Sold! Nebraska’s Circle Cross Ranch

Update 12/2011

Forty-three minutes into the auction, the entire Circle Cross Ranch in Valentine, Nebraska sold for $11.75 million. The winning bidders, cattlemen Danny Weinreis of Minatare, Neb., and Gene Weinreis of Golva, N.D., along with their brothers, plan to continue operating Circle Cross as a cattle ranch. According to Danny Weinreis, “It’s really great cattle country here. We’re cow-calf operators. That’s what we’re looking for: a good feed base and a place to run mother cows.”

Auctioned by Hall and Hall, the auction attracted some of Cherry County’s largest landowners and about 30 bidders from across the country.

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Nestled in the Sandhills region of Northwestern Nebraska lies the spectacular 40,520± acre Circle Cross Ranch. Tucked in against the Niobrara National Scenic River, the Circle Cross  is located about 20 minutes southwest of the Nebraska town of Valentine. The Circle Cross includes 12,020± deeded acres, a 16,500± acre permit in the McKelvie National Forest, 3,400± acres of private and state lease,  and some 8,600± acres of additional private leases.

The ranch is irrigated by several wells on the property as well as pumps drawing water from the Niobrara. Approximately 1,100 acres of the ranch are irrigated through 7 pivot irrigation systems. The water is of excellent quality and abundant. Several stock tanks and ponds also dot the landscape around the ranch.

Cattle thrive on the Circle Cross’s vast grasslands and prairies. In addition, hay, corn, and other crops can be easily grown thanks to the well-developed irrigation system on the property.

Driving through the ranch you’ll find open plains, rugged terrain, and scenic trails following the river and through its many wooded areas. The land use permits on the adjacent Samuel R. McKelvie National Forest add additional grazing and recreational opportunities.

The Circle Cross is an ideal setting for operating a cattle operation, for crop production, or for a country gentlemen’s ranch and getaway.

Date: 10:00 a.m. Central Time, December 2, 2011

Location: Valentine, Nebraska

For more information or to receive a detailed brochure:
Hall and Hall Auctions
(800) 829-8747
www.HallandHall.com 

Ask the Expert: Chip Lenihan

2011 Market Update: Chip Lenihan has been fly-fishing Colorado’s best waters for 40 years. His side gig? Running the Telluride office of Fay Ranches as lead broker. The Land Report turned to this former mayor of Telluride for an update on today’s recreational properties market.

Describe today’s market in one word.
Value.

How is that manifested?
Buyers are willing to sit back and wait until they get real value for their money.

Who’s driving today’s market?
The biggest part of my business is families. