Editor of The Land Report Discusses Rural Land Trends

For Sale: Montana’s Engwis Ranch

Three and a half miles of the Yellowstone River course through this 5,500-acre ranch, which features stunning views of the Absaroka, Beartooth, and Crazy Mountain ranges. A Yellowstone Valley gem, the Engwis features 900 irrigated acres, all mineral rights, significant water rights, and a 9,500 S.F. main residence. A newly constructed indoor riding arena also includes an attached guest house.

$15.5 million
(970) 769-8989
www.engwisranch.com

For Sale: Colorado’s Dallenbach Ranch

Spring 2011 Pricing Update: Colorado’s 130-acre Dallenbach Ranch now offered for $21 million.

The year was 1973, and Wally Dallenbach’s racing career had shifted into high gear. Thanks to back-to-back-to-back wins for Patrick Racing on the Indy car circuit, he had the opportunity to fulfill his dream of buying a piece of property in Colorado. And as Peppy Dallenbach points out, it was definitely her husband’s dream, not hers. “I was perfectly happy back home in New Brunswick where our families lived,” she says.

Years before, however, Wally had promised himself that he and Peppy would make the Rocky Mountains their home. The seed had been planted in 1960 on their honeymoon when the couple made a stop in Aspen. “It was all hippies and dogs back then,” Wally says. The New Jersey native was already making a name for himself as a drag racer and a stock car racer; his open cockpit racing days were still to come. But already he knew that he had fallen for the small-town charm and scenic beauty that can be found a short drive down just about every road that crisscrosses the Colorado Rockies.

It would take more than a decade to fulfill that promise, but he finally closed on a beautiful old homestead just outside of Basalt in 1974. Thanks to more than half a mile of frontage on both sides of the Frying Pan River, a dozen cabins dotted its 100-plus acres. Known to anglers as the Wooden Handle, the breathtaking encampment had also served as base camp for hikers and hunters who roamed the millions of acres of the White River National Forest bordering the property.

“Growing up on the ranch was like growing up in Disney World,” says Wally Dallenbach Jr. Like his father and his brother, he pursued a career in racing, and his training ground was the mountains and valleys surround his family’s ranch.

“We rode dirt bikes in the summertime. We rode snowmobiles in the winter time. There was everything a kid could want to do. It was a great place for my sister and brother and I to grow up,” he says.

In the 1970s, Basalt was nowhere near the cosmopolitan getaway is has since become. Paul Dallenbach recalls “a whopping 400 people” living there when the family first arrived, and going to Basalt High School had nowhere near the cachet of archrival Aspen High School. “That’s all right,” he says. “We beat them in every sport they played.”

Like many overachievers, Wally brought his work home. In his case, it took the form of a Honda 350. One summer day, he loaded Wally Jr. on the back of that dirt bike, and the two took off for a great old mining town called Ouray. The next day father and son went over Engineer Pass to Lake City. If this sounds like too much fun, now you know where the Colorado 500 got its start. Since 1976, the charity ride has raised more than $1 million for the Red Cross, area schools, churches, and hospitals, and countless other beneficiaries. A Who’s Who in racing has showed up to ride, including Parnelli Jones, Rick Mears, Roger Mears, Roger Penske, a whole host of Unsers, and of course all the Dallenbachs.

A disappointing number of sports stars plow their money into poor investments. Not Wally Dallenbach. In the early 1970s, the legendary Indy car racer took his winnings from the California 500 and bought an absolutely stunning piece of property along the banks of Colorado’s Frying Pan River just outside Basalt. In the 35 years since then, Wally and his wife, Peppy, not only raised a family but they also bettered the lives of thousands of Coloradoans through their own amazing race, the Colorado 500.

After 180 Indy car races, Wally’s career behind the wheel took a sharp turn; for the next 23 years he would serve as CART’s chief steward. Since his retirement in 2003, he and Peppy spend as much time as possible following the fortunes of their grandchildren. Although Paul and his wife, Dana, are right next door in Basalt, Wally Jr.’s family is in Texas and Colleen’s is in Indianapolis. Convenient airport connections have become a top priority.

With that in mind, the Dallenbachs decided to sell the ranch. Mark Weida, a suspension specialist who has worked on racing cars for 30 years, introduced the couple to Chip Lenihan, a great wit who proudly describes himself as “the last Republican mayor of Telluride.” In addition to being a longtime ranch broker, Lenihan had another equally important qualification. He is an avid fly-fisherman.

