T
he "Yellowstone effect" is driving deep-pocketed buyers to seek out sprawling American ranches, while family disagreements are pushing owners to sell. Large ranching families are offloading legacy properties that have been in their families for decades or generations, with some choosing to list their properties after just two or three decades of ownership.

    Ranch brokerage Live Water Properties has seen a 250% surge in its listing inventory over the past year, with one major Wyoming property, Pathfinder Ranchers, recently listed for $79.5 million. The 916,076-acre grazing empire is larger than the state of Rhode Island and occupies more than 1% of Wyoming's total acreage.

    The "Yellowstone effect" refers to a notable boost in economic activity in the American West following the 2018 premiere of the hit Paramount series, which has been compounded by the pandemic. Wealthy buyers are seeking wide-open spaces beyond their cramped penthouses, and an ample supply of newly listed ranches is meeting that demand.

    Multigenerational ranch families across the American West are facing a dramatic inflection point as the ranching industry continues its decline and family trees branch out far and wide. Some owners are offloading properties due to disagreement among heirs over their fate, while others are simply looking for a more manageable investment.

    Despite the challenges of owning a legacy ranch, the perks are undeniable: classic Western vistas, daily proximity to wildlife, and unparalleled privacy. With some listings available for $10 million or more, now is a great time to consider buying a sprawling American ranch.