellis Lane • Turn-key equestrian property

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MONTANA DOME MOUNTAIN RANCH

EMIGRANT, MT • 5,366± ACRES • $25,000,000

The Dome Mountain Ranch is one of the most famous ranches in southwest Montana, and deservedly so. Set beautifully in the midst of the wild country of southern Paradise Valley, the approximately 5,366 deeded acre ranch (plus an additional 470± state lease acres and 508± BLM lease acres) is bordered on one side by 6.3± accessible miles of the Yellowstone River, providing some of the finest wild trout fishing in the world. On two sides the ranch is bordered by public land that stretches to the 932,000 acre Absaroka/Beartooth Wilderness which is bordered by Yellowstone National Park and extends south beyond Jackson, Wyoming, encompassing an estimated 20 million acres of some of the most beautiful and wild country in the world, known as the Greater Yellowstone Ecosystem. • 6.3± miles of accessible (deeded & leased) Yellowstone River frontage • Abundant wildlife: moose, elk, mule deer, whitetail deer, mountain lion, grizzly and black bear, big horn sheep, antelope, wolves, coyotes, bobcats, eagles, ducks, geese, osprey, falcons • Borders millions of acres of public land and wilderness • 253± total irrigated acres with 125± of those under 3 pivots for orchard grass, needle & thread, clover, little alfalfa and sainfoin • Land is managed for wildlife habitat enhancement, hay is produced for the hunting operation and horse feed stock • Thelma Lake (25± acres) - Vanessa’s Lake (6± acres) - Alpine Lake (6± acres) • Excellent water rights

WILD HORSE MOUNTAIN RANCH

MISSOULA, MT • 8,013± ACRES • $5,700,000

This large, contiguous, tract of land is located in the foothills of the Bitterroot Mountains along the western fringe of Missoula, Montana. The Wild Horse Ranch would make a great property for a recreational retreat or possibly a year-round residence, and the land has conservation easement potential. Highlights include live water flowing through varying terrain with beautiful views and adjacency to US Forest Service lands. Numerous riparian corridors enhance the ranch and quality wildlife habitat abounds. Wild Horse’s location just west of Missoula offers a unique opportunity for large parcel ownership with an excellent proximity to urban amenities. • Live water from Albert, Deep and Rock Creeks with stock water rights • Private road system offers excellent access to the entire ranch • Quality wildlife habitat and adjoins thousands of acres of USFS lands

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TRAIL CREEK REFUGE BOZEMAN, MT • 80± ACRES • $775,000 Trail Creek Refuge is an extraordinary 80± acres that abuts 640± acres of state land located on top of the world. To the south, the property controls expansive views down the Trail Creek Valley into the Paradise Valley and the adjoining Absaroka Mountain Range. This area is one of the most scenic and soughtafter locations in Montana not only known for its world-class fly fishing and big game areas, but also its scenery. • Sits in 4 separate parcels • Contiguous to 640± acres of state land • Multiple building sites with commanding views of the surrounding mountain ranges • Amazing views of the Absaroka Mountains, Gallatin and Bridger Mountain ranges • 30± minutes to both Livingston and Bozeman

COTTONWOOD EQUESTRIAN CENTER SILESIA, MT • 58± ACRES • $2,500,000 Horse facilities can be built anywhere, but there is no place like Montana and there is only one Cottonwood Equestrian Center. Nestled in the heart of Big Sky Country, in Silesia, Cottonwood Ranch boasts a state-of-the-art horse training facility in Montana with quiet country living and spectacular views of the Beartooth Mountain Range. • Outstanding equestrian facility located in beautiful south-central Montana • 58± acres on the banks of the Clark’s Fork of the Yellowstone River • 320± acre private lease • Outdoor arena, insulated indoor arena, boarding barn with additional warm-up area & outdoor stalls • 5,600± SF main residence with additional guest house • Perfectly equipped to host public events, equestrian clinics or private lessons

EAST GALLATIN GETAWAY BELGRADE, MT • 20± ACRES • $1,450,000 Situated along the banks of the gorgeous East Gallatin River, less than 7 miles outside the renowned university town of Bozeman, and within minutes of a commercial airport, this 20± acre property combines beautiful views of five surrounding mountain ranges, world-class trout fishing, and a 4,800± square foot, spacious 4-bedroom home. This beautiful property supports an abundant amount of wildlife including whitetail deer, pheasants, Hungarian partridge, waterfowl and bald eagles. Over 400± feet of the East Gallatin River flow through the premises. The beautiful home with a mature landscape provides a union of seclusion and recreational opportunities in a centralized location offering the best of all worlds. • 20± acres with riverfront, riparian area, wildlife habitat, and hay fields • Spacious 4800± SF custom home with great views of the Bridger Mountains • 400± feet of the East Gallatin River with excellent trout fishing

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MONTANA PICNIC POINT GALLATIN GATEWAY, MT • 160± ACRES • $1,169,000 Picnic Point consists of a 160± acre home site conveniently located in Gallatin Gateway, just 17± miles from downtown Bozeman and within 10 minutes of the famed Gallatin River. This 160± acre tract is part of Montana Ranch, a private gated residential ranch community, bordering Ted Turner’s Flying D Ranch on two sides and comprised of approximately 2,500 acres of some of the most beautiful views Gallatin Valley has to offer. Montana Ranch was developed into 29 parcels for single-family residences, generally ranging in size from 20± to 160± acres each. The large lot sizes afford each owner privacy and huge views while still enabling them to be part of a shared ranch community. • Abundant wildlife • 10± plus miles of hiking and horseback riding trails • Private, gated community with amenities including equestrian facilities and riding trails

SHEDHORN RANCH

ENNIS, MT • 95± ACRES • $5,400,000

Nestled against the Madison Range and sitting 1,500± feet above the Madison River Valley floor sits the Shedhorn Ranch. The awe-inspiring 360-degree views of the surrounding mountain ranges and Madison River Valley literally take your breath away. The ranch encompasses 95± majestic acres and boasts a 5 bedroom, 4.5 bathroom, 7,500± SF custom-built log home; like nothing you have ever seen before. Located less than 8.5 miles from Ennis, the property location is hard to beat for recreational enthusiasts. Fish Jack Creek on the property, or drive less than 10 minutes to the famous Madison River for the current hatch. Winter and ski enthusiasts will also not be disappointed, as the ranch is being sold with private access up Jack Creek road to access Big Sky Resort, Spanish Peaks Resort and the Yellowstone Club. • Custom crafted 7,500± SF log home - 5 bed/4.5 bath • Stunning 360-degree mountain views • Great hunting opportunities on the property

RED STAR RANCH LIVINGSTON, MT • 238± ACRES • $1,799,000 The 238± acres encompassing Red Star Ranch include beautiful changes in topography and vegetation along with the confluence of two year-round fisheries, Trail Creek and Pine Creek. To the north and south you have spectacular views of the Gallatin Mountains and the stunning Paradise Valley to the south and east. All these amazing transitions make for not only appealing viewsheds, but also cover, travel corridors and access to food and water, which entice multiple species of wildlife. Red Star Ranch has excellent big game hunting for elk, deer, black bear and mountain lion. Simply put, this much variety packed into only 238± acres is exceptional. • Trail Creek and Pine Creek meet on the ranch • Excellent small stream fisheries • The ranch sits in 3 separate parcels which provides significant conservation easement possibilities • Multiple building sites with commanding views of the surrounding mountains and streams For the most up to date information please visit our website or call an agent.

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LOWER BIG HOLE RIVER PRESERVE TWIN BRIDGES, MT • 74± ACRES • $1,890,000 Lower Big Hole River Preserve is located just 7± miles southwest of the small town of Twin Bridges, one of the most classic trout towns in Montana. The Ruby, Beaverhead and Big Hole River confluence in “Twin” to form the Jefferson River, providing more trophy trout and more rivers to fish within a short drive than any town in the Lower 48. Prairie meadow, native range land, large deciduous trees and lush river bottom form the acreage. • Approximately .3± miles of the Big Hole River with an additional .25± miles of the Big Hole Ditch for fishing on the property • Tremendous recreational opportunities with three blue ribbon fisheries nearby: the Ruby, Beaverhead and Jefferson Rivers • 1,635± SF custom 3 bed/2 bath home adjacent to a spring-fed pond • 3,480± SF shop/hay barn/garage with 2 bed/2 bath guest quarters on upper level

THREE RIVERS ROD & GUN CLUB THREE FORKS, MT • 779± ACRES • $2,499,000 The Three Rivers Rod & Gun Club is located in Three Forks and lies along the west bank of the Madison River in the lower Madison Valley, which is the least developed river valley within 30± miles of Bozeman. The ranch varies from thick cottonwood galleries along the river corridor to sub-irrigated meadows with meandering creeks. The river braids offer abundant wetland habitat which attracts a wealth of waterfowl and other wildlife. The views are equally diverse and dramatic, with the Bridgers to the east and the Spanish Peaks and the Tobacco Root Mountains to the south and southwest. • Property consists of two non-contiguous parcels • The River Parcel is 222± acres and the Lodge Parcel is 557± acres • .64± miles of the Madison River • A channel of the Jefferson River flows into the .64± miles of the Madison River on the property • Beautiful lodge with 5 bedrooms & 4.5 baths

SAND CRANE RANCH PARK CITY, MT • 72± ACRES • $1,175,000 The Sand Crane Ranch sits along the banks of the Yellowstone River and boasts 7 ponds and a year-round ditch. The developed water features on the ranch make it a unique and rare opportunity to own an exceptional hunting and fishing property in Montana. The Sand Crane Ranch also has its own boat launch for put-in/take-out on the Yellowstone River. Additionally, Sand Crane Ranch has a delightful main house, guest house, pool/lounge area, 3 car garage, 2 shops, dog kennel facilities and bird pens for both upland and waterfowl. From the moment you drive through the gate you will be awestruck by this amazing ranch and all it has to offer. • Access to hundreds of acres of state and BLM lands • Yellowstone River frontage, 7 ponds and year-round ditch with excellent water rights on the property • Abundant wildlife: ducks, geese, pheasants, white-tailed deer, mule deer, turkeys, black bears, eagles, cranes and herons

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MONTANA SEGO RIDGE RANCH UTICA, MT • 84± ACRES • $1,975,000 The Sego Ridge Ranch sits astride the Middle Fork of the Judith River, in the middle of Judith Basin County, Montana. The Middle Fork of the Judith River is home to rainbow, cutthroat, brook and brown trout. The river runs through the property and offers miles of secluded walk and wade fishing. The yearround stream is pristine and clear, making it ideal for the dry fly fisherman. This rare property is for the outdoorsman or someone who is looking for the perfect private retreat bordering thousands of acres of Lewis and Clark National Forest in the Little Belt Mountains. • .5± miles of the Middle Fork of the Judith River • Endless recreating out the back door • Superb infrastructure and turnkey horse property

TOUCH THE CLOUDS

SAINT IGNATIUS, MT • 80± ACRES • $1,250,000

Touch the Clouds Ranch offers a special setting in the Mission Valley of Western Montana. This 80± acre ranch lies in the shadows of the spectacular Mission Mountain Range. Positioned just three miles west of the foothills, the ranch’s view shed spans from the valley bottom to the range’s highest point, McDonald Peak, which reaches 9,920 feet. • Unique custom 2,475± SF 1bed 2 bath reclaimed timber barn/home built in 1997 with screened porch, deck and stone patio • Art/craft studio above 3 car garage with 360 degree views of valley and mountains • Bunkhouse with 2 bedrooms, 1 bath, office, full kitchen, with ample storage for equipment on both sides • 1881 Original hand-hewn log cabin, restored, with two porches, one screened, both covered by roof • Member of Flathead Irrigation Project for 80 years

REESE CREEK FARMSTEAD BOZEMAN, MT • 58.54± ACRES • $1,250,000 Strategically located 20± minutes from downtown Bozeman, Montana and only a 15 minute drive to the Interstate 90 interchange, the Reese Creek Farmstead consists of 58.54± acres and is located in the shadow of Ross Peak, one of the most dramatically beautiful peaks in Montana. In addition to Ross Peak, the farmstead has wonderful views over the Gallatin Valley and 5 surrounding mountain ranges. Bill Smith Creek forms a portion of the easterly boundary. This beautiful little creek is lined with grassy cover and scattered willows, creating excellent habitat for the pheasants, Hungarian partridge, elk and whitetail deer that call the property home. This is a gorgeous piece of ground with some of the most dramatic views in the valley and a wonderful country feel, yet is still close to Bozeman. • Located in the Reese Creek Zoning District, near the Springhill Community • Close to Big Sky and Bridger Bowl Ski areas • Wildlife includes deer, elk, cranes, pheasants and Hungarian partridge For the most up to date information please visit our website or call an agent.

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YELLOWSTONE BASIN RANCH

WEST YELLOWSTONE, MT • 294± ACRES • $4,850,000

It is not often that a ranch of this quality comes on the market. The Yellowstone basin has, for many years, been the most sought after location for recreational ranches in Montana because of the abundant wildlife and fishery resources, as well as some of the most dramatic scenery in the Northern Rockies. Additionally, the proximity of the ranch to Yellowstone National Park, Big Sky and Bozeman contributes to the attractiveness and value of the ranch. • 294± deeded acres with 1.4± effective miles of South Fork of the Madison River frontage with riparian area for wildlife • 4.4± miles of creeks • 8.5± acres of spring fed ponds offering excellent fishing, waterfowl hunting, and bird watching

PRESERVE AT BRIDGER CREEK RANCH BOZEMAN, MT • 53± ACRES • $3,895,000 The Preserve at Bridger Creek Ranch blends luxury, privacy and warmth to create a recreation-oriented property that is nothing short of spectacular. Improvements on the property include a 4564± SF custom home that features 3 bedrooms, an office and 2.5 bathrooms, a barn and a separate caretaker’s quarters above a stand alone 2-car oversized garage. The improvements are situated on 53± acres of a sun-drenched recreational paradise with privacy and exquisite views of the easterly face of the Bridger Mountains, Bozeman’s Gallatin Valley and the Spanish Peaks. • Beautiful log and stone home, horse barn, and caretaker’s quarters • 42x70 barn with 3 stalls, roughly 14x14 each • Private spring-fed pond • 15± minutes from Bozeman and 25± minutes from a commercial airport • Fishing access to Bridger Creek

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MONTANA VAYA CON DIOS STOCKETT, MT • 2,675± ACRES • $4,400,000 Vaya Con Dios on the Smith River offers a rare opportunity to own Smith River frontage in a breathtakingly beautiful and remote area of Montana where the land is very closely held and highly sought after. The river borders the ranch for over a half mile on the lower west end of the property and provides blue ribbon trout fishing within a 20 minute ATV ride from the headquarters. The diverse terrain includes open grassy benches that roll down through deep wooded coulees, to towering limestone cliffs that frame the canyon where the Smith River flows below. • 3,200± SF main lodge and 3 cabins • 5± mile of the Smith River Community • Extensive logging trails perfect for ATVs or horseback riding • Region 4, Hunting District 413 • Existing grazing lease provides approximate $10,000± income • Borders Lewis & Clark National Forest

LIPPERT GULCH 400

TOWNSEND, MT • 400± ACRES • $949,000

The Lippert Gulch 400 sits just off scenic Highway 12 as it runs east-west to White Sulphur Springs, Montana and the spectacular Smith River fishery, approximately 45 minutes from the property. The county seat, Townsend, Montana is within a 15± minute drive, offering necessary services and light amenities. The 400± acre ranch offers a variety of recreational pursuits including exceptional hunting for big game species such as elk, mule deer and antelope and boasts 231± irrigated acres of excellent farm ground and 2 newly constructed ponds. In addition to all the recreational opportunities that the property offers, it is within 15 minutes of the Missouri River and the waters of Canyon Ferry Lake. • Excellent big game and upland bird hunting, 2 newly constructed ponds • Magnificent views of the Big Belt and Elk Horn mountain ranges • Excellent wildlife habitat and hundreds of acres of nearby National Forest to explore

TRIPLE S RANCH

MCALLISTER, MT • 78± ACRES • $2,750,000

The Triple S Ranch is a stunning 78± acre mountain ranch adjacent to thousands of acres of BLM and National Forest trails out the back door. This beautiful 3-bedroom custom-built log home features a separate 4-car heated garage connected by a large porte-cochère. The setting is classic Montana with expansive mountain views, groves of mature pine, fir and spruce trees and home to bears, moose, eagles and elk. The home at Triple S Ranch is located on a hillside at the base of the Tobacco Root Mountain Range with views of the Madison Range and South Meadow Creek drainage. This exclusive 78± acre property provides a beautiful and tranquil mountain setting, perfect for the horse and outdoor enthusiast. Close by is public access to some of the best fly fishing available in the U.S. • 5,156± SF custom log home featuring 3 bedrooms and 6 baths • Contiguous, direct access to BLM and U.S. Forest Service land • Mountain views in every direction • Great hunting and mountain lake fishing on contiguous public land For the most up to date information please visit our website or call an agent.

