Trophy-property ranches hit the market as more heirs choose to sell

Legacy Ranches: A New Trend in Luxury Real Estate

For over 116 years, the Reynolds Ranch in California’s Central Coast region has been owned by the same family. However, due to disagreements among the heirs, the 7,600-acre property is now on the market for $30.7 million. This is not an isolated incident, as many family-owned ranches are being sold due to the challenges of intergenerational ownership.

Deanna Davis, the current owner of Reynolds Ranch, expressed her sentiments about the sale, stating that if she had the means, she would buy out her family members and start anew. The decision to sell is often a difficult one, especially when it involves a property that has been in the family for so long. Davis’ mother, who passed away last December, was the last family member to have grown up on the ranch, and now the family is scattered across the country and overseas.

The Rise of Luxury Ranch Sales

High-end ranch brokers have noticed an increase in the sale of legacy properties, which are in high demand due to their unique characteristics and amenities. The “Yellowstone” effect, inspired by the popular TV show, has also contributed to the trend, with buyers seeking sprawling properties in Western states like Montana, Wyoming, and Colorado. These properties offer a serene and peaceful lifestyle, with plenty of opportunities for outdoor activities like hiking, fishing, and wildlife watching.

Latham Jenkins, a broker at Live Water Properties, noted that his company currently has $700 million in listing inventory, up from under $200 million in May 2024. Many of these properties are legacy ranches that are on the market for the first time in generations. One such listing is the Antlers Ranch in Meeteetse, Wyoming, which spans 40,000 acres and is priced at $85 million.

The Appeal of Legacy Ranches

Legacy ranches are highly desirable due to their unique combination of history, natural beauty, and amenities. Many of these properties are surrounded by public lands that cannot be developed, providing buyers with privacy and exclusivity. The ability to hike, fish, and see wildlife up close is also a major draw. Red Hills Ranch, a 190-acre property in Wyoming, is listed for $65 million and offers stunning views, a private guest ranch, and access to the Bridger-Teton National Forest.

Bill McDavid, a broker at Hall and Hall, represents the Rocking Chair Ranch, a 7,200-acre Montana ranch that has been in the same family for over seven decades. The property is listed at $21.7 million and offers a unique opportunity for buyers to own a piece of history. McDavid noted that the adult children of the sellers realized it was time to move on and sell the property, allowing a new family to create their own memories.

The Challenges of Selling a Legacy Ranch

Selling a legacy ranch can be a complex and emotional process, especially when it involves a property that has been in the family for generations. Buyers may have unrealistic expectations, wanting a rural property with modern amenities and convenience. Sellers, on the other hand, may struggle with the concept of losing the property and the lifestyle that comes with it. Deanna Davis expressed her hopes that a local ranching family will buy Reynolds Ranch, but acknowledges that a buyer from Silicon Valley may be more likely to snap up the property.

John Onderdonk, who advises on agricultural properties for Northern Trust, noted that the generational transfer of wealth is shaping the market. Many families choose to sell their ranches due to financial constraints rather than a lack of interest. Legacy ranches require significant capital to maintain, and if the family does not have the necessary liquidity, tough decisions must be made. Onderdonk, a fourth-generation cattle rancher, is fortunate to have brothers who agree on keeping their central California ranch in the family.