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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.”
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Every $10 rise in global crude oil prices could shave around 0.5 percentage points off India’s GDP growth, say experts
India imports nearly 50 percent of crude oil from the Middle East
Every $10 rise in global crude oil prices could shave around 0.5 percentage points off India’s GDP growth, underscoring the country’s heavy reliance on imported oil and vulnerability to global energy volatility, Vandana Bharti, Research Head–Commodity at SMC Global Securities, told ANI.
In an interview with ANI, Bharti said escalating geopolitical tensions in West Asia pose a significant economic risk for India as crude prices climb and supply chains face potential disruptions.
“Every $10 increase in crude oil prices impacts India’s GDP by roughly 0.5%. We have already seen prices rise by about $10–$15 recently, and the economic impact will eventually reflect in growth numbers,” she said.
West Asia tensions driving oil prices higher
The surge in oil prices follows intensifying tensions involving the United States, Israel and Iran, particularly around the Strait of Hormuz — a critical maritime corridor through which roughly 20–25% of global oil shipments pass.
Bharti said the conflict has injected additional uncertainty into global energy markets and added what she described as a “war premium” to crude prices.
“It’s not just about the possibility of the Strait of Hormuz closing. Insurance costs and freight charges are rising, and shipments are being rerouted. All these factors add a war premium to crude oil prices and increase market uncertainty,” she said.
Risks extend beyond shipping
According to Bharti, the risks go beyond maritime routes and extend to energy infrastructure itself.
“Energy sites such as crude oil facilities and LNG plants are potential targets. There are also concerns about seabed cables and other critical infrastructure. So the threat is not only to energy supply but also to broader global trade and connectivity,” she noted.
Crude prices rise sharply
Oil prices have already surged as tensions intensified in the region.
Bharti said crude climbed from around $69 per barrel to nearly $78 per barrel within a week.
“In just one week we have seen prices move from about $69 to $78 per barrel. If tensions persist, crude could rise further to around $85–$87 per barrel in the coming days,” she said.
India’s reliance on Middle Eastern crude
India remains particularly vulnerable to such price shocks due to its heavy dependence on imported oil.
Bharti noted that roughly half of India’s crude imports come from the Middle East, and many domestic refineries are specifically configured to process Middle Eastern crude grades.
“India imports nearly 50% of its crude from the Middle East, so any disruption in the region directly impacts supply availability and pricing,” she said.
India maintains strategic petroleum reserves that can help cushion short-term disruptions, but Bharti emphasised that these are primarily meant for emergencies.
“We have reserves that can last about 25–30 days in emergency situations, but the structural dependence on Middle Eastern supply remains,” she said.
She added that even brief supply disruptions could trigger volatility across Asian financial markets.
“Even a two-week disruption could create significant volatility in Asia. We are already seeing pressure on currencies, equity outflows and rising economic uncertainty,” Bharti said.
Diversification may cushion the impact
Bharti said India could mitigate some risks by diversifying crude supply sources.
“Russia has been offering crude at discounted prices, so India may increase purchases from Russia or other suppliers if required. Adjusting supply chains and renegotiating trade arrangements can provide some relief,” she said.
She also pointed out that members of the Organization of the Petroleum Exporting Countries (OPEC) may attempt to stabilise prices, although security concerns could limit immediate production increases.
Impact on fertilisers and agriculture
Higher crude prices could also ripple into other sectors of the economy.
Bharti warned that rising energy costs may push up fertiliser prices and agricultural input costs, potentially affecting the upcoming kharif crop season.
“Higher energy costs could make fertilisers and farm inputs more expensive, which may increase the cost of cultivation for farmers,” she said.
Renewables gain strategic importance
Bharti added that the ongoing geopolitical tensions highlight the need for countries to accelerate the transition to renewable energy.
“Events like this are a wake-up call. Governments may increasingly prioritise renewable energy such as solar to reduce dependence on volatile fossil-fuel supply routes,” she said.
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March 06, 2026, 08:16 IST
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UniQure needs to run another study to prove that its gene therapy “actually helps people with Huntington’s disease,” a senior U.S. Food and Drug Administration official said on a call with reporters Thursday.
The official, who requested anonymity before discussing sensitive information, confirmed the agency has asked the company to run a placebo controlled trial of its treatment, which is administered directly into the brain. UniQure has said that type of study isn’t ethical because it would require putting people under general anesthesia for hours, a characterization the official disputed.
“So what is really going on? UniQure is the latest company to make a failed therapy for Huntington’s patients,” the official said. “They likely acknowledge or understand at some deep level that their trial failed years ago, and instead of doing the right thing and running the correct clinical study, UniQure is performing a distorted or manipulated comparison in the mind of FDA.”
The comments mark the latest development in a messy public spat between UniQure and the FDA, and as the agency comes under fire for a number of recent drug approval application rejections, including some where companies have accused it of going back on previous guidance. FDA Commissioner Marty Makary in an interview with CNBC’s Becky Quick last week seemingly criticized UniQure’s gene therapy for Huntington’s disease. Makary didn’t name UniQure but described its treatment.
UniQure then accused the FDA of reversing its stance that the company’s clinical trial data would be sufficient to seek approval. UniQure’s study used an outside database to measure how patients with Huntington’s disease might decline without treatment, known as an external control. UniQure has said it wouldn’t be feasible to run a true randomized, double-blind placebo-controlled study, considered the gold standard, because it wouldn’t be ethical to make people undergo a sham hours-long brain surgery.
The FDA official said the agency “never agreed to accept this distorted comparison” and the FDA “never makes such assurances.” Instead, the “FDA will always say, ‘Well, we have to see the data when we get it.'”
UniQure didn’t immediately comment.
The company’s stock rose more than 10% on Thursday and has fallen 58% this year as of Thursday afternoon.
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