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YELLOWSTONE PRESERVE RANCH LIVINGSTON, MT • 333± ACRES • $3,330,000 For generations, families have enjoyed the peace and tranquility of Yellowstone Preserve Ranch and the small-town charm of nearby Livingston. The ranch provides easy access to an unparalleled combination of fishing, hiking, hunting, and income generation opportunities. Yellowstone Preserve is a peaceful ranch in a virtually urban location. The ranch is located only 5 minutes east of Livingston and its fine dining, coffee shops, art galleries and private jet strip. It is under 30 minutes from Bozeman and its many amenities and commercial airport. • 333± deeded acres total with 1± miles of Yellowstone River frontage and large riparian area for wildlife • 125± acres of irrigated ground, .25 mile pivot • The ranch sits in 8 separate parcels which provides significant conservation easement possibilities

FLESHMAN CREEK 240 LIVINGSTON, MT • 240± ACRES • $799,000 The 240± acres encompassing Fleshman Creek 240 include beautiful changes in topography and vegetation along with the confluence of 2 year-round fisheries. To the north and south you will find spectacular views of the Gallatin Mountains and to the south and east is the stunning Paradise Valley. All these amazing transitions make for not only appealing viewsheds but also cover, travel corridors and access to food and water that entice many species of wildlife. Fleshman Creek 240 has excellent big game hunting for elk, deer, black bear and mountain lion. Simply put, this much variety packed into only 240± acres is exceptional. • Multiple building sites with commanding views of the surrounding mountains and streams • Amazing views of the Absaroka Mountains and the Gallatin Range • 6± miles from Livingston, 45± minutes to Bozeman • Minimal snow pack and lots of sunshine all year

WEST GALLATIN RIVER HOUSE BOZEMAN, MT • 7± ACRES • $899,000 Pictures are worth a thousand words, and that’s certainly the case with West Gallatin River House. Family fun, fishing, hunting and outdoor adventure is what the “River House” is all about. What’s not obvious, unless you are familiar with the Bozeman area, is the exceptional location along the West Gallatin River, scarcity of river property in the vicinity and convenience of being just 15± minutes from downtown Bozeman and only 10± minutes to the Bozeman Yellowstone International Airport. • 600± feet of both sides of the West Gallatin River • Abundant wildlife on and around the property • Less than 15 minutes from the university town of Bozeman, MT and 10± minutes from the commercial airport in Belgrade, MT • Within 1 hour of three world class ski areas: Big Sky Ski Resort, Moonlight Basin and Bridger Bowl • Borders 150± acres owned by the state of Montana for additional recreation • Miles of walk and wade fishing

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MONTANA WEST COMBEST RANCH PLAINS, MT • 4,715± ACRES • $3,300,000 The West Combest Ranch encompasses nearly 8 full sections of contiguous land, nearly all of which are accessible and usable because of the extensive road system throughout the ranch. The property surrounds the Glade Ranch on three sides and backs to U.S. Forest Service and state of Montana lands. There are several springs that feed the three major creeks: Combest Creek, West Combest Creek and Miller Creek. Headwaters begin in the southwest portion of the ranch and flow northeast to the Flathead River. The ranch is located just minutes from town and ideally situated in the middle of the recreationally-abundant Clark Fork Valley of northwest Montana. • West Fork of Combest Creek frontage • Miller Creek frontage • Numerous springs • 70± miles to Missoula • Power nearby • Excellent building sites • Prime elk habitat • Great summer grazing • Adjacent to U.S. Forest Service and Montana state lands

YELLOWSTONE RIVER RANCH EMIGRANT, MT • 1,345± ACRES • $5,695,000 Located along the banks of one of Montana’s greatest fly fishing rivers for over 1± mile, the Yellowstone River Ranch is conveniently placed midway between Yellowstone National Park and the town of Livingston. The property consists of 1,345± diversified acres and is one of the last large ranches left in the valley. As the name suggests, the Yellowstone River forms the western boundary for over 1± mile, providing excellent access. The rolling bluffs above the river provide the largest of ‘big sky’ views with the Gallatin Mountains to the west and the Absaroka Beartooths to the east and glimpses of the Crazy Mountain range to the north. The terrain as well as the recreational pursuits are wide and varied. The river bottom is full of cottonwood trees and small junipers breaking away into a lush irrigated hay meadow. The river bottom is loaded with wildlife, including mule deer, white-tailed deer and plentiful waterfowl migrating up and down the Yellowstone River. The shade and tranquility of the river bottom is enough to give solace even on the hottest of Montana summer days. A tremendous riverfront property, the Yellowstone River Ranch offers a great slice of outdoor Montana. • 1,345± deeded acres with 1± miles of Yellowstone River frontage with large riparian area for wildlife • 125± acres of irrigated ground • The ranch sits in 9 separate parcels which provides exit strategies and significant conservation easement possibilities • Multiple building sites with commanding views of the surrounding mountains and river

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KEEPING PROPERTY EXCHANGES OUT OF THE CROSSHAIRS By Max Hansen

magine a six point bull elk crashing through a thick stand of lodge-pole pine; a dove darting from a mesquite thicket; or attempting to cast into a riffle in the face of a mountain breeze. They’re all moving targets you may have faced at times, so you can understand the quandary of realtors, tax advisors and property owners everywhere faced with the prospects of comprehensive tax reform in 2017. The House of Representatives tax reform “Blueprint” is the ultimate moving target, especially when it comes to the impact it will have on like-kind exchanges of property.

closer to $18 Billion annually and would result in the loss of 23,000 full-time equivalent jobs over 10 years.

Since 1921, Federal tax law under Internal Revenue Code §1031 has permitted taxpayers to exchange business-use or investment assets for other like-kind business-use or investment assets, and defer the taxable gain on the transaction. Qualifying assets include commercial buildings, agricultural and rental real estate, aircraft, trucks, automobiles, trailers, containers, railcars, equipment of all kinds, livestock and other assets involved in a broad spectrum of industries.

What Chairman Brady and a core group within the Ways and Means Committee either don’t understand or more likely ignore in favor of reducing tax rates for corporations and other entities is that immediate expensing does not provide any benefit to certain real property owners. Farmers and ranchers know that agricultural properties are typically 80% to 100% nondepreciable land. Similarly owners of commercial property know that at least 30% of their investment is non-depreciable land and in many areas of the country that percentage is closer to 50% or even more.

In the intervening years, like-kind exchanges have become a powerful driver of economic growth. The provision has survived for almost a century in spite of major tax reform measures. It is a tax deferral mechanism, and taxpayers do not avoid ultimately paying capital gains tax if they cash out of their property. Secondly, like-kind exchanges are used by a broad spectrum of taxpayers ranging from individuals of modest means and small businesses to large business entities. Third, farmers, ranchers and Main Street businesses all over the country use like-kind exchanges, resulting in a ripple effect in the manufacturing sector and service industries. If the primary purpose of comprehensive tax reform is to spur economic growth, then it does not make sense to eliminate a proven tool like property exchanges. We saw similar proposals in 2015 from both the House and Senate when repeal of Section 1031 tax deferred exchanges were included as a revenue raiser to lower the corporate tax rate. A Joint Committee on Taxation revenue score of $41 Billion in 10 years from repeal of Section 1031 prompted the Federation of Exchange Accommodators (FEA), National Association of Realtors, REALTORS Land Institute, CCIM Institute, National Farm Bureau Federation, Land Trust Alliance, Americans for Tax Reform and about 100 others within a like-minded coalition to commission two studies that address the myth of a revenue gain. The resulting studies prove that elimination of property exchanges will contract the U.S. economy by $8.1 Billion or more annually, far outweighing any projected revenue gain. A more recent Tax Foundation study states that the GDP shrinkage is

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When June 2016 dawned with the release of the House Republican Blueprint and there was no mention of repeal of like-kind exchanges, everyone initially breathed a sigh of relief. That sense of well-being soon evaporated when House Ways and Means Committee Chairman Kevin Brady (R-Texas) made it clear that Section 1031 would not be needed because the immediate expensing proposal within the Blueprint negated it.

A taxpayer replacing low basis commercial or agricultural real estate will typically recognize substantial capital gains that are not fully offset by the proposed expensing deduction for improvements on equal value replacement real estate if the improvements are minimal in value or non-existent. This is the case with agricultural land or properties located in areas with high land to improvement value ratios. Without additional cash to cover both the tax liability and the new investment, loss of property exchanges will result in a government-induced shrinkage of agricultural and commercial real estate investments, retarding ability for growth and diminishing the net worth of farmers, ranchers, and other real estate investors. In addition to the shrinkage referenced above, property owners and their advisors have always been aware of the “lock-in effect.” This comes into play when property owners are faced with capital gains tax when they sell and reinvest in other real estate. Even with lower rates promised in tax reform, the value of their investments and life savings in property is reduced by the tax bill and they are more likely to hold onto their properties longer. Deferring the gain recognition in an exchange removes the lock-in effect, takes the government out of the decisionmaking process, and permits taxpayers to engage in opportunistic transactions that make good business and investment sense without fear of negative tax ramifications.

Other issues come into play if current tax reform efforts eliminate property exchanges. The FEA and others have argued that farmers and ranchers use exchanges to preserve the value of their investments and agricultural businesses while they combine acreage, acquire higher grade land, or otherwise improve the quality of their operations. They rely on exchanges to defer depreciation recapture tax when they trade up to more efficient farm machinery and equipment. Farmers and ranchers trade dairy cows for herd rejuvenation and breeding stock when they move their operations to new locations. There is no impetus for farmers and ranchers to undertake sales of their properties if tax deferral through exchanging is no longer available.

ABOUT THE AUTHOR: Max A. Hansen is President and CEO of American Equity Exchange, Inc. an attorney and a Certified Exchange Specialist™. He is a member of the Committee on Sales, Exchanges and Basis of the ABA Section of Taxation and a Board member, Past President and co-chair of the Government Affairs Committee of the Federation of Exchange Accommodators (FEA). He has conducted seminars and appeared on panels of experts around the country on the subject of Section 1031 exchanges. Some of the foregoing content is the collaborative work product of the FEA Government Affairs Committee.

Another issue arising with proposed repeal of like-kind exchanges is the impact on conservation easements. Like-kind exchanges make the economics work for conservation easement grants of environmentally sensitive lands that benefit our environment, improve water quality, mitigate erosion, preserve wildlife habitat, and create recreational green spaces for Americans. Farmers, ranchers and other landowners reinvest sale proceeds from conservation conveyances through like-kind exchanges into more productive, less environmentally sensitive land. These socially beneficial conveyances are dependent upon the absence of negative tax consequences. For all these reasons and others, proponents of the retention of property exchanges have recently and repeatedly encouraged Congress and the Administration to leave §1031 alone in the effort to revamp the Tax Code. Like-kind exchanges remove friction from business transactions and stimulate economic activity. Section 1031 facilitates opportunistic investment of capital and community improvement. Like-kind exchanges assist in the recycling of real estate and other capital to its highest and best use in the marketplace, creating value and improving economic conditions for local communities. Landowners and other businesses will be disadvantaged if they no longer have the option of tax deferred like-kind exchanges. Most recently, Congress has gotten bogged down in the repeal of Obamacare and the passage of new healthcare legislation. Congress is also faced now with action on the debt limit. However, tax reform legislation and the threat against like-kind exchanges is still lurking. Please do your part to keep property exchanges out of the crosshairs by contacting your Congressional delegation. You can also obtain more information on this subject by going to www.1031taxreform.com.

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Delivering high quality, creative, environmentally sound enhancements to aquatic, wildlife, and recreational resources.

MILLER RECREATIONAL DEVELOPMENT WWW.MILLCREATION.COM

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IDAHO Iopportunities daho is a large state that is gaining recognition for its many outdoor and beautiful scenery, including vast rivers and lakes, wide

open vistas, fertile farmland, rolling hills and jagged mountain peaks. Steeped in history, Idaho was a focus of Lewis and Clark’s expedition in the early 1800s, and much of its landscape remains as wild and untouched today as it was then. With 26,000 miles of streams, 3,000 natural lakes and 42 species of gamefish, Idaho is a wonderful place for the avid angler, in addition to being a great hunting, hiking and skiing destination. Most of Idaho’s ranches offer fantastic recreational opportunities, and many also boast timber, cattle and farmland.

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ALTON RANCH

MONTPELIER, ID • 2,609± ACRES • $5,400,000

Alton Valley Ranch is located 15 miles south east of Montpelier, Idaho in the secluded Alton Valley. Surrounded by foothills, the ranch consists of 2,609 deeded acres, 469 irrigated, 80 of which is under a gravity fed pivot, 439 acres dry crop ground, 47 acres meadows, 1,640 acres dry grazing, approximately 800 acres BLM, and 1,240 acres State of Idaho lease. These leases are private and out the gate. The property has traditionally been used as summer grazing for 400 pair. The homestead is situated up a private lane with a recently remodeled 1940s farmhouse. It includes various barns, sheds and outbuildings. New steel working corrals were built in 2015. The Oregon Trail runs through the property, giving it historical significance. Water is abundant on this property, coming from a 30-acre reservoir and numerous springs. Wildlife can be spotted everywhere, including elk, deer and antelope.

