R
eynolds Ranch, a 7,600-acre property in California's Central Coast region, has been owned by the same family for over 116 years. However, with the heirs disagreeing on its future, it is now on the market for $30.7 million. Deanna Davis, who runs the ranch, expressed her difficulty in making decisions with her relatives scattered across the country and overseas.
As a result, families like hers are increasingly choosing to sell their long-held properties, high-end ranch brokers told CNBC. These legacy properties are in big demand due to deep-pocketed buyers seeking wide open skies and a slower pace of life. The "Yellowstone" effect remains strong, with fans of the Paramount show seeking sprawling properties in Western states.
Ranch brokerage Live Water Properties currently has $700 million in listing inventory, up from under $200 million in May 2024. Many of these properties are legacy ranches on the market for the first time in generations. One such listing is Antlers Ranch in Meeteetse, Wyoming, which spans 40,000 acres and is priced at $85 million.
Buyers are drawn to these historic ranches due to their privacy, as well as the ability to hike and fish nearby and see wildlife up close. However, families usually come to brokers like Latham Jenkins when the next generation has little interest in taking over the ranch or the heirs can't agree on its future.
Bill McDavid, a broker at Hall and Hall, represents Rocking Chair Ranch, a 7,200-acre Montana ranch that has been in the same family for over seven decades. The adult children decided it was time to move on, listing the property for $21.7 million.
As ranching has declined, many multigenerational ranches have already changed hands, according to McDavid. However, he is also seeing a rise in families looking to sell ranches they bought 20 to 30 years ago, often due to financial constraints rather than disinterest.
John Onderdonk, who advises on agricultural properties for wealth manager Northern Trust, said the generational transfer of wealth is shaping the market. He noted that real estate is a capital-intensive asset class, and if there isn't liquidity in the portfolio, tough decisions come into play.
Legacy ranches require much due diligence, according to Ken Mirr of Mirr Ranch Group. These properties often come with livestock and cropland, but also long-tenured managers who might leave when the property is sold or struggle to adjust to new ownership.
Buyers expecting complete privacy can get a rude awakening, as previous family agreements may allow public access to rivers located on private property. Sellers receive a windfall but lose the unique lifestyle that comes with owning a legacy ranch.