The Fay Ranches broker sees enormous upside. “The right investor can acquire this incredible piece of property and then recoup a substantial percentage of the purchase price with a conservation easement,” he says.

Another big plus is the ranch’s Eagle County setting.  “You’re right next door to Pitkin County, which is probably the most restrictive county in the Colorado. Everything from subdivision to structure size is strictly controlled through the county planning process. Eagle County also has a comprehensive planning department, but it is much more private property rights-oriented and much more smart growth-oriented,” he says.

One final attribute stands out. Says Lenihan, “It’s the lower part of the Frying Pan, so you’ve actually got a mix of trout that migrate up from the Roaring Fork. There are all sorts of little shallows and ripples, and there’s one deep pool that’s always good for a 20-incher.”

Try putting a price on that.

Take a tour of this one-of-a-kind property HERE.

Market Watch: Tejon Ranch Sells Easements for $15.8M

Tejon Ranch (TRC) will sell five conservation easements covering some 62,000 acres of the 270,000-acre property to the California Wildlife Conservation Board for $15.8 million. The transaction is yet another step by California’s largest private landowner to monetize remote areas of the ranch with little near-term development potential.

The following, more complete account of the transaction was posted at Tejon Ranch’s website:

Tejon Ranch Co. (NYSE: TRC) announced today the California Wildlife Conservation Board (WCB), has approved the purchase, for $15.8 million, of five conservation easements covering approximately 62,000 acres of land located on various portions of the 270,000 acre Tejon Ranch. This furthers the implementation of the historic Tejon Ranch Conservation and Land Use Agreement signed in 2008. The 62,000 acres is a component of the 240,000 acres designated for protection under the 2008 agreement.

The $15.8 million purchase price represents the conservation easement value for the acreage as determined by an independent appraisal directed by the WCB. The WCB, at its November 18, 2010 Board Meeting, accepted the appraisal and authorized the use of existing bond funds approved by California voters in 2006 under Proposition 84 to acquire the conservation easements. Tejon Ranch Co. will retain fee ownership of the 62,000 acres and continue to operate current revenue generating activities including farming, cattle grazing, filming, oil and gas and other mineral exploration and production on portions of the acreage. The conservation easements will preclude the Company from pursuing any long term development on the 62,000 acres. This transaction allows the Company to realize an immediate value, as opposed to what possibly could have been realized through development of those areas sometime in the distant future.

“The Wildlife Conservation Board’s action gives the Company an opportunity to monetize, in the near term, potential long-term value associated with these remote areas of the Ranch that have little, if any, near-term development potential,” said Michael H. Winer, Portfolio Manager for Third Avenue Management LLC, the Company’s largest shareholder, and member of the Tejon Ranch Co. Board of Directors. “Further, it will preserve in perpetuity the environmentally important values of these lands through the imposition of conservation easements, administered by the independent Tejon Ranch Conservancy.”

The 62,000 acres represents the total acreage of five separate acquisition areas negotiated as part of the 2008 Conservation and Land Use Agreement. In that Agreement, the Resource Groups: Audubon California, Endangered Habitats League, Natural Resources Defense Council, Planning and Conservation League, and the Sierra Club, were given an option to acquire conservation easements over those areas. This action today by the WCB fulfills that option. The remaining balance of the property protected by conservation easements as defined within the landmark Agreement, approximately 178,000 acres, will be dedicated by Tejon Ranch Co. to the Conservancy over the next several decades as the Company achieves entitlement and ultimately develops the communities of Tejon Mountain Village, Centennial and the future 12,400 acre planning area at the base of the Grapevine.

Robert A. Stine, President and CEO of Tejon Ranch Company, stated, “today’s action by the WCB is the culmination of a long process involving many entities who came to the table with a vision and desire to create a new way to resolve the competing interests of land development and environmental preservation. In that regard, I am grateful for the role our partner in Tejon Mountain Village, DMB Associates, and its CEO, Eneas Kane, played in assisting Tejon Ranch in achieving the landmark agreement, which today’s action by the WCB fully embraces. This action is a major positive step forward for our company and its shareholders. It allows us to continue current revenue generating operations; to realize current revenue from the sale of easements on longer term potential land development opportunities; and proceed with Tejon Mountain Village, Centennial and the 12,400 acre development opportunities at the base of the Grapevine. All of these actions will result in greater shareholder value. Further, this is a major milestone in preserving in perpetuity environmentally important property for future generations of Californians to enjoy.” Additional steps are required before the sale of the easements will close, including the filing of various public notices, the completion of title review and the execution of the Grant Agreement between the WCB and the Tejon Ranch Conservancy.