BLACKHAWK RIVER RANCH

MCCALL, ID • 532± ACRES • $5,100,000

The 532± acre Blackhawk River Ranch is one of a very few large land holdings in the Payette River Valley. This is a beautiful property that has river frontage of just over 2± miles, timber, lush meadows, excellent water rights and wonderful wildlife habitat, and for practical purposes, a working cattle ranch. The property is located approximately 15± minutes from the quaint mountain resort town of McCall, Idaho, located on Payette Lake. The Payette River, which borders the property to the east, flows out of the crystal clear Payette Lake, located about 6± miles north of the property. The river serpentines down the valley, creating beautiful riparian areas along with wonderful sand beaches. The river is a fantastic fishery and from personal experience, it offers some wonderful rainbow trout fishing receiving virtually no pressure. Wildlife includes elk, deer, moose, many small game species and waterfowl on the river. • 2± mile Payette River frontage • 8.99± CFS water rights along with stock water rights • Bordering private timber land to the west with recreation access rights • 2,025± SF modest caretaker home • Large barn and machine shed • 6± miles south of McCall, Idaho

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IDAHO BLACK BEAR CREEK RANCH GARDEN VALLEY, ID • 160± ACRES • $2,190,000 The Black Bear Creek Ranch on the Payette River consists of 160± acres with over 1± mile on the South Fork of the Payette River frontage. Lush meadows transition into timbered drainages, creating spectacular wildlife habitat. The property is situated on the south side of the Payette River with end-of-theroad privacy. Overlooking the valley and the mountains to the east, the 3,400± SF home offers rustic elegance with a large deck adding to the wonderful outdoor lifestyle. A portion of the property has a split rail fence along with horse pasture and infrastructure adjacent to the ranch house. An orchard has been planted with a big game barrier fence and the trees consist of a variety of apple and aspen trees. • Over one mile of Payette River frontage • Approximately 130 acres of pasture and meadow • Bordering National Forest to the south and the Payette River to the north

CLEARWATER RIVER RANCH

KOOSKIA, ID • 347± ACRES • $3,200,000

Every once in a while, a river property becomes available, and it is so outstanding and distinctive that it creates a setting like no other property you have seen. The Clearwater River Ranch is such a place, with approximately 347 secluded acres on the scenic Clearwater River. Lovely ponds, meadows, and an abundance of wildlife make every morning and evening a spectacular experience. The apple orchard and the large meadow along the river are home to deer, turkeys, quail, and waterfowl. Excellent hunting and fishing opportunities are available all over the ranch. Catch massive Chinook Salmon in the spring and beautiful trout all summer. • Borders 1.3 miles of the Middle Fork of the Clearwater River • Excellent white-tail deer, turkey, elk and so much more • Beautiful 3 bed home with wrap around outdoor living decking

HAT SPRINGS RANCH

MALTA, ID • 1,590± ACRES • $3,200,000

Hat Springs Ranch is a premier cattle ranch nestled against the Sawtooth National Forest with 375± irrigated crop fields. Crops include alfalfa, barley, and wheat for forage. Several continuous flowing springs provide both culinary water as well as provide abundant water to the gravity-fed irrigation system, greatly reducing the cost of operation. This ranch has endless income opportunities and is a certified feedlot for 999± cattle with exceptional cattle working facilities. The 1,590± deeded acres cross the Utah/Idaho borders along with 2,800± acres of Idaho state-leased ground. • Gravity-fed irrigation system (requires no pump or well) • Two reservoirs, one with trout stocking approval • Successful cow/calf operation currently running 300± mother cows • Big game hunting & over-the-counter tags • Highly productive hay grounds (average of 700± tons per year)

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DIAMOND T RANCH

CLARK FORK, ID • 135± ACRES • $1,299,000

On the beautiful valley floor of the Cabinet Gorge, surrounded by forest covered mountains and majestic snow-capped peaks, through a wildlife refuge from the spectacular Clark Fork of the Columbia River, lies the Diamond T Ranch. The property has been a working guest ranch since 1982 but would also serve as a wonderful private getaway or corporate retreat. The 134.8± acres borders public lands and accommodates abundant wildlife including elk, deer, moose, turkey and waterfowl to name a few. The property’s three ponds and three creeks also provide excellent fishing for rainbow, cutthroat and large brown trout, as well as bluegill, bass and perch. • Located just 120± miles from Spokane, Washington and 78± miles from Coeur d’Alene, Idaho • The quaint town of Clark Fork is just 5± miles away • Lake Pend Oreille, the largest lake in Idaho, is located just 5± miles downstream

GRIZZLY CREEK RANCH

CAMBRIDGE, ID • 760± ACRES • $915,000

The Grizzly Creek Ranch consists of 760± acres with Grizzly Creek flowing through from north to south. It is located to the south of Cuddy Mountain in a private setting overlooking the Rush Creek and Grizzly Creek drainages. The property borders BLM to the south and smaller tracts of BLM to the north. The Payette National Forest is 3± miles to the north. The habitat and terrain are ideal for mule deer; turkey in the bottom grounds with quail and chuckar found throughout. Traditionally, this property has been used as a hunting ranch and for grazing.

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IDAHO HENRY’S FORK SAINT ANTHONY, ID • 176± ACRES • $1,250,000 The Henry’s Fork property will draw you into its serenity. Wildlife is abundant with whitetail & mule deer, elk, moose, and waterfowl. Henry’s Fork property offers a perfect setting for a dream home & guest house. It’s made for the outdoor enthusiast, with year-round cultural and recreational activities that include world class fly fishing, hunting, skiing & snowmobiling. Close to Driggs, Island Park, West Yellowstone, Jackson Hole & other attractions. • Substantial frontage on the Henry’s Fork of the Snake River • Additional fisheries nearby: Warm River, Teton River, Falls River • Enjoy all the seclusion you desire with convenience to year round recreational activities at the Gateway to Teton and Yellowstone National Park • The town of Rexburg is a hub for activities with BYU-Idaho and the Madison County seat. Within 15 minutes is the Fremont County seat of Saint Anthony, which also boasts the famous Sand Dunes

WEST MOUNTAIN 480

MCCALL, ID • 480± ACRES • $750,000

The 480± acre West Mountain property is located above the valley floor looking over the Payette River Valley. Curtis Creek flows through this timbered property, which borders National Forest land. This ideal retreat is only minutes away from the quaint mountain resort town of McCall, located on Payette Lake. The Payette River, which is approximately ½ mile to the east of the property, flows out of the crystal clear Payette Lake 8± miles to the north. The river serpentines down the valley, creating some beautiful riparian areas along with wonderful sand beaches. The river is somewhat unknown as a fishery, but from personal experience, it offers some wonderful rainbow trout fishing receiving virtually no pressure. West Mountain Property backs up to Payette National Forest to the south, west and north with views of the entire valley to the east.

COUNCIL MOUNTAIN RANCH

COUNCIL, ID • 1,650± ACRES • $2,850,000

The Council Mountain Ranch consists of 1,650± acres in a private setting, located just 2± hours northwest of Boise, Idaho. The ranch is situated on the western facing slopes of the West Mountain Range in the Payette National Forest. Views of the Weiser River Valley and Cuddy Mountain loom to the west, with the Hitt Mountains just a bit further to the southwest. The habitat and terrain are ideal for mule deer, elk and turkey. There is lush forage throughout the property, along with timbered pockets of conifers in the drainages, creating wildlife havens. Cottonwood Creek flows through the southern portion of the ranch and is lined with large conifers, aspens and cottonwood trees. • Borders National Forest and Idaho state land • Cottonwood Creek runs through the property, good for trout fishing • 40± acres of irrigated pasture grass, 32± acres of dry land hay • Perimeter fenced with 125 head carry capacity

For the most up to date information please visit our website or call an agent.

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BOULDER CREEK RANCH OREANA, ID • 3,800± ACRES • $5,250,000 The Boulder Creek Ranch – Owyhee Mountain is located south of Oreana, Idaho, in the high plateau region of one of the most uninhabited areas in the Lower 48. The ranch is comprised of 3,800± deeded acres, along with 7,880± acres of leased land. Boulder Creek flows through the property for 2± miles, along with Mammoth Creek and numerous other springs and creeks that bisect the property. The ranch has ideal grazing for cattle, running from May through October. The habitat and nutrition of the Owyhee grazing lands produces some of the best quality bull elk and mule deer Idaho has to offer. Located deep in the Owyhee Mountains, the Boulder Creek Ranch allows total privacy and wide open views that make up what is true cowboy country. • 3,800± deeded acres, plus 7,880± leased acres • 5,050± to 5,800± ft. in elevation • Wonderful grazing for cattle • 20± inches of precipitation per year, mainly in snowpack • Bordered by BLM and Idaho state land • 2± miles of Boulder Creek runs through the property, along with Mammoth and Meadows Creek • Working corrals, 600 pair grazing ranch • Elk, mule deer and a variety of other wildlife • Boise is 80± miles to the north

TETON RIVER FARM

TETONIA, ID • 1,570± ACRES • $7,300,000

Teton River Farms consists of 1,570± acres situated on the northern slope of the Big Hole Mountains with outstanding views of the 13,770 ft. Grand Teton Mountains to the east. Originally zoned as a golf course, this ranch can also be subdivided. Whether a private retreat or development, this property is located adjacent to the River Rim Ranch Development. The rich soil provides a variety of crops such as certified seed potatoes, barley and wheat. The property offers crop storage facilities and is currently being farmed for production. The mix of habitat and terrain give this unique property the versatility that is rarely seen in the Teton Valley for agriculture production and beauty. The ranch is located right in the middle of a true recreation Mecca with the famous Henry’s Fork River just 37± miles to the northwest, Yellowstone Park’s southwestern entrance 50± miles to the northeast and world-class skiing just 18± miles to the east.

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IDAHO TRC RANCH STONE, ID • 409± ACRES • $2,249,000 The TRC Ranch, consisting of 409± acres, is a productive alfalfa producer in a beautiful setting just south of the Curlew Valley National Grasslands in Stone, Idaho. The present owners created an organic hay farm producing over 5.5 ton an acre and have raised a herd of Registered Black Angus on the property. The ranch borders BLM to the south, allowing for a new owner to expand into a wonderful horse property, providing riders wonderful terrain in the mountains to the east. This is a turn-key operation with minimal work and the ability to move right into production. • 365± acres under irrigation • One 12-tower pivot and four 1/4 mile wheel lines • 3 deep wells all tied to the mainline

LAVA HOT SPRINGS RANCH

LAVA HOT SPRINGS, ID • 970± ACRES • $1,390,000

The Lava Hot Springs property is a 970± acre ranch split in 2 parcels — 650 acres and 320 acres, divided by state ground. Beautiful views extend across the valley and are seemingly endless! Lava is located on the east side of the Baldy Mountain and only 3 miles south of the Lava Hot Springs Recreation Area. It offers a great buy for this size of property, with diverse habitat and productive grazing land. The Caribou-Targhee National Forest covers thousands of acres and it offers plenty of access trails for outdoor entertainment — it is a valuable, private sportsman’s paradise. • Located in the mountainous valley of the Portneuf River, on the old route of the Oregon Trail and California Trail • Hunting, fishing & varied recreational pursuits, assuming you love the great outdoors • The small town of Lava Hot Springs is a hub for activities and a popular resort location, noted for its numerous hot springs

TWIN SISTERS RANCH

MCCALL, ID • 3,330± ACRES • $4,850,000

Twin Sisters Ranch consists of 3,300± deeded acres, situated in Indian Valley, adjacent to the West Mountains in south central Idaho, just north of Boise and south of McCall. The Ranch has three year-round creeks and the Little Weiser River running through it. The Payette National Forest borders to the east, creating some of the best mule deer, elk and turkey hunting the state has to offer and all tags are over-the-counter. Twin Sisters has a new log cabin, shop, garage, corral and tack room — all located in a beautiful setting on the banks of the Little Weiser River. It is an ideal hunting ranch, along with the possibility of grazing cattle on 7,800± acres of deeded and leased land. • New log cabin, 30 x 40 shop, garage, corral & tack room • 3 creeks & the Little Weiser River flow through it • Currently leased for cattle & can run up to 400 pair per year

For the most up to date information please visit our website or call an agent.

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PINTAIL POINT

ISLAND PARK, ID • 10± ACRES • $750,000

Pintail Point is situated on the shoreline of 6,000± acre Henry’s Lake. Surrounded by mountains, this lake front ground offers a perfect setting for a dream home or cabin, perfect for the outdoor enthusiast with year-round cultural and recreational activities including fishing, big game hunting, waterfowl hunting, skiing, snowmobiling, and horseback riding. This high mountain lake is the kind of place fishermen dream about. Henry’s Lake is considered one of the finest trout fisheries in the West. Nearby, horseback riding on the Nez Perce Trail makes for a relaxing day trip or evening ride.

THE HORN ON TAHOE RIDGE

KOOSKIA, ID • 1,070± ACRES • $1,950,000

The Horn on Tahoe Ridge is a spectacular mountain property located high in the plateau region above the Clearwater River. This timber property, located 8 miles east of Kooskia, Idaho, offers about 1,070 deeded acres consisting of rolling timber with Big and Little Cedar drainages flowing through the property. Open meadows and ponds create the ideal property for wildlife, including elk, deer, turkey and a variety of small game. When you see the Horn on Tahoe Ridge firsthand, the impression is of vast timber coverage and abundant wildlife. Whether you are a hunter or enjoy watching wildlife, there aren’t many properties that offer a large variety of year-round wildlife on the ranch. Additionally, world-class rivers converge to make this area a sportsman’s paradise. The Horn is very private with paved road access to all gates. The layout of the property makes the Horn seem as though it offers two distinct timber tracts that can be used in a wide variety of ways. • 1,070± deeded acres • Private access • Borders other private property • Private road system throughout • Big Cedar Creek flowing 1 mile through the property • 3,200± feet above sea level • Fully fenced

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FINATIC FLY REEL — PREMIUM FLY FISHING PRODUCTS MADE IN THE USA

PHOTO © MARK LANCE / RIVER LIGHT IMAGES

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FISH HABITAT RESTORATION By Jason Miller

After

ranch’s property and conservation value is heavily influenced by water—be that solid water rights to support agricultural production or live water that can support a wild trout fishery. However, most landowners in the Western U.S. are keenly aware that the “new normal” of the hydrologic cycle means less yearto-year predictability including earlier snowmelt runoff, declining annual peak and base flows and consequent shortages in available water for irrigation. Systemic impacts include declining spring flows, loss of subirrigation support for hay production, declines in upland forage production, struggling fisheries and less abundant wildlife. In response, there has been a huge uptick in landowner interest in making their land as hydrologically resilient as possible, and by so-doing, preserving and enhancing their land value.

For Bozeman-based aquatic resource and conservation consultant Gillilan Associates, Inc. (GAI) and restoration contractors Miller Recreational Development (MRD), the “new hydrologic normal” has led to high demand for creative solutions and projects to better manage aquatic resources. GAI and MRD have been collaborating closely as design/builders for over a decade and are widely recognized as the leaders in their field. Several of these innovative project types are highlighted here. MILLER RANCH – RUBY RIVER RESTORATION The Miller Ranch near Alder, MT is a working cattle ranch in the Ruby Valley of Southwest Montana owned by the Miller family, inclusive of brothers Jason and Jeremy Miller, owners of MRD. The family has long-valued a traditional ranching lifestyle that included ample hunting and fishing on their land. However, the lifeblood of the ranch, the Ruby River, was slowly but surely declining as both a fishery and reliable source of late season irrigation water.

