
Rich Americans Are Actually Using Their Second Homes as the Economy Falters
Hi folks, it's Chris Rovzar, your Bloomberg Pursuits editor, and I'm thinking about summer.
My family and I rent a house in Litchfield County, Connecticut, every summer, which we cited in the print edition of our Places to Go in 2025 list since it's a great pairing with the Upper East Side. We like it there because it's calm and quiet, without all the buzz of parties and social obligations that you can encounter elsewhere. I can't wait to get there and sit by the lake and relax and read the pile of books that's been mounting by my bedside table in Brooklyn.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Washington Post
an hour ago
- Washington Post
How to spruce up your outfit with a hat
Arts & Entertainments Wearing hats can be fun. (Trust me.) June 8, 2025 | 1:30 PM GMT Hats can be intimidating. Washington Post fashion critic Rachel Tashjian offers helpful ways to introduce them into your daily life.
Yahoo
an hour ago
- Yahoo
Why the Ultra-Wealthy Are Betting Big on America's Luxury Ranch Estates
There's a new status symbol emerging among the ultra-affluent, and it's not worn on the wrist, parked in a garage, or framed and hung on the wall. Instead, it's sprawling, outfitted with panoramic views, sometimes off-grid, and often comes with a herd or two. From Montana's high plains to the rolling scrublands of Texas, expansive ranches—some rivaling national parks in size—are being scooped up at staggering prices. What was once the domain of multigenerational farmers and cattlemen has transformed into a magnet for billionaires, celebrities, and investors chasing space and solitude. Media magnate Ted Turner owns more than a dozen ranches across half a dozen states; retired golfer Greg Norman has an almost 12,000-acre game ranch in Colorado's White River Valley; and Kanye West has two Montana ranches totaling more than 10,000 acres. More from Robb Report This 137-Acre SoCal Estate Has a Massive Car Museum. Now It Can Be Yours for $125 Million. This Historic Boston Brownstone Was Given a Modern Makeover. Now It Can Be Yours for $15.5 Million. You Can Land Your Helicopter at This $8.3 Million Private Island in Nova Scotia Legacy ranch brokers say the demand is as intense as it's ever been, with multi-thousand-acre properties changing hands both in blazes of publicity and also privately, quietly, and quickly, with per-acre pricing reaching new heights. This cultural shift isn't happening in a vacuum. A perfect storm of post-pandemic wanderlust, Hollywood romanticism, and pop culture obsession—led by smash hits like Yellowstone—has vaulted ranch life into the UHNWI mainstream. While streaming numbers for a blockbuster western TV series may not directly correlate with ranch sales, the rustic lifestyle they glamorize is undeniably fueling the market. 'We're seeing a luxury ranch renaissance unfold in real time. These properties offer more than just privacy and scale—they deliver a lifestyle rooted in adventure, legacy, and connection to the land,' Latham Jenkins, a Jackson Hole–based broker with Live Water Properties who has recently sold several guest ranches in the region, tells Robb Report. And while the cowboy aesthetic is trending, the motivations for buying are more nuanced. Though some do seek a working ranch, increasingly, these buyers aren't ranchers by trade—they're founders, financiers, and heirs who view acreage as a solid, long-term store of value. They may also seek a recreational escape, a family compound, or a hedge against economic uncertainty. There is only so much land, however, and the strong demand for ranch properties is playing out in eye-popping transactions. A 1,507-acre spread near Austin, Texas, shattered local records with a $90 million sale last year. Elsewhere, the 50-acre Lost Creek Ranch in Jackson Hole, Wyoming, operated for decades by late developer Gerald T. Halpin, sold to Thomas E. 'Teddy' Gottwald after listing at $39.5 million. Meanwhile, a Montana cattle ranch held by one family for over a century sold in 2024 for more than $50 million, making it one of the state's priciest deals, The Wall Street Journal reported. Those sales, however, look like small potatoes compared to some of last year's biggest transactions. They include the 353,000-acre Brewster Ranch in West Texas—listed for nearly $246 million and sold to the Texas General Land Office for $164.6 million—and the 62,000-acre Cañon Blanco Ranch in New Mexico, now part of billionaire Stan Kroenke's staggering 1.8 million-acre land portfolio. As younger generations move away from ranching, these rural properties are increasingly passing into the hands of outside buyers with big visions—and even bigger checkbooks. The practical appeal is also undeniable. Ranches offer space to roam, low population density, and often, income-generating potential. Many buyers are also drawn to the mix of personal sanctuary and passive investment. 