Trophy Ranches Enter New Era as Legacy Heirs Sell Off Land to Luxury Buyers Fueled by ‘Yellowstone Effect’

At the base of Wyoming’s rust-colored Red Hills, where the Gros Ventre River twists through a private valley, sits a ranch with a story. For more than 40 years, the late U.S. Sen. Herb Kohl called Red Hills Ranch his retreat, a 190-acre sanctuary framed by wilderness and national forest yet just 25 miles from downtown Jackson.

The property, now on the market for the first time since 1975, offers everything from trout fishing and horseback riding to Nordic skiing and wildlife watching—all with the Teton Range as a backdrop. With riverfront cabins, a main lodge, irrigated pastures, and a pool, it has been both a basecamp and a refuge for decades.

“What makes a ranch special today is that it still gives you space, privacy, and a connection to the land you can’t find anywhere else,” Latham Jenkins, an associate broker with Live Water Jackson Hole, tells Realtor.com®.

“These properties are often held in families for decades, sometimes generations, and that history creates a sense of continuity you don’t get with other real estate. At the same time, a ranch can be whatever the owner wants it to be—working cattle, horses, or simply a retreat for family and friends. That flexibility is part of the appeal.”

The sweeping Western landscapes of Yellowstone aren’t just TV drama backdrops—they’ve become a blueprint for luxury buyers. The “Yellowstone effect,” coupled with pandemic-era demand for privacy and space, is fueling a surge of interest in sprawling ranch properties across the country.

Wyoming ranches near Yellowstone and recreation hubs like Jackson Hole are fetching top dollar, fueled by the Yellowstone effect that’s pushed land values up nearly 28% over the last five years, according to Live Water Properties' midyear report.

Looking ahead, easing interest rates and more listings on the market could draw fresh buyer activity—but experts say smart pricing and experienced brokers will remain essential in a market that’s becoming more balanced while staying highly competitive.

Wyoming’s Pathfinder Ranchers, a jaw-dropping 916,076-acre spread—larger than the state of Rhode Island—listed for $79.5 million. In Colorado, the 40,000-acre Antlers Ranch has hit the market for $85 million, the first time it’s been offered in five generations.

“Based on the latest data, there are 21,000 farms and ranches for sale in the U.S., with a median price of $761,000 and a median size of 38 acres,” says Hannah Jones, senior economic research analyst at Realtor.com.

"Texas, Missouri, Kentucky, Tennessee, and Oklahoma have the highest number of ranches for sale. Nevada, Montana, Wyoming, Idaho, and New Mexico have the largest ranches for sale, ranging from a median size of 138 acres in New Mexico to 605 acres in Nevada. Montana has the highest median ranch/farm price of $2,995,000.”

Why families are selling—and who’s buying

For families who’ve held on to ranches for decades, deciding to sell can be an emotional, complicated process. In many cases, heirs are split on whether to keep the land or cash out.

“Most longtime ranch families have done more than just hold on to their land—they’ve protected it,” Jenkins says. “Many resisted breaking it up, kept old structures intact, and managed the water and wildlife habitat with real care. Even when they modernize, there’s usually a respect for the original character, whether that means restoring barns or keeping historic cabins standing.”

California’s Reynolds Ranch recently listed at $30.7 million. The legacy property has been owned by the same family for over 116 years. The vast size of the property may not appeal to everyone but the owners are willing to divide the land: both farm and ranch, just the farm, or just the ranch.

“Nearly 16,000 of the country’s for-sale farms and ranches are less than 100 acres. Another 4,100 are between 100 and 500 acres. About 1,000 properties are more than 500 acres, and 460 properties are larger than 1,000 acres,” says Jones.

Some sellers aren’t legacy families at all. Short-term owners are also offloading properties after a couple of decades, often because their children aren’t interested in maintaining them.

At the same time, cultural forces are shaping demand. “Shows like 'Yellowstone' definitely glamorize ranch life, but they’ve also sparked new interest in it,” Jenkins says.

“People see the scenery and the lifestyle and it captures their imagination. Of course, the day-to-day of owning a ranch is very different from what’s on TV, but the exposure has helped people appreciate the landscapes and the heritage that come with these places.”

On the buyer side, demand is strong among Silicon Valley entrepreneurs, Wall Street executives, and ultra-wealthy urban transplants who want privacy, land, and a Western lifestyle. “Rising stock market and other asset booms have boosted purchasing power for high-net-worth households, many of whom view ranches as both lifestyle and legacy assets,” says Jones.

The market for legacy land

Even with strong demand, these properties require a special approach to the market. “The challenge is that no two ranches are alike, so you can’t value them like you would a house in town,” Jenkins explains.

“Every ranch has its own mix of history, water, wildlife, improvements, and setting. That makes it harder to price and means the buyer pool is limited. It takes time and the right storytelling to help someone see not just the land, but the lifestyle and responsibility that come with it.”

That storytelling is key as ranches continue to draw interest as luxury investments.

“The normal rules of supply and demand would say that more properties for sale would take pressure off of prices,” Jones explains. “However, ranch properties vary greatly in terms of size, location, and accessibility, as well as in terms of the condition of structures on the land. If a specific area sees an influx of similar ranches for sale, it could take pressure off of prices, but the relationship between supply and demand may be less predictable for these one-of-a-kind properties.”

Large, contiguous tracts of land are increasingly rare—and scarcity supports value.

“High-priced properties tend to spend longer on the market in general, and the highly specific nature of these sorts of properties could mean it takes even longer to find a buyer. Zooming out, these properties are often held within families for generations, viewed as long-term legacy assets, limiting their turnover,” according to Jones.

Even as more listings come online, trophy ranches remain resilient. “Rising ranch inventory may temper prices somewhat in some categories, but scarcity, wealth trends, and emotional motivations keep trophy ranches resilient,” says Jones. “They’ve retained value because they combine scarcity, utility, lifestyle, and prestige, making them less about cash flow and more about legacy. Turnover is naturally low, since ownership is both an identity and investment statement.”

For many buyers, that blend of investment, lifestyle, and legacy is exactly what makes owning a ranch irresistible—whether they’re following the pull of Western nostalgia or simply looking for land they can pass down through generations.