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Before In 2010 the Miller family hired GAI to assess historic and current conditions of the river on their ranch. The assessment indicated that as far back as 1954 the ranch supported a gallery cottonwood forest along the river banks that had been diminished by over 70%. Further, an earlier generation had straightened and channelized the river through the heart of the ranch and had unwittingly played into a downward trend in the overall health of the river. Rather than pursue small efforts to improve in-channel habitat and the riparian forest, GAI and the Millers recommended the “radical” approach of re-meandering the river to completely transform the river into a naturally functioning asset rather than a so-so fishery. The Miller family was able to work with the local conservation district to hire GAI to develop designs and secure permits for this ambitious undertaking. Grant monies were raised through the Natural Resources Conservation Service and non-profit conservation groups while the Miller family filled in the funding gaps including both cash and in-kind construction services. The project involved construction, from “whole cloth”, of several thousand feet of new channel. As-built, visitors to the ranch who were unaware of the project design would frequently point to the newly created channel and ask “where did you guys do the work?” Today the project is widely noted as an innovative approach to restoration of incised rivers and after several years of runoff it is functioning perfectly, naturally recruiting new willows and cottonwoods on its constructed bars, providing exceptional spawning habitat for the native brown and rainbow trout and providing exceptional angling. There is no question in the Millers’ minds that the work added to both their physical land value and the intangible feeling that their commitment to river conservation was going to benefit the community and river for decades to come.

Before J-BAR-L RANCH AND THE NATURE CONSERVANCY’S LONG CREEK RANCH Beginning in 2013, GAI and MRD were hired by The Nature Conservancy to develop innovative plans and interventions on several miles of Long Creek, located in the Centennial Valley of Southwest Montana. While supporting native fluvial arctic grayling in its headwaters, the stream flowing though both the TNC owned ranch and downstream neighboring J-Bar-L was in extremely poor condition due to decades of channel downcutting, large-scale erosion and late summer dewatering. TNC challenged GAI and MRD to design a project that: 1) reconnected the channel to its floodplain; 2) created hydrologic conditions that

Before RIVER WHY RANCH GAI and MRD were hired by a conservation land investment fund to maximize the land value of their purchase by restoring over a mile of the North Fork Musselshell River near Checkerboard, MT. The river through the ranch had been historically moved to the edge of the valley and channelized to improve grazing and hay pasture. The river held few trout and was judged to be in very poor condition. GAI and MRD built over one mile of new channel exclusively with site-sourced materials. While not publically accessible, it is now supporting a blue ribbon fishery and acting as a nursery reach for miles of river downstream.

After emulated that of a beaver-mediated system and; 3) raised the valley water table to support increased late-season flows and subirrigation of adjacent pasture. GAI and MRD developed a unique “beaver dam mimicry” approach that involved construction of a total of 20 “dams” built completely with site sourced gravel and native sod. Project results have been immediate—an expanding zone of subirrigation, raised water tables and a greatly stabilized channel. The project is being scientifically monitored by a groundwater scientist who is utilizing the project for his PhD dissertation.

After The projects described here are just some examples of managing water resources for increased land value. Other typical projects undertaken by GAI and MRD include irrigation infrastructure improvements, assisting owners with instream flow leases, managing invasive plants in riparian areas, and wetland and pond creation. In general, anything that improves the distribution of water, holds water on the land and improves valley hydration are all effective hydrologic resiliency strategies that increase short- and long-term land value. The hydrologic resiliency field is growing rapidly, so landowners can expect continued innovation and approaches that make sense for a variety of landscapes and conservation objectives.

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e Magazine of the American Landowner … As Well As ose Who Aspire to Join the Club.

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VINEYARDS AND WINERIES By Sheri Wytcherley

regon Wine Country, where the wild and scenic Pacific Northwest gives wine lovers plenty of reasons to venture north from California’s frequented wine country, with over 450 tasting rooms to choose from.

The pioneering spirit that paved the way to populating this vast and diverse region is the same spirit that blazed the trail for the wine industry in Oregon.

extend North almost 180 miles, with 150 microclimates. The Northern part of the state makes Wine Enthusiast Magazine’s 2017 list with Hood River, in the Columbia Gorge AVA.

Oregon wine regions feature mountains, high desert, and river valleys, which provide a range of growing climates ideal for producing many varietals. Oregon encompasses 16 specific wine-growing regions called American Viticultural Areas (AVAs), each unique in geographic location, climate, soil and topography. When an AVA is designated onthe wine bottle’s label, 85 percent of the grapes used to make the wine must be sourced from that AVA. Oregon is home to more than 1,000 vineyards growing 72 varieties of grapes. Varietals like chardonnay and cab franc thrive in the hot, dry Rogue Valley, while the Umpqua Valley excels in Spanish varietals like tempranillo. You’ll also find albariño, viognier, malbec, gewürztraminer, syrah, and the world famous pinot noir.

Christine Collier, Winery Director for Willamette Valley Vineyards in Turner Oregon, has been given the responsibility of the Vineyard’s new Oregon Estate Vineyards division, focused on building boutique wineries on some of Oregon’s most intriguing vineyard sites. “Oregon’s Willamette Valley is an excellent destination for wine enthusiast travelers.

Oregon is quickly becoming a popular enotourism destination, but still retains a rural charm that’s missing from other more populated wine regions, while still offering excellent cuisine, and accommodations ranging from glamping in a tree house to five-star luxury hotels. The state has gained national and international notoriety, offering visitors a surprising variety of wines and tasting room experiences.

The Oregon wine industry continues to substantially contribute to the state’s economy, according to a January 2015 study released by the Oregon Wine Board. In 2013, the total economic contribution related to Oregon wine in the state was more than $3.35 billion. The industry has contributed more than 17,000 wine-related jobs to Oregon, and brought $207.5 million to the state in wine-related tourism revenue.

Liz Wan, Assistant Winemaker at Serra Vineyards in the Applegate Valley of Southern Oregon, confirms, “With nearly 100 wineries south of Eugene growing over 70 different grape varieties in a diverse range of both microclimates and elevations, one has the option to taste everything from Albarino to Zinfandel.” As Co-Chair of Oregon Wine University, and Vice President of the Applegate Wine Trail, Liz is well versed in the Oregon Wine Industry. “Southern Oregon continues to receive nods from major wine writers, magazines and top shelf wine professionals, many of whom are either Masters of Wine or Master Sommeliers. With the spectacular Rogue and Umpqua Valleys as a scenic backdrop to Crater Lake, the Southern Oregon coast, giant redwoods, endless hiking, a year-round fishery, stunning golf courses, internationally renowned theatre, and true farm to table cuisine options will inspire both the soul and the palate.” Ashland, famous for its annual Oregon Shakespeare Festival, ushered Southern Oregon onto Wine Enthusiast Magazine’s “Top 10 Wine Travel Destinations in the World” list for 2016.” Southern Oregon’s AVAs begin at the California border and

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We are the American home for Pinot Noir, with over 400 wineries. In the past few years we have built tasting rooms to host guest experiences that are approachable and sophisticated. Portland’s vibrant food culture also extends into wine country, with chefs and restaurateurs featuring local ingredients and wine lists.”

It has been five decades since the planting of the first modern grapevines in Oregon. History is still being made here, thanks to all the dedicated vine tenders, winemakers, and wine lovers who have farmed, fermented, and sipped here for the past 50 years. No matter what type of outdoor or cultural adventure you are seeking, be it spelunking in the Oregon Caves, enjoying the Shakespearian Theater, whitewater rafting, hiking, or horseback riding, you will find a great bottle of Oregon wine to go with it. I’ll close with Liz Wan’s advice to those who have not yet visited Oregon’s wine country: “Come visit soon—before more people discover the hidden jewel that is this emerging wine region. Once you get here, our local hospitality will have you feeling like family.” She cautions, “In extreme cases, a common side effect of visitation is the insatiable desire to move to the area!”

OREGON

O ften recognized for its burgeoning wine industry, Oregon is also the top timber producer in the Lower 48, and central and

eastern Oregon boast a number of recreational ranches as well as productive cattle and farming operations, in addition to the many beautiful vineyards for which it is well known. Oregon’s ranches have something to offer for every outdoor enthusiast, including great fishing and hunting opportunities. From its plains and mountains to the east, forests, rivers and other large bodies of water, and picturesque rocky coast with black sand beaches in the west, Oregon is a beautiful place with a unique landscape.

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AGATE RIDGE

EAGLE POINT, OR • 127± ACRES • $4,900,000

Poised for growth, this boutique winery operation is perfect for both entrylevel buyers looking to excel from the beginning with a well-loved & award winning wine brand, and alternatively, as a brand addition to a corporate portfolio, where the winery will add another level of respect & profitability with plenty of room for future growth. The tasting room resides in the property’s original 1910 historic farm house with full kitchen and beautiful yard surrounded by the estate’s vineyards and farmland, where guests enjoy live music and special events. Agate Ridge is popular as a wedding & special event venue complimented by the 30-acre estate vineyard. With a temperature & humidity controlled barrel room, state of the art laboratory and 26 hectoliter press from Italy, this family run vineyard & winery began the first of many successful vintages with their harvest of 2005. The brand continues to accumulate high scores across the board from prestigious wine competitions, but even more importantly, from its growing list of wine club members and tasting room visitors. • Currently 30 acres in vines - with potential for more • 80 acres of irrigation rights from Little Butte Creek, a tributary of the Rogue River • Tasting room with wine club membership • 5000 SF Winery facility • Underground & drip irrigation • 1 Wind machine & overhead frost protection sprinklers • Two domestic wells & waste water system

BELLINGER LANE JACKSONVILLE, OR • 136.46± ACRES • $8,995,000 The visionary concept that has given birth to this exquisite estate is extraordinary. Every detail, touched by master artisans and craftsmen, some of whom were flown in to craft works of art such as woven leather covered hand railings in the historic barn-turned-office, and silver leaf wainscot in the well appointed theater, where from floor to ceiling hundreds of hours went into creating the masterpiece. The main home is sumptuous and inviting. Every detail is a reflection of the owner’s dedication to quality and beauty. Each room offers it’s own uniqueness – a balance of masculine and feminine qualities in design and materials meld to perfection. The home was designed to harmonize with the estate’s sprawling vineyards by maximizing the incredible views and integrating outdoor living spaces, with the vineyard providing a dramatic backdrop for the patio, outdoor kitchen, pool, and water features. This estate is move-in ready for a buyer wanting a vineyard estate that feels like an exclusive resort, or for a corporate brand wishing to develop a large contiguous vineyard in the valley! • Water rights for 135± acres • 90± acres planted in wine grapes • Extensive infrastructure • May be purchased with the adjoining 116.61± acres

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OREGON ELLIOTT EQUESTRIAN FARM CORVALLIS, OR • 102.80± ACRES • $1,700,000 A rare opportunity to own a historic farm, horse property and established vineyard conveniently located outside Corvallis, minutes to the hospital and in the Willamette Valley AVA! Potential building site with phenomenal views of Mary’s Peak and the Cascade Range! This historic home, dating back to 1896, has been updated and there is additional housing that is presently rented. The equestrian facility is operating as a boarding facility and features an 11-stall barn with two tack rooms, feed storage area, an attached 68’x120’ indoor riding arena, plus paddocks and turnout areas. A shop/machine storage structure complements the facility. The farm features excellent quality soils suitable to most crops common to the area. The vineyard includes 4± acres newly planted, 9± acres established and 8± acres ready to plant of Pinot Gris and Pinot Noir varieties! • Restored, historic 1896 Elliott House: 1,787± SF, 3 bedrooms, 2.5 baths • Potential building site with phenomenal views of Mary’s Peak and the Cascade Range

FRAZIER CREEK ESTATE FARM CORVALLIS, OR • 143.28± ACRES • $2,600,000 Outstanding Estate Farm just minutes to Corvallis, the hospital and in the Willamette Valley AVA! Gorgeous estate home in manicured, park-like setting with swimming pool, pool house, fishing pond, garden and water feature! Grass airstrip and hangar for your airplane! Excellent quality, irrigated soils suitable to most crops common to the area. 4± acres newly planted vineyard; Pinot Gris and Pinot Noir varieties. Woodland with private duck pond! Balance of the farmland is planted to grass seed crop. Plus, 2 rental homes on separate parcel that is within the Urban Growth Boundary. Hunt geese, ducks and doves, plus catch rainbow trout and catfish, all on your own property! Or, just enjoy the pastoral lifestyle! • Gorgeous 4,914± square foot Estate Home in beautiful, private setting • In-ground swimming pool, hot tub, patios, garden, pool house and water feature • Beautiful pond stocked with rainbow trout and catfish

FRAZIER-ELLIOTT ESTATE

CORVALLIS, OR • 246.08± ACRES • $4,225,000

Offered as a combined property - Frazier Creek-Elliott Equestrian Estate & Vineyard. A gorgeous estate home in manicured, park-like setting with swimming pool, pool house, fishing pond, garden and water feature! Grass airstrip and hangar for your airplane! Plus, potential building site with phenomenal views of Mary’s Peak and the Cascade Range; historic, updated home, dating to 1896 and 3 additional residences, 2 on a separate, saleable tax lot, presently rented. The equestrian facility, currently operated as a boarding facility, features an 11-stall barn with two tack rooms, feed storage area, attached indoor riding arena measuring approximately 70’ x 120’, plus paddocks and turnout areas. The farm features excellent quality soils suitable to most crops common to the area. The vineyard includes 8± acres 2016planted, 9± acres established, 8± acres ready to plant; Pinot Gris and Pinot Noir varieties.

For the most up to date information please visit our website or call an agent.

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DEER CREEK VINEYARDS SELMA, OR • 70.47± ACRES • $3,500,000 Deer Creek Vineyards consistently produces premium, award-winning, handcrafted wines. Located in the Illinois Valley, Deer Creek’s family owned and operated estate vineyards rest in Southern Oregon’s Rogue Valley Appellation. The property is comprised of 70± rolling acres, year-round creek and spring-fed ponds with the vineyard and mountain views in every direction. The estate includes two homes, large shop, tasting room, wine production building, barrel storage and potential spring-water bottling business. With a strong brand recognition, the 40± acre mature vineyard’s current level of production stands at a sustainable 120± tons, which translates to production potential of 8,000± cases. • Wine storage building • Water rights • Year-round creek

DARK HOLLOW ESTATE MEDFORD, OR • 12.43± ACRES • $2,200,000 This impressive equestrian estate consists of 12.43± meticulously groomed acres with stunning Mediterranean style home perched on the knoll overlooking irrigated pastures, year round pond, and landscaped grounds. Ideal for entertaining, with decks for viewing the surrounding farms and vineyards - also the perfect vantage point for viewing events in the incredible roping arena. A horse enthusiasts’ dream and also ideal for car collectors with multiple shops and paved driveways!

