Owning a Ranch, the New Obsession of the Ultra-Rich

The television series “Yellowstone” has created a kind of magical world around the idea of owning a ranch. The myth of the cowboy has suddenly become an ideal to strive for. The rustic lifestyle it glorifies has fueled the market and attracted a younger and broader clientele; the Western has never been so trendy. Although the series “Yellowstone” takes place only briefly in the national park of the same name, it attracted more than 4 million visitors to the national park in 2024. An estimated 2.1 million people visited Montana in 2021 thanks to the TV series (the first season of Yellowstone was launched in June 2018).

Under the influence of the pandemic, what was once the domain of farmers and ranchers for generations has become a magnet for billionaires, celebrities, and investors seeking space and solitude. "What has changed since the pandemic is the profile of buyers. They're no longer ranchers, farmers, or locals, but ultra-wealthy individuals, celebrities, and people in their forties," explains Joy Vance, associate director of The Agency Bozeman in Montana. For UHNWIs, it's a social status exacerbated by scarcity and exclusivity. “Ranches rarely come up for sale, and when they do, they are often bought by their neighbors. Rarity fuels demand and competition. There aren't many ranches left in Yellowstone National Park, so when one comes up for sale, it's a long-term purchase.”

While John Mayer owns a ranch in Paradise Valley, Harrison Ford and Kanye West have chosen Wyoming.

Ralph Lauren, meanwhile, preferred Colorado and its views of the Rocky Mountains. His 17,000-acre (68 km2) Double RL ranch in Ridgway has been the Lauren family home for nearly 40 years.

Media mogul Ted Turner owns more than a dozen ranches in the United States and is one of the largest landowners in North America. “Owning a ranch is definitely a status symbol, it's like owning a castle in Europe.” In 2024, the last recorded sale was for a 1,507-acre (6 km2) estate near Austin, Texas, for $90 million. In Montana, a long-time ranch owner bought the Meagher County property from the Doggett family, who had owned it for over 100 years, for more than $50 million, one of the most expensive transactions in the state, according to the Wall Street Journal.

Ranch prices range from $20 million to $300 million, and many buyers pay cash. In the Aspen area, people buy ranches because they understand the importance of preserving land and creating a legacy. “People who want to buy a ranch are looking for real estate to pass on and want to own a lot of land. Some also buy ranches to raise cattle and have a very high-end property,” explains Heather Sinclair, founder and managing partner of The Agency Aspen. In Colorado, many of these magnificent ranches come with water rights, some have minerals, and others have grazing rights. Water rights are an essential element, so when buyers find ranches with significant water assets, they are becoming increasingly valuable. “It's a unique opportunity.”