Business
Trophy-property ranches hit the market as more heirs chose to sell
Owned by the same family for more than 116 years, Reynolds Ranch is now on the market for $30.7 million.
Courtesy of California Outdoor Properties
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.
‘Nothing quite like it’
Ranch brokerage Live Water Properties currently has $700 million in listing inventory, up from under $200 million in May 2024, according to Jackson Hole, Wyoming, broker Latham Jenkins. Many of these properties are legacy ranches that are on the market for the first time in generations, he said.
One such listing is Antlers Ranch in Meeteetse, Wyoming, which spans 40,000 acres — nearly three times the size of Manhattan — and is priced at $85 million. Antlers Ranch is on the market for the first time in five generations.
“Large historic properties are less common as many have been broken up and sold off,” Jenkins said. “Those that remain are highly desirable.”
These legacy ranches can demand a premium for reasons other than acreage, he said. Many historic ranches, like another one of his listings, Red Hills Ranch, a 190-acre property asking for $65 million, are surrounded by public lands that cannot be developed. Buyers are drawn to that privacy, as well as the ability to hike and fish nearby and see wildlife up close.
Red Hills Ranch, 25 miles outside Jackson WY, spans 190 acres and is listed for $65 million. Nestled in the Bridger-Teton National Forest, Red Hills Ranch was formerly the private guest ranch of late senator Herb Kohl.
Courtesy of Live Water Properties
“When you sit next to a running river, watching sunrises and sunsets, seeing an elk calf be born, there’s nothing quite like it,” Jenkins said.
Families usually come to him when the next generation has little interest in taking over the ranch or the heirs can’t come to an agreement. He described it as “bittersweet” when these one-of-a-kind properties become available for the first time in generations.
“That’s the thing with real estate. The land is perpetual, but the ownership is not,” he said.
Bill McDavid, a broker at Hall and Hall, represents Rocking Chair Ranch, a 7,200-acre Montana ranch that has been in the same family for more than seven decades.
“The adult children just got to the point where they realized, ‘No, it’s time for this family to move on and do something else,” he said of the sellers behind the property, which is listed at $21.7 million.
Generational transfer of wealth
As ranching has been on the decline for decades, many multigenerational ranches have already changed hands, according to McDavid, who is based in Missoula, Montana. However, he is also seeing a rise in families looking to sell ranches they bought 20 to 30 years ago. The owners typically don’t have family ties to ranching and decided to buy trophy properties after making their fortune in tech or finance.
“For the buyer who made their money in the dot-com era, they had a grand idea about a family legacy, or whatever,” he said. “And then their kids got older, and they didn’t move to the ranch because nobody ever moved to the ranch. I mean, the dot-com guy, he came out and visited for at most the summer.”
He added of the heirs, “it was never in the cards for them to take over the ranch.”
Davis said she hopes a local ranching family will buy her California property, which has abundant grazing pastures and water sources. However, she said its likely a buyer from Silicon Valley will snap up Reynolds Ranch, which is only an hour and a half drive from San Jose and can accommodate a landing strip for a private plane.
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.
Listed at $21.7 million, Rocking Chair Ranch is on the market for the first time in over seven decades. The Philipsburg, MT, ranch spans 7,200 acres.
Courtesy of Hall and Hall
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.”
Business
Green energy exports: $10-bn green ammonia project positions India as global clean-fuel supplier; Kakinada plant nears key milestone – The Times of India
A $10-billion green hydrogen and green ammonia project at Kakinada in Andhra Pradesh is set to cross a major construction milestone, reinforcing India’s ambition to emerge as a global supplier of clean energy to markets such as Germany, Japan and Singapore.The first major equipment erection ceremony of AM Green’s Green Hydrogen and Green Ammonia Complex will be held on January 17 and will be attended by Chief Minister N Chandrababu Naidu and Deputy Chief Minister Konidala Pawan Kalyan, state government officials said, PTI reported.Billed as one of the largest clean-energy investments in India to date, the project involves a total outlay of $10 billion and is expected to generate up to 8,000 jobs during the construction phase, besides substantial high-skill employment during operations and across allied sectors including renewable energy, logistics, storage and port services.AM Green is developing India’s first and the world’s largest green ammonia complex at Kakinada, with a planned capacity of 1.5 million tonnes per annum, through the brownfield conversion of an existing ammonia-urea facility. The project will be commissioned in phases, beginning with 0.5 million tonnes per annum by 2027, scaling up to 1 million tonnes by 2028 and reaching full capacity by 2030.Once operational, the facility will enable India’s first exports of green ammonia, which is increasingly being adopted globally as a clean shipping fuel, for power generation and as a carrier for green hydrogen.The integrated project spans 7.5 gigawatts of solar and wind capacity, 1,950 megawatts of electrolyser capacity and 2 gigawatts of round-the-clock renewable power, supported by pumped hydro storage, including India’s first such facility at Pinnapuram in Andhra Pradesh.AM Green has already signed long-term supply agreements with Germany-based utility Uniper and is in advanced discussions with potential buyers in Japan and Singapore, establishing India’s first green-energy export linkages with Europe and advanced Asian economies.The project is aligned with Andhra Pradesh’s Integrated Clean Energy Policy, 2024, which seeks to position the state as India’s primary hub for green hydrogen and green ammonia. Once fully commissioned, the facility is expected to mark a structural shift from energy import dependence towards clean-energy exports, placing Andhra Pradesh at the centre of the global green-energy value chain.AM Green, backed by the founders of the Greenko Group, is developing the project through AM Green Ammonia, a partnership involving Malaysia-based Gentari, Singapore’s sovereign wealth fund GIC and the Abu Dhabi Investment Authority. Construction at the Kakinada site is already under way, placing it among a limited set of large-scale green ammonia facilities globally that meet Renewable Fuels of Non-Biological Origin (RFNBO) standards.Beyond production, the project showcases an end-to-end clean-energy ecosystem within a single state, encompassing large-scale renewable generation, round-the-clock green power backed by storage, hydrogen and ammonia production, and port-based export infrastructure.AM Green has also moved to strengthen global linkages. In May last year, it announced a partnership with the Port of Rotterdam Authority to create a dedicated green-fuel corridor linking India with north-western Europe, aimed at enabling annual trade of up to 1 million tonnes of green fuels valued at nearly $1 billion. Earlier, it tied up with global logistics firm DP World to develop green fuel storage and export facilities in India and overseas.“This is not merely an industrial project, but a strategic step in positioning Andhra Pradesh and India as leaders in clean-energy exports and climate action,” the state government said.