ROSEBUD HORSE CENTER BEND, OR • 34.2± ACRES • $975,000 A Central Oregon Horseman’s Paradise! This complete equine center with capacity for 48 horses is currently operated as a boarding facility. Irrigated and dry lot paddocks, 100x160’ cover all indoor arena, 100’x200’ outdoor arena, 48’x36’ hay barn, 20’x20’ shop and a 7 stall 52’x60’ barn with large tack room and equine wash and 60’ diameter round pen. The 3,281± square foot Southwest design custom home with 4 bedrooms, 3 baths, bonus room with Murphy bed and large great room is perfect for all your guests. Out the gate access to thousands of BLM acres by way of COID’s existing permission (contact listing agent for details). All this and just a 10 minute drive into Bend! This truly is an equine lovers dream! • 34.2± acres, 22.68± irrigated acres • 3,281± square foot, 4 bedroom/3 bathroom home • 100’x160’ cover-all indoor arena & 100’x200’ outdoor arena • Tractor and miscellaneous equipment included in full price offer (CLA for list)

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OREGON HEREFORD VALLEY RANCH

HEREFORD, OR • 1,328± ACRES • $3,250,000

The Hereford Valley Ranch is set in the valley below the Unity Reservoir, 36± miles from Baker City, Oregon. The ranch is on the Burnt River and runs south up into the hills. The water rights are excellent and the cattle handling facilities are first class. Mule deer and elk are continuously on or near the property. This is a very nice family ranch located in a long time ranching community. Flood irrigation, out the gate BLM and great improvements make this place the kind people dream about. • 1,328± acres deeded • 400± acres of wild meadow hay ground • 55± acres of alfalfa • 120 head spring BLM permit • 4 bedroom, 2 bath 2,100 SF home • 1 bedroom, 1 1/2 bath older home • Horse barn and shop • New pipe corrals • New 750 head permitted feedlot

RIVERVIEW RANCH

FOSSIL, OR • 3,250± ACRES • $5,700,000

Riverview Ranch is on the wild and scenic John Day River, controlling access to thousands of BLM acres with little or no public access to this recreational paradise. With 1± mile of river frontage, the recreational possibilities are unlimited! Seven non-contiguous parcels with BLM and state land between allows access to over 10,000+ additional acres. Hunting, fishing, hiking, rafting and livestock all with complete privacy. Cattle and wildlife share thousands of acres. Good populations of elk, deer, antelope and game birds roam Riverview Ranch, while the river supports bass, steelhead, trout, and waterfowl. The river supplies irrigation to 150± acres of pasture/hay ground by 3 pivots. The end of road privacy and overall beauty of the ranch makes for the ultimate mix of relaxation and seclusion. Just 90 miles to Bend, 75 miles to the Redmond Airport and 160 miles to Portland. Riverview Ranch, a truly special place! • 150± acres of irrigation, 3 pivots • 1± mile of John Day River frontage • 3 L.O.P Tags (buyer to confirm with ODFW) • BLM grazing permit • Access to thousands of acres of public lands not easily accessible to the public

For the most up to date information please visit our website or call an agent.

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MAURY ELK MEADOW RANCH POST, OR • 414± ACRES • $1,895,000 Enjoy the privacy & tranquility of your own mountain paradise! Located in the heart of Oregon, this 414± acre Maury Elk Meadow Ranch boasts many attributes. Two street of dream dwellings, a large heated shop that can house two 45’ diesel pushers with an amazing 3 bedroom apartment above. An excellent population of wildlife including elk, deer, antelope, turkey, waterfowl, raptors, and boundless other critters. Your guests are always happy to catch large rainbow trout from the reservoir or visit the creek for a shot at a native red-band cutthroat. • Southern property line borders National Forest • Drake Creek flows the length of the property • 1 private reservoir and 1 private pond • 2 LOP tags (buyer to confirm with ODFW)

DUTCH FLAT RANCH FOSSIL, OR • 11,901± ACRES • $8,950,000 Dutch Flat Ranch in Northern Central Oregon is a hunter’s haven! Home to large herds of mule deer, elk, antelope, wild turkey, chuckar, cougar and coyote, just to name a few. Located south of Fossil, Oregon and just north of the John Day River, Dutch Flat Ranch is within the Fossil Hunting Unit, one of Eastern Oregon’s most prestigious big game hunting units! With 6 Mule Deer and 6 Rocky Mountain Elk L.O.P. tags (buyer to confirm with ODFW) you’re sure to impress all your hunting buddies. • Resort style lodge & extremely privacy • Adjoins BLM with possible access to John Day River • Large 400-500± acre mountain meadow (Dedman Fields) • Substantial healthy stand of timber (pine & fir) • Several small streams and springs

MINAM RIVER RANCH LA GRANDE, OR • 16,660± ACRES • $22,491,000 With nearly 17,000 acres of Oregon’s very best mountains, timber and streams, the Minam River Ranch is as wild and natural as it was 150 years ago when Chief Joseph and the Nez Perce tribes called this stunning mountain country “home.” This Oregon ranch is like no other; 6± combined miles of wild and scenic Minam and Wallowa Rivers host healthy populations of rainbow trout, bull trout, steelhead and salmon. • 20± miles of seasonal creeks • Historic homestead site within the wild and scenic river corridor • Large volumes of timber including ponderosa pine, red fir and western larch • 6 Rocky Mountain bull elk and 6 mule deer buck Land Owner Preference tags (Trophy Game)

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OREGON MCKINNON FARM

POWELL BUTTE, OR • 79.40± ACRES • $925,000

An amazing farm with a magnificent location! This 79.4± acre Powell Butte property has a lot to offer! A large 2400± square foot, four bedroom home and a second cute and cozy farmhouse. Fully equipped with a shop, storage shed, barn, 500± ton hay shed, corrals with loading chute, sweep tub, squeeze chute and a feedlot with 70± head capacity. Fully irrigated with 51± acres of orchard grass hay production (wheelines), 18.3± acres of flood irrigated meadow for hay or pasture and a 4.5± acre pasture (irrigated with big guns). • 73.8± acres of irrigation • Shop, storage shed, barn and 500± ton hay shed • Corrals with loading chute, sweep tub and squeeze chute • Feedlot with 70± head capacity

HIDDEN VALLEY RANCH

PENDLETON, OR • 865± ACRES • $2,999,000

Located on the western flank of the beautiful Blue Mountains in Eastern Oregon, this property offers beautiful rolling hills that face the west, creating a fantastic habitat for cattle grazing, deer and elk, and upland birds. This land is well known for being the heart of Oregon cattle country. Mild winters and early spring grass make this range ideal for grazing. During the warm summer months, the US Forest Service Allotments provide cooler temperatures and ample grass for the cattle. • Partially completed log ranch home - to be completed prior to close of escrow, buyer can choose finishes • Rustic log structure with covered patios around • Views of the Pendleton Valley • Feedlot with 70± head capacity

MILL CREEK RETREAT PRINEVILLE, OR • 200± ACRES • $986,000 Mill Creek Retreat; country and city living at it’s finest! Conveniently located just outside of Prineville and less than an hour from Bend. Enjoy this beautiful ranch style home on 200± acres of pine and fir covered timberland that adjoins national forest. With outstanding big game hunting, this property includes 2 bull elk and 2 buck mule deer LOP tags (buyer to confirm with ODFW) in the Grizzly hunting unit. Stein’s Pillar is just minutes from Mill Creek Retreat and offers excellent hiking and mesmerizing views of the Cascade Mountains. • 4,125± square foot ranch style home with 5 bedrooms and 4 baths • 2 bull elk and 2 buck mule deer LOP tags (buyer to confirm with ODFW) • Pine and fir covered timberland • About an hour drive to Bend, Oregon • Cascade Mountain views

For the most up to date information please visit our website or call an agent.

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WEAVER SPRINGS BURNS, OR • 2,000± ACRES • $6,500,000 Eastern Oregon hay production at its best! Weaver Springs is a turn-key, productive hay and livestock property in the scenic Harney Basin of eastern Oregon. 1,300 acres of the best water and soil include 11 pivots and a series of ground water wells. The property is able to produce large quantities of high quality dairy, wheat, grass and alfalfa hay, making Weaver Springs one of the area’s largest hay producers. A paved road offers easy access to the property, which is equipped with a large modern home, a shop, hay sheds, cattle and truck scales, and a cattle feedlot accommodating up to 300 head. • 1,300 acres of water rights • High quality and large quantity hay production • Mostly irrigated by center pivots

J-T RANCH POWELL BUTTE, OR • 79.72± ACRES • $1,695,000 J-T Ranch consists of 79± acres on Powell Butte’s north end and features incredible Cascade Mountain views from a quiet, low traffic, non-congested, country road. The main home is a handsome, high quality, log masterpiece of 3,216± SF with 3 beds/3 baths, and a wrap around country porch. With amazing landscape and an incredible yard made just for entertaining. The second country farmhouse is 1,417± SF with 2 beds/2 baths and has been completely updated. Four-stall horse barn, working corrals, covered squeeze chute, shop, traditional barn, outdoor roping arena and 76± acres of flood irrigated pastures and hay ground. • 76± acres of flood irrigation • 4 Stall barn, traditional barn, working corrals, squeeze chute, shop • Outdoor roping arena • Cascade Mountain views

PINE CREEK RANCH BAKER CITY, OR • 1,560± ACRES • $1,295,000 Rising up from the green Baker City Valley floors to elevation exceeding 9,100± feet, the Elkhorn Mountains are an incredible Northeastern Oregon mountain range. In the very center of this natural beauty is a 1,560± acre offering known as Pine Creek. This rugged beauty is home to some of the state’s best big game hunting and fishing. A road less traveled (four wheel drive only) winds its way through the heavy timber and brush along the rushing water and creek bank of the property, leading to mountain tops and vistas where elk and mule deer spend much of the summer and fall with little or no contact with mankind. • Northeast Oregon Mountain Range • Big game hunting and fishing • Timber • Adjoins public land

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OREGON SUMMIT FLAT RANCH

KLAMATH FALLS, OR • 970.88± ACRES • $975,000

This is a fantastic opportunity to own your own cattle/hunting property just minutes from Klamath Falls! From the top of Hogback Mountain, phenomenal views of the city, Klamath Lake and the Cascade Range! This property is located just above a high–end subdivision with its gated entry and then is also accessed behind locked–gate, offering end–of–the–road privacy with several excellent view building sites to choose from, yet just minutes from town. • Additional 750 acres BLM grazing permit area • Locked-gate privacy, yet minutes to town • Phenomenal views - several building sites to choose from • Corrals and stock ponds • Mule deer hunting available on property • Outstanding area fishing, waterfowl hunting and other recreation

FRIZZELL CREEK RANCH

SUMMERVILLE, OR • 165± ACRES • $1,400,000

The Frizzell Creek Ranch is a beautiful 165± acre ranch located in northeast Oregon at the base of the Wallowa Whitman National Forest, less than 10± miles to the north of La Grande, Oregon. The ranch is situated at the end of a county road on a private drive, allowing for complete privacy and coveted access into the Blue Mountains which borders the ranch to the west. The lush forest and meadows on the ranch create a wonderful habitat for elk, mule deer, turkey and much more to the west of the property in the National Forest. • Bordered by National Forest to the west • Beautiful views of the Grande Ronde Valley • Abundance of wildlife, elk, deer, turkey • Great timber property • Frizzell Creek flowing through the ranch

ROWE CREEK RANCH TWICKENHAM, OR • 643± ACRES • $2,200,000 A rare opportunity to own over a mile of John Day River frontage! This beautiful ranch, with a custom built 2,200± square foot home, lies along 1.5 miles of the John Day River. In addition, 1.4 miles of Rowe Creek run through the property. With access to thousands of acres of BLM and additional John Day River frontage only accessible through private property. Imagine yourself at Rowe Creek Ranch, with some of the best fishing and hunting the West has to offer, right at your back door. With over 190± acres of irrigation, (three center pivots, two wheel lines and multiple hand lines), this ranch produces two to three cuttings of premium orchard hay grass each year. • 190± acres of irrigation • 1.5± miles of John Day River frontage • Three center pivots, two wheel lines and multiple hand lines • Excellent production of grass hay • 2 Rocky Mountain elk & 2 mule deer LOP tags (buyer to confirm with ODFW) For the most up to date information please visit our website or call an agent.

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MILLER RANCH PAULINA, OR • 2,667± ACRES • $4,500,000 This spectacular Central Oregon mountain ranch looks like a scene from a John Wayne movie set. With roughly two miles of Wolf Creek frontage, 528± acres of wild, luscious irrigated meadows, USFS and BLM permits, jaw dropping views of Wolf Mountain and Tamarack Butte (Ochoco Mountains), the Miller Ranch is one of a kind. For several decades, the Miller family has successfully operated this ranch and it is well known for its production of high quality cattle. Elk, deer and antelope are seen on a daily basis and the big game hunting is as good as it gets in the very popular Ochoco Hunting Unit. • 528± acres of irrigation • Out the gate USFS & BLM permits • 2± miles of Wolf Creek frontage • 4 Rocky Mountain elk and mule deer LOP tags (buyer to confirm with ODF&W)

DEBACA RANCH PRINEVILLE, OR • 767± ACRES • $3,200,000 DeBaca Ranch is the perfect combination—a ranch rich in history and an excellent Central Oregon location! DeBaca Ranch sits on 767± acres, 328± of which are irrigated, with one pivot, all new steel working corrals, shop, two hay sheds, two homes and its own private lake. Historically, this has been a successful working cattle and hay ranch and offers one of the best locations for convenience and privacy. Located just a few minutes from Prineville and about 45 minutes to Bend, DeBaca Ranch offers all of the basics and necessities. • Private lake with 70.3± acres of irrigation rights (only user) • One pivot • 120’x32’ hay shed and 48’x24’ hay shed • Set-up for cattle with corrals and 430± acres of rangeland • L.O.P. deer and elk tags (buyer to confirm with ODFW)

LYTLE CREEK PIVOT PRINEVILLE, OR • 197.7± ACRES • $1,100,00 Prime Ochoco Valley farmland - 197.7± acres, irrigated by one seven tower pivot and two wheel lines. 170± acres of alfalfa and 27± acres of orchard grass. Ochoco Irrigation District water with two 40 horsepower turbine pumps. A nice 36-x96’ hayshed with an additional 20’x96’ wing for a total of 5,550± square foot of hay storage! This amazing location has Cascade Mountain views and is buildable for a farm dwelling (buyer to confirm with Crook County Planning Department). Minutes to downtown Prineville and less than an hour to Bend. • One seven-tower pivot • Two wheelines and laterals for corner pastures • Two 40 horsepower turbine pumps • Cascade Mountain views

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OREGON TOM’S PLACE

CRANE, OR • 754± ACRES • $795,000

Located on the east edge of Harney Valley, Tom’s Place extends from the valley floor to the rim of Crow Camp Hills. The ranch has established ranches on two sides, BLM land in the back and fronts a paved county road. There is a K-12 school 4± miles away in the small town of Crane. The ranch has irrigated ground, crested wheat grazing and native sage covered hills. There is a spring fed small creek on the backside of the property that offers complete privacy and excellent hunting. The setting provides quiet country living with enough production to keep some cattle and horses year around. • 110± acre new Pierce Pivot • 2 irrigation wells • 60± acres dry land farm ground • Spring fed small creek • 2 elk & 2 mule deer tags (buyer to confirm with ODFW) & Chukar hunting

SUNNYFIELD FARMS

MADRAS, OR • 160± ACRES • $1,995,000

Central Oregon’s Sunnyfield Farm, adjoining public lands, is a high value weed seed free (no herbicides or pesticides) horse hay farm/ranch. Located less than an hour from Bend, this exceptional property has 125± acres of irrigation from its own private well with the potential to add another 32± acres of irrigation. This water right is a groundwater right and currently appears more secure than other irrigation rights. Along with a great full circle pivot, you’ll enjoy the beautiful 2,400± square foot custom home. This outstanding farm is well equipped with two large hay sheds, a shop/barn combo and a machine shed. • 125± acres of irrigation with potential for an additional 32± acres of irrigation • Cascade Mountain views • Highly productive, high value, weed seed free hay (no herbicides or pesticides)

CINNAMON RIDGE LA PINE, OR • 159± ACRES • $849,000 Tucked away on a mountain ridge that encompasses 160± acres surrounded by public forestland, the getaway of your dreams awaits, offering those weary of city living absolute privacy. Cinnamon Ridge offers nearly everything: panoramic views of the Paulina Mountains, outdoor recreation from the front door, a nearly incomparable gourmet kitchen, a wet bar, and spacious indooroutdoor living to entertain large groups. Sweeping expanses of easy-care slate floors lead guests from the large, entry hall with chandelier through a spacious common area to a kitchen with such wow factor that few people fail to gasp in surprise. • Panoramic Views of Paulina Mountains • Thousands of miles of logging roads and trails • Perfect for ATV’s, Snow Sports, Equestrians and Nature Lovers • Gated entry with paved driveway

For the most up to date information please visit our website or call an agent.