Land’s Best Friend: The Feist

Don’t be fooled by the small packaging. Feists are equal parts cast iron and nitroglycerin. Ounce for ounce, they may be the toughest dogs in the world. They certainly have my vote as the most versatile.

Feists are working-class in origin and terrier-like in appearance and temperament. Their lineage goes back to terrier breeds developed in Merry Old England to hunt small vermin. Like countless other country traditions, English immigrants brought their terriers to the American colonies. During the late eighteenth century and the first half of the nineteenth century, they bred the little dogs for increased hunting and scenting ability by crossing them with curs, beagles, and other scenthounds.

Today, common types of feist include the DenMark feist, the Mullins feist, the Thornberg feist, and the catchall treeing feist. Consistent with their terrier background, feists are fearless and alert, but also companionable and easy to train.

Feists run 20 to 35 pounds and sport a short, low-maintenance coat. Ears may be erect or floppy; bobtails are traditional but not required.

Most feists are silent trailers. Once treed, they alert the hunter with a clear, chopping bark. Although their treeing instinct and natural prey drive make them popular with squirrel and ‘coon hunters, feists also do well with light stock-herding work. Needless to say, they’re deadly on small vermin.

Do:

• Take your feist puppy for frequent walks in the woods as soon as it has completed a course of inoculations.

• Join the National Cur and Feist Breeders Association: 713 E. Sycamore St, Jasonville, IN 47438, (812) 665-3263.

Don’t:

• Introduce a pup to gunfire until it is hunting boldly and shows a strong interest in game.

Henry Chappell’s field reports have been a mainstay of The Land Report since its founding in 2007. In addition to penning Working Dogs of Texas, he recently wrote Under One Fence: The Waggoner Ranch Legacy.

Sold! Montana’s N Bar Ranch

The Wall Street Journal reports that Land Report 100er Tom Siebel has sold Montana’s iconic N Bar Ranch, 62,091 contiguous acres in the Snowy Mountains. The Journal reports that the buyer was a Texas limited partnership principally owned by Dan and Farris Wilks, co-founders of Frac Tech, a Texas-based oil-field drilling-services firm.

Located approximately 90 miles north of Billings and 35 miles southeast of Lewiston, the N Bar totals 62,091 acres, including 51,409 deeded, 4,875 BLM leased, 1,920 Montana leased, and 3,887 privately leased. Joel Leadbetter at Hall and Hall had the $45 million listing; final sales numbers were not disclosed.

The historic N Bar has an imposing legacy and predates Montana statehood. Its headquarters compound, which was established in 1885, is listed on the National Register of Historic Places. Under Seibel’s stewardship, the N Bar made balancing cattle operations with wildlife needs a top priority. According to the ranch website:

With respect to livestock, the N Bar Ranch has retained the best genetics of the N Bar-registered Angus lines. Current management has transformed the ranch into a commercial cow/calf/yearling operation running 1,000 cows with the intention of carrying the calves over to yearlings. A conservative estimate of capacity—at 30 acres per animal unit—is more than 2,000 animals; however, in keeping with present management’s emphasis on maintaining top quality wildlife habitat, the ranch currently supports approximately 1,500 head of cattle.

Read more HERE.

For Sale: Texas’s Historic Rockpile Ranch

One of the most significant ranching legacies of the America West has come on the market for just the third time in over a century. McCoy Remme Ranches has listed the 55,374-acre Rockpile Ranch with King Land & Water LLC. James King is the listing agent.

The historic ranching operation represents some of the best cow/calf range in the fabled cattle country of Far West Texas and features a staggering assortment of assets, including remnants of pre-Columbian habitation, historic structures dating back to the Civil War era, and two of the most famous geologic features in the Davis Mountains: the historic Rockpile, the iconic geologic formation that gives the ranch its name, and striking views of 7,686-foot Sawtooth Mountain (above).

