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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.
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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.
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