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LOWER MIDDLE FORK RANCH RITTER, OR • 9,382± ACRES • $6,250,000 Offering 5± miles of the John Day Middle Fork River and deeded lands in both Desolation and Northside Hunting Units, this ranch is a recreation haven. The hunting units are two of Oregon’s very best big game hunting areas and some of the best steelhead, trout and bass fishing the John Day River has to offer. With the timbered draws, rim rocks and outstanding rangeland, big mule deer and Rocky Mountain elk are abundant. The Lower Middle Fork Ranch also offers 6 months of summer grazing for 400± cow/calf pairs. An out-the-gate USFS permit of 17,000± acres coupled with nearly 9,382± acres of rangeland and meadows produce plenty of summer feed and water. • 5± acres of the John Day Middle Fork River • 5 L.O.P tags (buyer to confirm with ODFW) • 17,000± USFS grazing permit

DRY CREEK HUNTING RESERVE PRINEVILLE, OR • 1,741± ACRES • $2,900,000 Dry Creek Hunting Reserve is a one of a kind hunting ranch, offering 1,741± acres in an excellent big game hunting area. There are plenty of Rocky Mountain elk, mule deer and other wildlife to thrill the hunting enthusiast looking to purchase such a bountiful reserve. Dry Creek Hunting Reserve has easy access to thousands of acres of public land that is nearly inaccessible to the general public. • Thousands of acres of accessible public land adjoining • Trophy mule deer and elk hunting • Land Owner Preference tags: 3 mule deer buck & 3 Rocky Mountain elk • Cascade Mountain Views

RAIL HOLLOW PRINEVILLE, OR • 1,716± ACRES • $1,250,000 Rail Hollow is one of Central Oregon’s best kept hunting secrets! This is truly a honey hole for the big game hunter. Large bull elk and big Muley’s call this place home. Perfectly located between lush alfalfa fields and the high mountains in the Grizzly Mountain hunting unit, where the big game traffic is incredible. • Large volume of timber • Several springs and a small pond • Minutes from Prineville, off a paved county road • 3 Land Owner Preference tags for bull elk and mule deer buck (buyer to confirm with ODFW)

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For the most up to date information please visit our website or call an agent.

OREGON ELK VALLEY RANCH

MOUNT VERNON, OR • 320± ACRES • $1,150,000

The Elk Valley Ranch boasts vast scenic views of evergreen populated mountain ranges. The ranch is 320± acres and lays south of a point about halfway between John Day and Mount Vernon, Oregon. This very private property is located approximately a mile from a paved and maintained county road. • 320± acres of open pastures and timbered hills • Magnificent views of Oregon Mountain ranges • Two year-round streams flow through the property • Developed orchard, four ponds and expansive garden • 24’x48’ finished shop and a 6 bay open machine shed

WILSON TIMBER TRACT

MADRAS, OR • 1,040± ACRES • $1,250,000

The Wilson Timber Tract promises excellent big game hunting from Central Oregon’s Grizzly Hunting Unit. The homestead site is a great location for a hunting cabin or owner’s lodge that overlooks a beautiful small mountain meadow that is fed much life by a productive spring. This property is bordered by other private ranches, including the well known Hay Creek Ranch. Located just east of Madras, Wilson Timber Tract is a great hunting retreat that offers 2 Mule Deer & 2 Rocky Mountain Elk L.O.P. tags (buyer to confirm with ODFW). • Grazing and timber land • Excellent big game hunting • 2 mule deer & 2 Rocky Mountain elk L.O.P. tags (buyer to confirm with ODFW) • Very remote, private & quiet location

SELLERS MARSH CHEMULT, OR • 1,280± ACRES • $3,799,000 About 15 miles east of Chemult, Oregon lies the crown jewel of Sellers Marsh; a large mountain meadow 4± miles long and 1± mile wide with lush mountain grasses and a private water supply. With nearly 500 acres of irrigation and 800± acres of timber/grazing land, this property is something to be seen. The current owners have used these wild meadow grasses for high valued, outstanding grass hay and the property offers many recreational opportunities including big game hunting, bird watching, snowmobiling, hiking and relaxation. • 477± irrigated acres • Timber • U.S. Forest Service land surrounding the property • Big game hunting • Unsurpassed grazing opportunities

For the most up to date information please visit our website or call an agent.

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SPORTSMAN’S CORNER

Jerry Hicks

or over 40 years, team roping has been a way of life and a way to blow off steam for Jerry Hicks.

When I was a kid, my dad started a small roping club in Prineville, Oregon. At first I just helped run the steers through the chutes, watered the arena and fed the cattle. During my freshman year of high school, Dad gave me an old roping horse, “Thumbar.” Not long after that I was hooked, and we started traveling to high school rodeos. In 1976, I won the Oregon State High School Championship, which allowed me to compete for the first time at the National High School Rodeo championships. I remember heading to the rodeo in Sulphur, Louisiana, laughing that my horse was the only one old enough to buy beer. I am sure that when Mom and Dad sent us wild teenage boys 2,500 miles away from home, they thought they might never see us again. I have been really lucky to own some very good horses over the years. Currently, my number one is my 17-year-old gelding, Bob, named for my late father-in-law just a few days before he passed away. To this day, I remember the smirk on his face when I told him the chosen name for my new ride. There have been many changes in the sport of team roping since I started in the 70s. Bigger, better, faster horses and more efficient equipment, and even the cattle have changed a lot. The runs are faster and there’s a lot more money to be won. From right here in Central Oregon, we can team rope just about any time we want. The entire area is dotted with arenas, with a good many being covered or indoor facilities. In team roping, there are two people roping together to make a team, a header and a heeler. I am a header, which you could call the quarterback of the team (but of course the heeler thinks they are blessed with the most talent, hah!). A fast run in most competitions would be between 5-7 seconds. In this time, the header will call for the release of a steer that will get about a 1525 foot head start running, and the header will run his horse up behind the steer in the first 75-150 feet of the arena, then rope

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the steer around the horns or neck, slowing the steer down by dallying to his saddle horn and slowing his horse. Once the steer is under control, the header will ride his horse to his left, making the steer change direction at about a 90-degree angle. The heeler will then turn to the steer and rope it by the hind feet, dally and stop the steer. Sounds pretty easy, right? It takes a lot of practice and dedication. The team roping industry has make some great advancements. Most associations rank ropers based on their skill level, then offer roping classifications that allow everyone to compete against ropers of the same level. Classifying ropers and leveling the playing field has made this sport boom. In the winter, there are communities such as Wickenburg, AZ that are completely taken over by team ropers. This year I have the honor of roping in Las Vegas during the National Finals Rodeo and am qualified for the third time to rope at the South Point Equestrian Center in the World Series of Team Roping Finale. The first-place team in the division I am competing in will win $250,000 per person. I love competing and enjoy the companionship of my fellow ropers and the relationship I have developed with my horses. Along with Bob, I have a couple of younger horses, Joe and Mollie, that are also in the roping rotation during the busy summer and fall. Roping and traveling outside my home base has been hugely beneficial in my work with Fay Ranches, connecting me to many new buyers and sellers. I have been able to have many successful ranch brokerage conversations with people from all over the U.S., from places like Las Vegas at the World Series of Team Roping or on winter vacations in Wickenburg. Many beneficial real estate contacts have been made with two simple questions: “Where are you from? What do you do?”

WASHINGTON T he Evergreen State’s large population is mainly concentrated around the coastal Seattle metropolitan area, with the rest of the

state consisting of a vast landscape of lush rainforests, mountains, and a large agricultural basin throughout the central and southeastern part of the state. Washington’s production reflects its diverse landscape—the state is a leading lumber producer due to its many forests, and also has thriving seafood, livestock and agricultural industries, including being the country’s leading apple producer. As the tip of the Pacific Northwest, surrounded by Oregon, Idaho and British Columbia, Washington is truly one of the most geographically unique states in the U.S., and its land and ranch offerings are equally unique.

FLATIRON RANCH TONASKET, WA • 860± ACRES • $1,198,000 The Flatiron Ranch consists of 860± acres of superb recreation conveniently located 5± miles west of Tonasket in Okanogan County and overlooking Aeneas Lake. The property boasts excellent topography and year-round access with breathtaking ridge tops and isolated canyon creek bottoms. Flatiron Ranch has been professionally managed for wildlife and wildlife habitat for the last 20 years and is home to mule deer, Hungarian partridge, quail, mountain grouse, black bear and many other wildlife species. Furthermore, the ranch has an excellent road system for a new owner in search of adventurous four-wheeling and horseback riding. • 860± acres, made up of 53 deeded parcels, each ranging 5± to 20± acres, offering the owner an excellent opportunity to put a conservation easement in place • Located in the highly desired North Pine Creek Area • Within minutes to the Sinlahekin Wildlife Area, Loomis State Forest and Pasayton Wildlife Area • Professionally managed for wildlife over the last 20 years • Excellent upland game bird and big game hunting • Great trail systems for horseback riding or ATV’s • More than 300 days of sunshine per year with a comfortable 15± inches of rain • Golf, skiing, swimming and British Columbia all within a 1± hour drive

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CAN YOU BENEFIT FROM THE PLACEMENT OF A CONSERVATION EASEMENT? By Richard W. Dickinson, Benchmark Advisors Photos: Tony Demin/Lone Mountain Land Company

t is always surprising to me how few people are familiar with conservation easements and the tax benefits provided. The enabling legislation was first enacted in the early 1980s, and while thousands of easements have been placed since that time, it is still a relatively unknown and/or misunderstood opportunity. Unfortunately, when conservation easements make the news, it is typically with a highly negative bias and usually arises from abuse of the system. Along with the negative press usually comes ample coverage indicating that it’s a tax loophole for the rich. Bad publicity notwithstanding, Congress has reaffirmed their enthusiasm for this concept as recently as December of 2015 when the incentives for placing easements were increased. In my view, it should not matter who places land into perpetual conservation easements. What matters is that we continue to set open space aside at a time when consideration of adding lands to our national parks and forests is not even on our country’s current agenda. Below, we set forth some of the primary considerations in the placement of a conservation easement.

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SOME DEFINITIONS

An Easement: An easement is the exchange of certain rights from the landowner to someone who does not own the land. Easements are typically used to provide governments, utilities, etc. with certain rights to use otherwise private property. Ownership of the land remains with the private property owner. A Conservation Easement: A conservation easement is a perpetually binding restriction placed on land in favor of a qualified organization (usually a land trust), which prevents its development. Conservation easements are sometimes purchased by land trusts, but are more often donated. The purpose of a conservation easement is designed to restrict certain activities on private land, most commonly some form of development. As the name implies, its primary purpose is to conserve natural or man-made resources. Granting A Conservation Easement: Like other easements, only the owner of the property can grant a conservation easement on their property. Determining Value Of The Conservation Easement: Most often, the value of the conservation easement is determined by appraisal. The difference between the “as of right” appraisal and the appraisal of the proposed limited development determines the value as a charitable deduction. Charitable Contribution: A properly structured conservation

easement on qualifying land and donated to a qualified organization entitles the donor of the land to a charitable contribution equal to the value of the conservation easement as determined by a qualified appraiser. The charitable contribution allows the donor to reduce adjusted gross income (AGI) by the value of the easement, up to 50% in any given year if the land is appreciated property. Any charitable contribution amount that exceeds 50% of AGI can be carried forward for up to 15 additional years. By reducing a donor’s AGI, the amount of income on which taxes are paid is reduced for both federal and state calculations. The Easement Holder: Most commonly, a conservation easement is held by a nonprofit entity that exists to hold lands for conservation purposes. This entity is responsible for the annual monitoring and maintenance of the easement. Most often, this entity is a qualified land trust with considerable experience monitoring conservation easements. The Land Trust: A qualified organization with significant experience with conservation easements. The land trust takes on the responsibility to monitor and enforce the restrictions set out in the conservation easement document. While the land trust holds the conservation easement, the donor is still owner of the land. Public Access: An easement does not have to permit public access. The decision to allow public access is left to the individual property owner who places the easement on the property.

CAN YOU BENEFIT? People are typically interested in placing conservation easements for one of two reasons: (1) Farmer, rancher or other landholder who simply wants to protect their property in perpetuity. Many are placed without consideration of the highest and best use that can yield the most tax benefit. Many landowners in this category do not consider that valuing their property for some type of development use can add a significant tax benefit. The term “development” can take on numerous options and the term “subdivision” can mean many things. One property we are aware of was able to be valued as a sporting club, with a significant increase in value due to the six miles of trophy fishing. (2) Landowner/Developer who wants to undertake a limited

development of their property with less development then they are entitled to build. This is common today, with many land development projects responding to buyer preferences for larger lots and more open space. If you are interested in pursuing a conservation easement, you should first explore the potential easement benefits that can be achieved. Keep in mind that once a conservation easement is placed, it is in perpetuity.

IRS REQUIREMENTS As with any program that provides a tax benefit, there are technical requirements to be followed when placing a conservation easement. It does not require IRS approval before you place an easement. You simply follow the guidelines, place the easement and claim the deduction on your next tax return. There are still a myriad guidelines to be followed. Conservation Purpose. A fundamental requirement to qualify for tax benefits under the IRS rules is that the property meet one of the following four tests of conservation purpose. Under § 170(h)(4) of the regulations, permitted “conservation purposes” include: • The preservation of land areas for outdoor recreation by, or for the education of, the general public; • The protection of a relatively natural habitat of fish, wildlife, or plants, or similar ecosystem; • The preservation of open space (including farmland or forest land) where such preservation is for the scenic enjoyment of the general public or pursuant to a clearly delineated Federal, State, or local governmental conservation policy, and will yield a significant public benefit; • The preservation of an historically important land area or a certified historic structure. Legal aspects. There are a multitude of legal requirements and considerations to qualify under the tax guidelines: • Ownership entity if not owned personally. • Requirement to hold for one year if land is transferred into a new entity. • Will the easement be held by a qualified organization or land trust? • Many others that are often tripwires that the IRS can use to

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challenge the tax benefit. Ownership Entity/Beneficiary. The beneficiary of the tax benefit are the individuals that own the land at the time the easement is placed. If the land is owned in an entity, it is preferred that the entity be an investment LLC with passthroughs to the individuals in the entity. Avoiding The Common Pitfalls. Here are some common pitfalls and mistakes when considering a conservation easement:

How much of a factor is the time it takes to complete and sell out a project (Absorption Time)? Absorption time frequently has the biggest impact on the value. We find that today, this factor alone can discount the retail sales price by as much as 50%. A good rule is that any real estate that it is not projected to sell within the first seven years of a project contributes little value to the discounted cash flows and therefore to conservation easement value.

