As heirs of long-established ranching families choose to sell, some of these iconic ranch properties are on the market. Read More Tour the Top Ten Texas Rocking Chair Ranch, Montana Red Hills Ranch, Wyoming Scenic Ranches for Sale. Let’s not forget Reynolds Ranch in California and Antlers Ranch in Wyoming! These nationwide historic properties tell a great story of an amazing trend. As the tide of generational wealth passes, we are witnessing huge changes of ranch ownership across the entire American West.
The Rocking Chair Ranch is hitting the market for the first time in more than seven decades. It currently sits at a whopping $21.7 million. Covering 7,200 acres, this enormous property is Montana’s best-kept secret and features the state’s deep ranching roots. Bill McDavid runs the ranch and is a fourth-generation cattle rancher. He knows the emotional toll of selling land this historic.
“That’s the thing with real estate. The land is perpetual, but the ownership is not,” – Bill McDavid.
In fact, often heirs come to understand it is time to move on from familial legacies. It’s this understanding that drives them to take the leap and sell. McDavid emphasizes that many adult children recognize the need to transition, stating, “The adult children just got to the point where they realized, ‘No, it’s time for this family to move on and do something else.’”
Red Hills Ranch is getting a lot of buzz. This sprawling estate, on the market for $65 million, covers 190 acres just outside Jackson, Wyoming. Like many historic ranches, Red Hills Ranch is surrounded by public lands that remain undeveloped, adding to its appeal for potential buyers seeking a serene setting.
The other big listing this time around is Reynolds Ranch on California’s Central Coast. Deanna Davis’ Family The Davis family has owned this beautiful and sprawling 7,600-acre property for over 116 years. It has deep rich grazing pastures and ample riparian water resources. Davis said he’s optimistic that a local ranching family will acquire the property. His hope is to ensure the bridge can still fulfill its original use as an agricultural crossing.
“All I know is whoever buys this property, when they sit on the porch in the afternoon, sipping their margarita or iced tea, they will think they landed in paradise,” – Deanna Davis.
Antlers Ranch, near Meeteetse, Wyoming, consists of 40,000 contiguous acres. While large historic properties are becoming less common as many have been fragmented and sold, Antlers Ranch remains an enticing option for buyers looking for expansive land with historical significance.
The ongoing “Yellowstone” effect continues to influence the market, with buyers flocking to sprawling properties across Montana, Wyoming, Colorado, and other Western states. Latham Jenkins’ brokerage, Live Water Properties, has about $700 million in inventory on hand. He explains, for starters, that the appeal of these legacy ranches is frequently based on their scenic views and variety of wildlife.
“When you sit next to a running river, watching sunrises and sunsets, seeing an elk calf be born, there’s nothing quite like it,” – Latham Jenkins.
Ken Mirr points out that while legacy ranches can be attractive investments, often coming with livestock and cropland, they require thorough due diligence. He remarks on the dynamics of ownership among long-term managers who may feel a sense of entitlement over the land.
The generational transfer of wealth is perhaps the single most important force driving the current ranch market. McDavid describes how the financial burden of caring for these properties can put family members in painful predicaments.
“Real estate is a capital-intensive asset class, and if there isn’t liquidity in the portfolio, and the rest of the family isn’t able to support that, tough decisions come into play,” – Bill McDavid.
Through these stories, Davis is able to explore the issues families are dealing with in their decisions about the future of their ranches. She acknowledges that getting everyone on the same page can be a challenge.
“It’s so hard to make decisions together as a family about the ranch,” – Deanna Davis.
A new generation of buyers, newly minted by the mega-wealth created during the dot-com boom. This can create an outsized tension on rural properties. McDavid says what buyers want today is convenience plus a rural lifestyle.
“For the buyer who made their money in the dot-com era, they had a grand idea about a family legacy. And then their kids got older, and they didn’t move to the ranch because nobody ever moved to the ranch,” – Bill McDavid.