'Whether it's private families seeking generational retreats or hospitality groups curating immersive experiences, demand is strong,' adds Jenkins, who represented the Halpin listing. 'You just can't replicate the access to wild landscapes and the memories made riding horses, casting flies, or simply unplugging in places like this.' For example, Hollywood's cowboy-in-chief, Yellowstone creator Taylor Sheridan, purchased the iconic Four Sixes Ranch in Texas—a 267,000-acre spread that appeared in the series—for a reported $350 million in 2022. He's since monetized his holdings with equestrian events, concerts, and location rentals. He reportedly leased the property to Paramount for up to $50,000 a week to film. Meanwhile, Yellowstone star Kevin Costner has also embraced the ranch lifestyle. His 160-acre Dunbar Ranch in Colorado—complete with a private lake, baseball field, and treehouses—is available to those not ready to commit to ranch ownership as a vacation rental at a whopping $36,000 per night. For those looking to own a slice of the West, Wyoming currently boasts two standout options. The 190-acre Red Hills Ranch, once owned by Senator Herb Kohl, recently returned to the market for $65 million, while just down the road, the historic Antlers Ranch—spanning more than 16,500 acres of pristine wilderness—is asking $85 million after remaining in the same family for over a century. Out in California, Steven Seagal and Kelly LeBrock's former ranch, now known as Rancho Arroyo Perdido, is on the market for a cool $14.5 million. The 190-acre spread in the Santa Ynez Valley near Santa Barbara includes a hacienda-style main house, guest and staff quarters, horse breeding and training facilities, and about 75 acres of arable farmland. Clearly, in the eyes of America's wealthiest, the West has never looked so wild—or so worthwhile. Best of Robb Report The 10 Priciest Neighborhoods in America (And How They Got to Be That Way) In Pictures: Most Expensive Properties Click here to read the full article.
Yahoo
2 hours ago
- Yahoo
Ryan Lochte Thanks Fans After Having ‘Rough Day' Amid Divorce: ‘Gotta Put 1 Foot in Front of the Other'
Ryan Lochte is appreciative of the support he's received following his split from wife Kayla Rae Reid. 'Just want to say thank you to everyone who wrote a message, reached out to me, just open arms. It means a lot to me,' the Olympian, 40, said in a video shared via his Instagram Story on Thursday, June 5. 'Yesterday was a rough day for me, but like always in life, you gotta put one foot in front of the other and keep moving forward. So that's what I'm doing.' Lochte also thanked loved ones who sent him a thoughtful gift amid the tough time. 'To my second family that sent me this beautiful card and a basket full of candy that now my son is eating,' Lochte shared while holding up a nearly empty carton of Whoppers. 'Thank you guys, I love you guys.' Olympic Swimmer Ryan Lochte and Wife Kayla Rae Reid Split After 7 Years of Marriage Earlier this week, Reid, 33, announced that she filed for divorce from Lochte after seven years of marriage. 'Earlier this year, I made the hard decision to end my marriage after deep prayer and reflection,' she wrote via Instagram on Wednesday, June 4. 'I hold marriage in the highest regard, so this has been one of the most painful, revealing and challenging seasons of my life. I've been hesitant to share until I could do so from a place of healing — not from fresh, open wounds.' Reid continued: 'Sometimes we face trials we didn't choose or see coming. And in those moments, we're forced to make the hardest decisions to protect our peace, our children and our future. I've come to understand that staying isn't always the most loving decision someone can make. For me, leaving was an act of love — for those around me and myself.' Lochte and Reid tied the knot in 2018. The pair share three children: Caiden, 7, Liv, 5, and Georgia, 23 months. Olympian Ryan Lochte Recalls How He Saved His Marriage to Kayla Reid From Divorce Following Reid's post, Lochte broke his silence on their separation. 'This past year has brought major changes for both of us as we've come to the difficult decision to end our marriage. I'm deeply grateful for the life we've built together and especially for the love we share for our three children,' he wrote in an Instagram statement. 'Although this decision hasn't been easy, I believe it's the right step toward peace and well-being for us both.' Lochte added that he is 'committed to healing, growth and coparenting with care and respect' as he and Reid navigate their 'new chapter.'