But it is the land itself, a rare desert island tucked away at the highest reaches of the Trans-Pecos, that has drawn cattlemen to this country since 1895, when George and W.D. Reynolds founded the forerunner of the Rockpile, the 380,000-acre X Ranch. Thanks to Geronimo Mountain, the Rockpile rises to 6,907 feet above sea level; wooded canyons dip down to the 4,500-feet level.

Since 1992, the McCoy family has owned the Rockpile. The family is best known for its fourth-generation building supply business, which is based in San Marcos, Texas, and operates across Texas as well as in Arkansas, Mississippi, New Mexico, and Oklahoma. Readers of The Land Report also know the family for McCoy Remme Ranches, which ranked No. 51 on the 2010 Land Report 100 with 170,000 acres.

“With 72 lumberyards across Texas, I’ve had the privilege of traveling the whole state for 35 years,” says Brian McCoy. “No doubt the Trans Pecos is a uniquely beautiful region … a surprise, really, for many. The Rockpile is at the center of some of the most beautiful land in Texas.”

Kaare and Brenda McCoy Remme oversee the family’s far-flung landholdings. The Rockpile presents unique challenges, and rewards. Says Kaare, “The ranch is a patchwork of terrain types, of soil types, and plant and animal communities. We love maps, and having information about the tremendous diversity of the Rockpile has proven to be a great advantage. But having information about how the Rockpile’s tremendous diversity has responded under specific uses over time is priceless. Rangeland monitoring on the Rockpile has really taken a front seat in setting the environmental agenda for the ranch.”

The varied terrain, soil, and weather support a wide range of grasses and forbs. Every region of the 86-square-mile property is monitored and managed for multiple uses, including livestock, wildlife, aesthetic value, and natural resources. Grazing is planned in six-month blocks.

“Our family has taken stewardship of the land very seriously, and Kaare keeps this a priority when making all our ranching decisions,” says Brian McCoy.

James King of King Land & Water LLC is the listing agent on the Rockpile. “It’s an amazing ranch, one that just two families have been lucky enough to own. Now, for only the third time in more than a century, an opportunity has emerged for a new steward of the Rockpile.”

Many more details about this historic ranch are available at TheRockpileRanch.com, including its history, offering details, maps, and a selection of stunning photographs by Laurence Parent.

Nolan Ryan Pitches the Perfect Investing Game

Cheap and close. Those are the two criteria you use when you’re looking to buy land and you make only $7,000 a year. At least those were the two Nolan Ryan used back in the 1960s when he began buying ranchland in Gonzales County, Texas.

Read more

Liberty Media CEO Malone Now No. 5 Landowner

The big move in this year’s top ten is Liberty Media CEO John Malone, whose purchase of the 290,000-acre Bell Ranch this August leapfrogged him ahead of the King Ranch Heirs and the Singleton Family to No. 5 at 1.2 million acres. Thanks to his conservation-minded land ownership, Malone has earned many friends (both two-legged and four-legged) over the years. In an interview on Bloomberg in July, Malone said that his friend Ted Turner was partly his inspiration. “It is sort of a lasting economic asset, and if you are charitably minded and you like conservation, you sort of can do well by doing good,” he said. “I own a lot of land. In fact, Ted and I are neighbors in New Mexico.”

Adults Only – The New Interior Department Reality Show

Update: In a report to Congress on September 24, the Department of the Interior confirmed that the controversial Royalty in Kind Program will be phased out this Thursday, September 30. The Bureau of Ocean Energy Management, Regulation, and Enforcement (BOEM) announced that the agency is successfully completing the orderly close-out of the Royalty in Kind Program, which accepted oil and gas in lieu of cash as royalty payments on federal energy resources. Interior Secretary Ken Salazar (shown here with BOEM Director Michael Bromwich) stated that all existing contracts would be allowed to expire and no further Royalty in Kind sales would take place.

Download the complete report to Congress HERE.

Originally posted September 12, 2008: The fine folks who gave America the Teapot Dome Scandal are pleased to bring their fellow citizens a sizzling new take on government outreach, including sex, drugs, and lucrative consulting contracts. The lurid scandal, which centers on Interior’s Royalty in Kind program, was co-produced by Chevron, Shell, Gary Williams Energy, and Hess Corporation. Hundreds of articles covering this topic are available via Google News, but consider this post at SLATE, which has hyperlinks to the internal investigations by Interior’s Office of Inspector General.

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