For more than 116 years, Deanna Davis’ family has owned Reynolds Ranch, spanning 7,600 acres in California’s Central Coast region. With the heirs in disagreement over the homestead’s future, Reynolds Ranch is now on the market for $30.7 million.

“It’s so hard to make decisions together as a family about the ranch,” she told CNBC. “If I had the cash, I would buy the whole thing right now and cash everybody out and start over and take the title in a LLC.”

It’s a common predicament for family trees that have too many branches, said Davis, who runs the ranch. Her mother, who died last December, was the last family member who grew up on Reynolds Ranch. Now the family is scattered across the country and some of her relatives live overseas. Some family members who can only visit once or twice a year would rather cash out.

Families like Davis’ are increasingly choosing to sell these long-held properties, high-end ranch brokers told CNBC.

The legacy properties are in big demand — even if not at pandemic highs — as deep-pocketed buyers crave wide open skies and a slower pace of life. The so-called “Yellowstone” effect remains in full force, with fans of the Paramount show seeking sprawling properties in Montana, Wyoming, Colorado and other Western states.

“All I know is whoever buys this property, when they sit on the porch in the afternoon, sipping their margarita or iced tea, they will think they landed in paradise,” Davis said.

John Onderdonk, who advises on agricultural properties for wealth manager Northern Trust, said the generational transfer of wealth is shaping the market. He is also a fourth-generation cattle rancher and said he is fortunate that his brothers agree on keeping their central California ranch in the family. However, he said many of the families he works with that choose to sell do so because of finances rather than disinterest.

“Real estate is a capital-intensive asset class, and if there isn’t liquidity in the portfolio, and the rest of the family isn’t able to support that, tough decisions come into play,” he said.

Legacy ranches, which may come with livestock and cropland, are attractive but require much due diligence, according to Ken Mirr of Mirr Ranch Group. For instance, these ranches are usually run by long-tenured managers who might leave when the property is sold and are hard to replace, said the Denver, Colorado-based broker. Or, they stay and have a rough time adjusting to new ownership, Mirr added.

“Those managers who have been here a long time start thinking that they own the place, right?” he said. “Sometimes that’s not the best person to be managing the ranch.”

Buyers expecting complete privacy can get a rude awakening. For instance, Mirr said, the previous family could have a longstanding verbal agreement with a neighbor allowing them to cross through their property. Depending on the state, members of the public may also be fish or wade in rivers located on private property, he said.

McDavid said buyers with deep pockets can have unrealistic expectations, wanting a rural property without sacrificing convenience. For instance, many want to live within 30 minutes’ driving distance of a major airport. Buyers also prefer move-in-ready properties, and multigenerational ranches may lack modern amenities.

As for the sellers, they get a windfall but aren’t able to replicate the lifestyle that comes with a legacy ranch.

“It’s just kind of a unique thing when you’re sitting on your porch and you look around and you own everything as far as your eyes can see,” Davis said. “It’s extremely difficult, the concept of losing the place, but on the other hand it’s going to make the next family very happy.”