Stunning Trophy Ranch Properties Now Available: Heirs Opt to Sell for New Opportunities

Reynolds Ranch, a stunning 7,600-acre property in California’s Central Coast, has been in the Davis family for over 116 years. Now, it’s up for sale at $30.7 million due to disagreements among the heirs about the future of the ranch.

Deanna Davis, who manages the ranch, shared her struggles with family decisions. Following her mother’s passing last December, the family is scattered across the country, causing some members to prefer selling their shares. “It’s so challenging to agree on what to do,” she told CNBC. Family disputes over property are common, especially in large families.

High-end ranches like Reynolds Ranch are seeing a spike in interest. Buyers are searching for wide-open spaces and a slower lifestyle, a trend partly influenced by the “Yellowstone” show, which has inspired many to seek properties in states like Montana and Wyoming.

Latham Jenkins, a broker from Live Water Properties, noted that his inventory has surged to $700 million, up from under $200 million last year. He explained that many of these listings are historic ranches, finally hitting the market after generations. For example, Antlers Ranch in Wyoming, which covers 40,000 acres, is listed for $85 million and is being sold for the first time in five generations.

These spacious properties not only attract buyers for their scenery but also due to their privacy. Many historical ranches are surrounded by protective public lands, making them even more appealing for outdoor activities like hiking and fishing.

Jenkins pointed out the bittersweet nature of passing these unique properties to new owners. He frequently sees families selling because the next generation isn’t interested in ranching. Bill McDavid, another broker, echoed this sentiment, stating that some families feel it’s time to move on. He represents Rocking Chair Ranch, a 7,200-acre property in Montana that has belonged to the same family for over 70 years but is now listed for $21.7 million.

As ranching declines, many long-held properties are changing hands. This trend is visible as families who purchased ranches decades ago, often after making their fortunes in fields like tech or finance, now decide it’s time to sell. John Onderdonk from Northern Trust believes that the generational transfer of wealth is reshaping this market. He advises families on agricultural properties and recognizes their challenges in maintaining ranches amidst financial considerations.

However, buying a legacy ranch isn’t just a free ride. Ken Mirr from Mirr Ranch Group reminds buyers that these properties come with responsibilities. Longstanding managers may leave, causing transitions. Buyers also need to consider that agreements with neighbors or public fishing access could complicate ownership.

In conclusion, selling or buying a legacy ranch is laden with emotional and practical complexities. For sellers like the Davis family, the anxiety of losing a precious family legacy weighs heavily. But for buyers, these properties promise a slice of paradise amid nature’s beauty, offering a lifestyle that many find irresistible.

For further insights into wealth management and property ownership, you can refer to Northern Trust’s resources.

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