Jaw-Dropping $79 Million ‘Yellowstone’-Style Ranch in Montana Comes With 2,000 Acres, Equestrian Center, and Multiple Homes

A staggeringly beautiful $78.9 million Montana ranch that comes with nearly 2,000 acres of land, a full equestrian facility, and multiple homes has been put on the market by a multimillionaire venture capitalist. This means one very wealthy buyer has the chance to live out their ultimate “Yellowstone” fantasy.

The astonishing “one of a kind” property, which is located in Bozeman, was built in 2005 by financier Bandel Carano and his wife, Paula. They began by buying up parcels of adjacent land in the early 2000s, combining them all to create what is now known as Running Elk Ranch.

Today, the property spans 1,941 acres teeming with all manner of wildlife, including a herd of elk, which inspired the property’s name.

The “most notable Gallatin Valley property to come on the market in recent history” is located near “the heart of Bozeman,” the listing notes.

The Caranos have meticulously maintained the vast infrastructure, which includes an enormous main house as well as a 30,000-square-foot equestrian complex that houses an eight-stall barn.

The 3,553-square-foot main house was designed by Locati Architects and offers four bedrooms and 4.5 bathrooms. It looks almost identical to the home that “Yellowstone” character John Dutton (portrayed by Kevin Costner) and his family reside in, combining reclaimed wood, stone, and steel to create a timeless aesthetic.

There are also an alpine cabin, a caretaker’s home, and an equipment shop.

The outdoor amenities include a trap/skeet range, a 1,000-yard gun range, fishing ponds, a riding arena, a fenced playground, and an endless array of hiking trails.

Then, of course, there are the views.

“Running Elk Ranch is a beautiful mixed terrain of Aspen meadows and Alpine timbered draws dropping off the Bridger Mountains into expansive rolling foothills and farmland all under the jaw dropping backdrop of Ross Peak and the Bridger Mountains to the east and the Spanish Peaks, Gallatin Peak and Tobacco Root Mountains to the south and west,” the listing states.

“Mizer Creek along with numerous other small springs flow from the mountain canyons contributing to the various water rights serving the property along with a braid of five separate ponds which stair step their way up into the lower Aspen groves.”

Wildlife can also be found roaming the ranch and the surrounding woodlands.

“The privacy, abundant water and mixed terrain provide home and shelter to virtually every Rocky Mountain animal and bird species known including the ranches namesake, Elk, with a large local herd essentially residing on the property and bordering National Forest land,” the listing states.

The property first came on the market in July. Perhaps the renewed interest in “Yellowstone,” which is due to end on Dec. 15, might help to lure a buyer with deep pockets and a love for the rancher lifestyle.

The Caranos’ decision to list the home comes amid a population boom in Montana, which is driving up home prices faster than in any other state in the U.S.

The trend predates Costner’s hit series—harking back to 2010, when the population first began to increase at a rate that exceeded the number of new homes being made available.

From 2010 to 2020, Montana’s population grew by nearly 10%, but housing construction failed to keep pace, with the number of units increasing by just 7%. The COVID-19 pandemic turbocharged the trend, with Montana’s population growing almost 5% more from 2020 to 2023, according to census data.

“We have a ton of out-of-staters moving in and a lot of cash buyers,” Kristen Campbell, a real estate agent with Homes of Big Sky in Bozeman, told Realtor.com®.

Many of the newcomers are from high-priced areas on the West Coast, who can cash in on their equity and bid prices higher in Montana. Remote work has also boosted the migration trend, allowing many white-collar workers to bring their jobs along with them.

The big draw is Montana’s vast and rugged natural beauty and the year-round outdoor activities close at hand, with skiing in the winter and hunting, fishing, and hiking in the warmer months.

“It’s really a year-round travel destination. It’s not just summer or just winter,” says Nick Zimmer, broker and owner of Crosscurrent Real Estate in Bozeman.