Quid pro quo or “getting something for something” is prohibited under the conservation easement regulations. A charitable contribution for a conservation easement will be disqualified if there is a quid pro quo of any kind.

One way we can improve the absorption pace is to include a variety of product and price. For example, an appraiser might find that there is limited demand for $100,000 lots and that the market has too much competition, but there would be high demand for larger estate lots in the $400,000 range. Merging these two product types could yield a higher absorption and therefore a higher overall value.

If I am a developer, can I decide to place an easement on land I have subdivided and offered for sale?

What are other factors an appraiser must take into account when arriving at values before and after the conservation easement is placed?

A developer or “dealer” is limited in the amount of tax benefit. Tax benefit is limited to the developer’s basis in his land.

Most importantly, the appraiser must have a firm basis for development costs verified by a third party professional, usually a professional engineer. In addition, he must take into account the following:

Can I use my plan to place a conservation easement to bargain with regulatory authorities for other development benefits?

VALUATION - PERHAPS THE MOST IMPORTANT CONSIDERATION Most often when we read of challenges to conservation easements, it is because the IRS has challenged the valuation and the amount of tax benefits. We consider a properly prepared and documented appraisal to be perhaps the most important factor when placing an easement.

• Cost of Sales • Cost of Development • Operating Expenses • Developer Profit • Physical Viability of The Land Plan

Conservation Value can only be determined by a qualified appraiser familiar with conservation easement appraisals required under internal revenue code section 170 (h). An appraiser will take into account a number of factors in determining conservation value. Here are a few common questions about valuation:

How does the actual purchase price of a property influence the value?

Is the most important factor in arriving at value "as of right" or the type of development that is permitted on the property?

What can be done once a property is purchased to increase its value and therefore increase the conservation value for tax purposes?

Clearly, this is an important factor as it gives the maximum upside to a property’s potential development value.

Perhaps the most productive method for increasing the value of a particular property is creating a plan for development and getting that plan entitled. Other factors can be improvement of the property in other ways through re-vegetation programs, introduction of habitat and shaping the property to be more suitable for development.

Does the conservation value determined by the "as of right" determine the deduction that can be taken for tax purposes? No, there are a number of factors that need to be taken into account. The “as of right” determines what we commonly refer to as the “before” value (value before the conservation easement is placed). The “after” value is the value determined by appraisal after development is restricted by the placement of the easement. The difference in the two appraised values determines the value of the charitable contribution for tax purposes. Does a project actually have to be “entitled” to be able to utilize the “as of right” plan? Not necessarily. If it can be established that there is sufficient evidence that the “as of right” plan would be approvable and the appraiser can document reasons why he feels the plan would be approvable, then the “as of right” plan can be utilized for valuation purposes.

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An appraiser must take into account when the property was purchased and at what purchase price. If there is a wide variation between the purchase price and the value arrived at by development analysis, this variation must be reconciled before arriving at a final value.

How do the values of comparable properties affect the value of my property? Values of comparable properties must be taken into account in arriving at the value of your property. However, there can be many factors taken into account in determining whether properties are in fact “comparable.” Locational factors are frequently a major consideration. Do the comparables used for appraisal purposes have to be in close proximity to the project being appraised? Not necessarily, but the appraisals in the area of the project are important. Frequently, it can be shown that a particular product type or attribute of the project being appraised are unusual and

allowing 50% of the taxpayer’s adjusted gross income in the initial year of the easement with a carry forward of 15 additional years.

PLACING THE EASEMENT Once you have decided to place the easement, there are a number of considerations, each important because they determine your rights and responsibilities once the easement is placed. Choosing A Land Trust. There are over 1,000 land trusts in the United States. Some are national in scope like The Nature Conservancy while others have a statewide or regional focus. Still others are single-purpose land trusts that focus on things like the protection of a specific watershed. Do research on land trusts that are active in your area. Interview them and make sure you are comfortable that you are entering into a partnership that you can live with “in perpetuity.”

comparables outside the immediate area can better determine the appropriate value. An example of this is a particular property located in close proximity to a resort hotel. Comparable properties in the area do not have this particular attribute and it is most appropriate to study other properties outside the area which are also in close proximity to a resort hotel. Sometimes these comparables extend to nationwide examples. How does the appraiser work with the land planner to come up with the optimal result in definition of highest and best use? The land planner defines the special attributes of a site from a physical planning standpoint (factors like topography, vegetation, soils, views, vistas etc.). The appraiser, defines the special attributes of the site, taking into account special value considerations (factors like location, area competition and unique product types) that might be suitable based upon market analysis. As long as an appraiser is qualified to value conservation easements in accordance with the IRS code, does this value always determine the final tax benefit? No. The tax benefit determined by the appraiser is always subject to challenge by the IRS. There are numerous requirements that must be followed to validate the conservation value. In addition, we frequently recommend that a second appraiser review the work of the initial appraiser to further validate the values and show the IRS that the taxpayer is willing to go the extra mile to validate the value. Once the conservation value is determined with both the “before” and “after” appraisals, is this the amount that can then be deducted from taxes? No. The value determined by appraisal is taken on a taxpayer’s return as a charitable contribution, so the benefit is determined by their tax bracket. Additionally, there are restrictions on how much you can take as a charitable contribution. In December 2015, Congress made permanent the easement incentive,

Negotiating the Terms of the Easement. Land trusts will typically have a “model” easement or template that they work with to begin the terms and conditions that will govern the future restrictions for your particular easement. Each easement is different and specifically addresses “permitted and prohibited uses.” Each easement is negotiable and you should be comfortable with the terms and conditions. Baseline Documentation. In conjunction with the easement document, a baseline documentation study will be undertaken that sets forth the unique characteristics of a conservation easement. A baseline study is frequently undertaken by the land trust that will hold your easement but can also be a document provided by a third party consultant. The baseline provides important details of an easement when it is placed and serves as a reference for the future when determining if the conditions of the easement are being upheld. Funding the Endowment/Annual Monitoring. The land trust that holds your easement will be required to monitor the easement annually. This is typically done by land trust staff but can sometimes be carried out by a third party consultant. Land trusts will typically require some form of endowment or contribution that offsets the cost of this annual monitoring.

CHOOSE THE RIGHT TEAM Each year, there are thousands of easements placed in the U.S. An overwhelming number are placed, reviewed and never challenged. When done properly and with great attention to detail, you should expect a favorable result. Choosing the right team of experts is key, as there are myriad detailed requirements to qualify. Experienced legal help, appraiser, tax consultant, land planner and the right land trust all play an important role in making it a seamless and successful process. When you do place your easement, you’ll be gratified to know that you have contributed to the more than 56 million acres of protected land. Your investment in the process is well worth it, as it will help preserve land for the future. For additional information on this topic, please contact the author at www.benchmarkadvisors.com

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JOIN TODAY. PROTECT TOMORROW.

BTT is a membership-based organization,

and our members are our lifeblood. Since our founding in 1998, we have grown to include concerned anglers from over 20 countries, researchers from throughout the world, and guides committed to working with BTT in order to educate anglers and gather data while on the water. The generous support of our members is critical to our mission: Conserve and restore bonefish, tarpon and permit fisheries and habitats through research, stewardship, education and advocacy. We have celebrated many accomplishments, but there is still much more work to do.

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Please help us in our mission by joining and urging your friends, guides, lodges, and fishing clubs to join. Please go to www.btt.org and click “Join BTT” to become a member today.

TENNESSEE Scountry haring a border with eight states and perhaps best-known for music, Elvis, and whiskey, Tennessee is also home to vast

picturesque farmland, as well as numerous bodies of water, forests and hills that provide excellent outdoor recreational opportunities. Many of the ranch properties in Tennessee boast fantastic hunting and fishing as well as timber, mineral reserves, and commercial ranching and farming. Tennessee is also home to Smoky Mountains National Park, the nationâ&#x20AC;&#x2122;s most visited national park, and a section of the Appalachian Trail follows its border with North Carolina. Tennessee offers everything from family ranches to mountainside cabins and large agricultural operations.

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STONE MOUNTAIN MOUNTAIN CITY, TN • 2,096± ACRES • $3,145,000 Stone Mountain is an undeveloped, upland hardwoods timberland tract on the western slope of the mountain ridge running along the border of Tennessee and North Carolina in Johnson County, TN very close to the Cherokee National Forest. There are vantage points throughout, offering the most amazingly scenic views towards Mountain City overlooking Roan Creek Valley. This tract offers the mountain “getawayer” all the beauty, privacy, and seclusion one might expect in the Blue Ridge Mountains. Additionally, there are several watersheds of little creeks and streams lined with rhododendron and mountain laurel. The hunting on the Stone Mountain tract is great, with abundant whitetail deer and wild turkey. Ruffed grouse hunting is also very good due to timbering years ago that has left portions of the property in successional forest, creating excellent habitat. With close proximity to Redtail Mountain Resort & Golf Club, there is easy access to one of the best mountain golf courses on the East Coast, fine dining, tennis, hiking, horseback riding trails, trout fishing, and equestrian facilities. Watauga Lake is also nearby, providing great summer water recreation and year-round lake fishing. • Located along mountain ridge bordering Tennessee & North Carolina and within 35 minutes of Boone, NC • Incredible mountain vistas and secluded proposed building sites • Upland hardwoods & pine mix • Great deer & turkey hunting, and some grouse hunting Can be sold as a whole at list price, or in three parcels with acreage & price to be determined.

LATITUDE 35 FARM FAYETTE COUNTY, TN • 1,227± ACRES • $8,475,000 Latitude 35 Farm is a wonderfully improved and varied use West Tennessee country estate consisting of approximately 1,227 acres, a 5,000 SF luxurious house, indoor swimming pool & spa, guest house, chip & putt golf green, topof-the-line 9-stall horse barn, covered riding arena, equipment shops, pole barns, hay shed, 7 paddocks lined with 4-rail fencing, 3 horse loafing sheds, 9-acre lake, stock ponds, interior roads, extensive riding trails, tremendous wildlife, excellent hunting, wetlands-cypress natural area, and recently installed pivot irrigation & grain bin storage. With an agricultural base of 714 cultivated acres generating grain-production revenue and an equestrian developed farmstead, this property is truly a unique rural retreat and located about 40 miles east of Memphis, Tennessee.

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For the most up to date information please visit our website or call an agent.

TENNESSEE CANE CREEK OVERLOOK MCKINNON, TN • 765.97± ACRES • $1,485,000 Cane Creek Overlook is a mostly wooded tract of land that overlooks Cane Creek Bay and Kentucky Lake proper. Look no further if you dream of owning a large land tract on Kentucky Lake to serve as your private fishing, hunting and family destination. Old mature hardwood timber covers at least 250 acres with light select cut timber on the remaining with a plethora of oaks of various species occupying the entire tract. • Several potential building sites with summer lake views • Approximately 2.9 miles of frontage to TVA (Tennessee Valley Authority) land on Kentucky Lake • Old duck blind constructed with 4 steel I-Beam corners that needs new wood work • Excellent deer and turkey populations; tract hunts even larger due to adjoining TVA land

ROARING PAUNCH CATTLE FARM WINFIELD, TN • 409± ACRES • $1,543,000 Roaring Paunch Cattle Farm is a rare, turn-key, well-constructed, highcapacity cattle operation property in Scott County, Tennessee. This property borders the state line of Kentucky with an abundance of water sources and hay pasture. In addition, Roaring Paunch has 2 fishing lakes, a multi-tiered waterfall in a miniature state-park grade gorge and spectacular views of the Chitwood and Cumberland Mountains. • Agriculture cattle operation & recreational investment • Borders large private raw, undeveloped wooded tracts on three sides • Perimeter & cross fencing • Large lakes, multiple ponds, and other water sources • Roaring Paunch and Otter Creeks • Abundant white-tail deer & wild turkey • Great fishing for bass, brim, crappie, and channel catfish

THE DEAN TRACT HUNTSVILLE, TN • 3,157.51± ACRES • $3,631,000 The Dean Tract is an investment-grade, mountainous Tennessee property of raw land on the Northern Cumberland Plateau bordering the state-owned TWRA’s North Cumberland WMA Royal Blue Unit for several miles. This property consists of hardwood timber, mineral reserves, exceptional viewsheds of the Cumberland Mountains, Roach Creek bottoms, and wildlife including elk, deer, and turkey. • Current survey and appraisal • Timber, mineral and recreational investment • Upland hardwoods • Substantial coal reserve • Borders large state-owned North Cumberland WMA for several miles • Elk population • Whitetail deer, wild turkey, bear, ruffed grouse, & woodcock

For the most up to date information please visit our website or call an agent.

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ANDERSON FALLS AT RAVEN POINT TRACY CITY, TN • 34± ACRES • $755,000 Anderson Falls at Raven Point Farm is a very unique property on the Southern Cumberland Plateau near Tracy City, TN. It is said there was a small farmstead established there circa-1900 called Raven Point Farm. The approximately 1,800 square-foot charming farm house with open front porch is surrounded at the back by an old smoke house, 2-door free-standing garage, and an old barn said to have Chestnut log beams. Field and pastures are lined with old-growth upland hardwoods and dotted with large black walnut trees. Whitetail deer & wild turkey are abundant. There is a small pond for livestock or swimming. • 2-tiered Anderson Falls of 80-ft & 27-ft drops • Scenic mountain views • Lightly developed building site overlooking falls • Good deer & turkey hunting • Charming farmstead with 1800± SF house & outbuildings

RAINBOW ROCK FARM ONEIDA, TN • 212± ACRES • $975,000 Rainbow Rock Farm at Station Camp is a beautiful property on the Cumberland Plateau, located near the popular Station Camp Horse Camp of the Big South Fork National River & Recreation Area (NRRA), offering fenced pastures, a beautiful residential building site, 4-car garage, infinity pool, milelong paved driveway, many other improvements, and a nature-preserve-like gorge with creeks, old growth trees, wildlife, miles of horse & ATV trails, caves, and amazing rock formations. An actual natural rock arch formation called Rainbow Rock is a highlight of the property. • Primarily a residential & recreational investment • 4-rail wooden fenced paddocks & pasture of approximately 30 acres • 5 ponds throughout & 2 creeks • 200 ft deep water well with water processing equipment • Whitetail deer & wild turkey abound along with bass & brim fishing

HIWASSEE BRAKE DECATUR, TN • 133± ACRES • $845,000 Hiwassee Brake is a high-quality, pure recreational property of primarily whitetail deer, wild turkey & waterfowl hunting and bass & brim fishing that directly borders the Hiwassee Wildlife Refuge on the north edge of the Hiwassee River as it runs into the Tennessee River at Hiwassee Island. The property has a fantastic mix of hardwood/pine stands, hay pasture, food plot clearings, streams, and lakes which naturally attract a high concentration of game. Because of its key location and quality sporting opportunity, Hiwassee Brake is a beautiful and peaceful Southern sportsman’s paradise. • Located at confluence of Hiwassee & Tennessee Rivers • Directly borders Hiwassee Wildlife Refuge & protected TVA land on west side • Adjacent to large timber holding on northern and partial eastern borders • Abundant whitetail deer, wild turkey, and waterfowl

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For the most up to date information please visit our website or call an agent.