Business
Budget 2026 Should Support MSMEs, Critical Minerals For Boosting Trade Resilience: Deloitte
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Deloitte India urges FY27 Budget to boost MSME support and critical mineral security, job protection and advancing India’s global manufacturing and clean energy goals.
Budget 2026 Expectations.
Budget 2026: Deloitte India has pitched a sharper focus on MSME support and critical mineral security in the FY27 Union Budget, arguing that these measures are essential to strengthen India’s trade resilience and reduce external vulnerabilities amid rising global uncertainty.
In its Budget expectations note, Deloitte India said micro, small and medium enterprises play a pivotal role in the economy, accounting for nearly 46% of India’s exports and emerging as the second-largest employer after agriculture. According to the firm, easing financial and compliance-related pressures on MSMEs would help them cope with global volatility, sustain production and remain competitive in overseas markets.
The Union Budget 2026-27 will be tabled on Sunday, February 1.
“Strengthening MSMEs will safeguard jobs and drive inclusive economic growth, boost rural incomes and support India’s ambition to become a global manufacturing hub,” Deloitte said.
The firm recommended measures such as enhanced export credit availability, concessional financing and simplified digital compliance systems to reduce the regulatory burden on small businesses. It also called for comprehensive training programmes to improve last-mile competitiveness of MSMEs, particularly those linked to global value chains.
Deloitte further suggested targeted export incentives or enhanced duty drawback support for tariff-sensitive sectors such as ready-made garments, gems and jewellery, and leather, which are more vulnerable to global trade disruptions.
Highlighting the risks from an increasingly protectionist global environment, Deloitte Economist Rumki Majumdar said rising uncertainty from tariff hikes, changes in rules of origin and non-tariff barriers could disproportionately affect Indian exporters. While the direct impact of global trade frictions on GDP growth may be limited to 40-80 basis points, the spillover effects on MSMEs and employment could be far more severe.
“MSMEs contribute 30.1 per cent to GDP, account for 45.79 per cent of India’s exports and employ nearly 290 million people; disruptions in export markets or tightening trade rules pose serious risks to jobs and income stability,” Majumdar said.
Beyond MSMEs, Deloitte emphasised the need for a strategic push on critical minerals to secure supply chains and support India’s clean energy transition. It proposed setting up a dedicated critical minerals fund to finance overseas acquisitions and technology partnerships, ensuring long-term access to essential resources.
The firm also recommended deeper global collaboration with regions such as Africa, Australia and Latin America to secure upstream access to minerals, alongside joint research and development in mineral processing and recycling. In addition, it called for incentives to promote investments in renewable energy, green hydrogen and grid-scale energy storage.
Deloitte said expanded funding for exploration, extraction and processing of key critical minerals, including lithium, cobalt and rare earth magnets, would be crucial to reduce import dependence and strengthen India’s strategic and economic security in the years ahead.
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January 16, 2026, 15:02 IST
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Pakistan Stock Exchange (PSX) on Friday staged a strong comeback, breaking the long bearish momentum as snowballing forex reserves have lifted investor sentiment.
During intraday trading, the PSX’s benchmark KSE-100 index gained a whopping 3,146.23 points to climb to 184,602.56 points, marking a positive change of 1.70%.
Out of 562 active companies, share prices of 375 advanced and of 67 declined while rates of 120 companies remained unchanged.
Economic analysts said the uptick offered some breathing space for the economy, even as the country continued to keep a close watch on external inflows and outflows.
Pakistan’s foreign exchange reserves inched up by $16 million over the past week, according to figures released by the State Bank of Pakistan.
The central bank said its official reserves rose from $16.0557 billion to $16.0718 billion, showing a modest gain during the week.
Overall, the country’s total reserves climbed to $21.2484 billion.
The State Bank also noted that commercial banks’ holdings went up by $5.6 million, reaching $5.1927 billion.
The central bank projects the FY26 current account deficit at 0–1% of GDP and sees reserves at $17.8 billion by June 2026 with planned official inflows.
A day earlier, the stock exchange dropped by over 1,100 points due to massive selling pressure.
The PSX had extended losses after recording an increase for a brief period as investors seemed cautious amid rising geopolitical tensions involving Iran.
During intraday trading, the KSE-100 index touched 183,717.53 due to strong buying in the early sessions before it turned bearish by losing 69.29 points to close at 182,500.52 points.
International officials have warned that US military intervention in Iran now appears likely and could take place within the next 24 hours amid sharply escalating tensions in the Middle East.
American, European and Israeli sources said preparations for possible action were under way as Washington began evacuating personnel from its major air base in Qatar.
Green energy exports: $10-bn green ammonia project positions India as global clean-fuel supplier; Kakinada plant nears key milestone – The Times of India
Budget 2026 Should Support MSMEs, Critical Minerals For Boosting Trade Resilience: Deloitte
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