TENNESSEE PEMBERTON TRACT SUNBRIGHT, TN • 9,000± ACRES • $13,050,000 The Pemberton Tract might be one of the finest timberland offerings on the Cumberland Plateau in Tennessee as its arrangement of income-earning and return-based components is diverse and strong. Raw, undeveloped, and almost split in half by Morgan & Scott Counties, the property consists of vast stretches of pine plantation and hardwoods with traversing or bordering creeks and streams of live water. Approximately 4400 acres was planted in loblolly pine from 2001 to 2006 and much of it needs thinning in the next few years which will generate cash-flow. The balance is mostly of upland hardwoods with some portions of merchantable quality. There is many working oil & gas wells which generate royalty income annually from mineral leases. Several long-standing hunting leases for whitetail deer and wild turkey provide considerable annual income. Photos hanging in a popular local diner prove the quality of the local herds of deer. Wildlife is abundant, giving way to the occasional covey of bobwhite quail and black bear, too. Other valuable components to the Pemberton Tract are its many miles of road frontage on paved county roads and highways, attractiveness to solar farm contractors due to the granting of a recent TVA utility line easement, extensive well-built interior roads, abundant access, and portions of acreage with future residential development potential. • Located in Morgan & Scott Counties of TN on the Northern Cumberland Plateau wihin an hour of Knoxville • 9000± acres of underveloped Plateau timberland with creeks & streams • 4400± acres of loblolly pine planted 2001-06, with projected income from thinning in next few years

RIVER HILLS FARM DAYTON, TN • 950± ACRES • $7,500,000 Almost 3 miles of waterfront shoreline of Chickamauga Lake and a beautiful variety of fields and woodlands make River Hills Farm one of the larger pieces of privately-held, undeveloped properties remaining along the Tennessee River within 45 minutes of the Chattanooga, Tennessee area. Exceptional hay production, managed cattle, and some row-cropping are the farm’s current agricultural operations in its more level acreage. Large stands of older-growth uplands hardwoods and scattered stands of plantation pine dominate the hillier portions of the farm where there are fantastic views of the Tennessee River Valley. Given its diversity of terrain and habitat, whitetail deer and wild turkey hunting is exceptional, and duck hunting along the river’s potholes and sloughs can be very good. And considering its access to the highly productive Chickamauga Lake water around Dayton, TN, which has become well-known as one of the largemouth bass capitals of the Southeast, fishing is one of this property’s highlights. • Great location along banks of Chickamauga Lake & Tennessee River & within 45 minutes of Chattanooga • Annual income from farm, hunting, and house leases • Exceptional deer & turkey hunting, some duck hunting & exceptional fishing • TVA permitted dock construction & access to waterfront with application • Quality hay production & some row-cropping • Merchantable stands of hardwoods and planted pines

For the most up to date information please visit our website or call an agent.

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SCOTCH DOUBLE By George “Mac” E. McGee IV Principal Broker, Fay Ranches Southeast

UTILIZING TRADITIONAL AND PROGRESSIVE METHODOLOGY TO ENHANCE YOUR PROPERTY’S RECREATIONAL HUNTING AND FISHING VALUE WHILE IMPROVING THE CORE VALUE OF YOUR INVESTMENT-GRADE “WORKING” SOUTHEASTERN LAND PROPERTY.

any people simply construct a new fishing lake, create a new dove field, or plant new deer and turkey food plots thinking it will improve the value of their Southeastern rural property. And in many cases, this is true. Recreational improvements are resurging in interest and appreciation due to the overall land market’s forward traction. Certain “trophy” properties are specifically designed primarily for recreational value, and Fay Ranches has a successful 25-year record of selling these types of properties. However, the lion’s share of large Southeastern rural lands are investment-grade “working” properties of agriculture or managed natural resources with annual income, expected return, and, often both. And the recreational value of these working properties tends to be an after-thought or a minor consideration in the investment. In this “warmer” land market, where recreational value garners more interest than it has since the 2008 collapse and where income/return based land investments are most attractive, landowners should explore the various ways core and recreational values of Southeastern “working” land properties can be simultaneously enhanced. Pine plantation conversion – Depending on the markets or a desired change in land use, it can be worthwhile for landowners to convert pine plantation to hay pasture or row-crop tillable ground. In areas where pine fiber or saw-grade timber markets have evaporated, converting pine timberland after harvest or while still in infancy to a more useable and revenue-generating resource makes great financial sense. Sometimes, reclaiming and reestablishing these tracts into planted mixed-hardwood stands makes great sense, too. Many argue that simply converting the monoculture of the pine plantations to tracts of varied use helps

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restore higher levels of biodiversity, enhancing a property’s wildlife and game. It’s also important to consider the benefits of keeping scattered stands of tall pines for aesthetics and scattered thickets of young pine for protective wildlife habitat. Prescribed burns – Mostly used by larger timber holding companies to control undergrowth and reduce accumulation of typical forestland combustible fuels in industrial-sized pine plantations, prescribed burning can also benefit hardwood forests, wild grassland prairies, and wetland areas. Not only do burns clean out forest floors, but they also help restore natural diversity of native trees, plants, and grasses, which greatly benefits the wildlife and game with improved cover and food. Stand improvement cuts – One of the most valuable but least implemented techniques for enhancing the value of immature Southeastern hardwood tracts. While short-term investors are rarely interested because of the false perception of no ROI, there are value-add benefits to be realized through the course of the hardwood stand’s cycle after an improvement cut. A properly conducted improvement cut rebalances a stand’s age and species content and gives it “breathing room” for faster and better quality growth, and also enhances wildlife and game habitat, land aesthetics and usability. Sometimes woody debris and younger trees removed in improvement cuts can be sold as fiber or another commodity to generate revenue to help offset the expense. "Cut-over" hardwood conversion – It can be beneficial for cattle operators or row-crop farmers to harvest pockets or perimeter stands of mature, merchantable hardwood and convert this ground to expand their operational acreage as the timber revenue offsets expense of immediate land conversion.

However, converting years-old hardwood “cut-over” ground to other use can be expensive. Conversion of previous hardwood stands is costlier and takes longer than pine timberland conversion because hardwood stumps are bigger and take longer to rot, and amending the soil can be challenging. Even where hardwood stumps have finally rotted, conversion can still be daunting because of thick, regenerative growth. This is where it’s very important for a landowner of such ground to perform a cost-benefit analysis between conversion and improvement cutting. It is also worth remembering the benefits to keeping scattered thickets of young hardwood as protective areas for deer, quail, turkey, and other game. Pine plantation thinning – Sometimes I come across planted pine properties with portions at their thinning stage, and the landowners are slow to do anything. It behooves them to get their thinning contracted so they maximize the growing environment for their stands, especially when they can offset the expense by selling the thinned softwood fiber to local paper/pulp mills. Maintaining basal area control is key for optimizing quality and speed of growth. In regards to wildlife, yes, thinning removes some of the protective wildlife habitat elements of a thicket, but, on the other hand and more importantly, it helps to open the canopy of the plantation to allow for sunlight which in turn stimulates plant growth for food and cover for game in the understory. Mineral rights restoration – While few associate mineral rights issues with Southeastern states, they are a concern today more than ever. Development of coal, oil, gas, clays, zinc, limestone, and other minerals are an important part of the economic landscape. In pockets throughout the Southeast, severance of mineral rights occurred long ago, generating decades of separate ownership, chain of title, and competing claims. Whether it’s interest in future mineral development or simply “peace of mind,” land investors today are more savvy about property rights. If your property has any mineral rights severance (3rd party ownership), it can be valuable to buy back these rights or pursue other legal remedies to restore the rights. And, it’s worth knowing who owns the mineral rights in cloudy title situations to understand intent and capability of development of the identified owner. Although indirectly related, restoration of mineral rights puts complete control back in the owner’s hand so wildlife and game habitat enhancement isn’t in jeopardy of destruction by 3rd party mineral development. Water source protection and enhancement - Because livestock operations are typically very dependent upon natural water sources, it is becoming more imperative to landowners throughout the Southeast to consider strategic, effective fencing to provide fresh watering areas while also protecting important watershed or lake edges. An eroded lake edge or stream bank is not only an eyesore, but it impairs water quality and natural fish (prey and predator) habitat. Protecting watering areas and sources can pay off in the long run with increased attractiveness, less maintenance to waterfront edge and bank, and increased water quality and fishing habitat. And if you are a Southeastern landowner fortunate enough to have a cold-water trout fishery running through your property, you hopefully already know the value of protecting your water’s edge.

Open livestock field enhancement - I have a friend who runs cattle, and his idea of good grazing and haying fields is very few trees, clean fence lines, and almost-industrialized grass, which makes economic sense in the short view. In the long view, these livestock properties scant on trees and other landscaping often end up limiting their value to only cattle or other livestock capacity. Fortunately, my friend’s wife has picked up on the value-add of keeping beautiful white oaks and other aesthetically pleasing and wildlife supporting trees, so now when they develop a livestock property, they strive to maintain its attractiveness, support wildlife and game habitat, and offer their cattle more shade while concurrently reaching profitable livestock capacity. Livestock need shade anyway. Cover crops and soil improvement - Utilizing “down” time in between exhaustive seasonal crops like corn can benefit your agricultural property. It baffles me how often I view agricultural row-crop properties where fields from late fall through midspring are left to decaying previous-season crop byproduct and regenerative non-beneficial weeds when they could be experiencing a double crop opportunity like winter wheat or growing a cover crop that helps manage soil, erosion, and water quality while providing an additional agroecosystem of food source and habitat to further support wildlife and game. Because cover crops help prevent erosion, they also indirectly support healthier water quality and fisheries in the lakes and live waters of these agricultural properties. These methods of increasing core and recreational value of Southeastern properties are worth consideration. Some have evolved from traditional practices and some are more progressive. And some can even be paid by Uncle Sam through conservation programs at your local FSA or NRCS office. Why not experience substantive appreciation on core and recreational value of your “working” property when it is there for the taking? Sometimes it simply takes a little nudge down a road less traveled. We suggest performing annual cost-benefit analyses on almost every aspect of your land asset. It’s important for the health of your annual income and the eventual expected return of your property, and helps determine next steps in improving your property’s value. Why not kill two birds with one stone? A “Scotch double” in value could be the next best shot you make. Contact Fay Ranches at 800-238-8616 or info@fayranches.com to find out if we can be of service to you in evaluating the value or enhancement of your property.

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GEORGIA A s quintessentially southern as can be, the Peach State is a bit of a misnomer, as Georgia’s leading crops are actually peanuts and pecans. It is the number one

producer of broiler chickens in the nation, and is home to a great deal of other agricultural production. From its sweeping farmlands throughout much of the state, to its beautiful coast to the east and its hills, mountains, streams and dense forests to the north, Georgia’s land is varied and beautiful. Boasting remarkable trout and bass fishing in its streams, rivers and lakes and fantastic hunting opportunities for turkey, deer and other game, Georgia is a sportsman’s paradise.

CLOUDLAND BLUFFTOP

CLOUDLAND, GA • 47± ACRES • $895,000

Cloudland Blufftop is an incredibly unique and natural property consisting of a well-built cabin, 3 spectacular waterfalls, amazing rock formations, designed trails, true bluff frontage, gin-clear lake, beautiful rhododendron and mountain laurel thickets, and pine-hardwood mix woods. Sitting at the head of Tatum Gulch on the western escarpment of Lookout Mountain, Cloudland Blufftop looks out over spectacular and protected views of the gorge down through to the pastoral valley in Rising Fawn, Georgia. It’s the epitome of a secluded, mountain cabin retreat in a nature state-park grade setting. This property is truly a unique and valuable investment. • True bluff location at the head of Tatum Gulch • Approximately 2,200 to 2,300 feet of bluff-line • Spectacular mountain gorge views • Approximately 1,250 SF cabin with 325 SF covered back porch • Equipment shed • 3 waterfalls, 3 streams, 1 lake & rock formations • Abundant rhododendron & mountain laurel thickets • Designed nature trails for hiking • Whitetail deer & wild turkey hunting • Bass & brim fishing • Graveled interior road & substantial gate

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For the most up to date information please visit our website or call an agent.

MISSISSIPPI T he state of Mississippi consists entirely of lowlands, with its highest

elevation a mere 807 feet above sea level and part of its southern border on the Gulf of Mexico. Outside of the Mississippi Delta, which is sparsely populated and consists of a great deal of farmland, the state is heavily forested and is home to many fishing and hunting opportunities. Largely rural, Mississippi is known for its plantations and farms, many of which are productive, historic and managed for fishing and hunting.

HICKORY CREEK FARM CARRIERE, MS • 1,401± ACRES • $5,463,900 Hickory Creek Farm is a classic Southern gentlemen’s property just a little over an hour’s drive north of New Orleans. The farm and family retreat is a terrific mix of towering pines and hardwoods, creek bottoms, impoundments, agricultural fields, and open grasslands. Traditionally operated as a private quail hunting plantation, the farm also boasts quality whitetail deer, wild turkey, dove, and waterfowl hunting while also having great bass and brim fishing. There is a wonderfully charming plantation home overlooking a lake with pool, tennis court, barns, horse stalls, dog kennels, manager’s house, and other improvements. • Developed as a recreational family retreat property • Modest agricultural investment & opportunity • Hickory Creek headwaters • Interior roads & perimeter fencing • Abundant quail, deer, turkey, dove & duck

For the most up to date information please visit our website or call an agent.

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WEST VIRGINIA L ocated entirely within the Appalachian region, the Mountain State is known for its stunning mountains and

hills and is recognized for its extensive outdoor activities like fishing, hunting, rafting, hiking, rock climbing and mountain biking. West Virginia’s vast forests are home to many timber operations (80 percent of the state is forested) as well as phenomenal hunting for turkey, deer, grouse and more, and many of the desirable properties in West Virginia offer both excellent outdoor recreation as well as timber production.

BACK CREEK SWEET SPRINGS, WV • 5,764± ACRES • $7,200,000 Back Creek is located adjacent to the Sweet Springs community 18± miles and 30± minutes from Greenbrier. Sweet Springs is located at the foot of Peter’s Mountain in historic Monroe County, West Virginia. The Old Sweet Springs Resort and Lynnside Historic District are found in the Sweet Springs Community. The charming, small town of Lewisburg — named America’s Coolest Small Town in 2011 — is just 35± minutes from the property. There are numerous restaurants, stores and health care facilities. • Professionally managed as a northern hardwood timberland for 80 years • Deeded access off of state-maintained paved roads • Abundant water resources • Elevations range from 3,355 to 2,200 feet • Deer, grouse, turkey hunting • 30± miles to Greenbrier Valley Airport LWB • 9.9± million feet of saw timber and 149± thousand tons of pulp wood • The primary species are typical of a Mid-Appalachian hardwood forest

For the most up to date information please visit our website or call an agent.

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JOIN US At Fay Ranches and Republic Ranches, we are actively looking to add new members to our team. If you think you’d be a good fit as a land broker, we invite you to connect with us on social networks, spend some time on our websites, and get to know us a bit. If there is a Fay Ranches or Republic Ranches agent in your area, take the time to visit with them. We’re looking for good, honest people who are a value add, and whose professional backgrounds have prepared them for completing significant land transactions. People who work hard and have an excellent network of relationships. They also have to be someone we can spend three days in a truck with. If you feel like you’d be a good fit at Fay Ranches or Republic Ranches, and we’d be a good fit for you, please give us a call. We’d love to visit with you. Also, visit our websites at www.FayRanches.com or www. RepublicRanches.com, or find us on social media @FayRanches or @RepublicRanches. If you would like more information about Land Investor magazine, email us at info@fayranches.com. 114 • www.fayranches.com • 800-238-8616

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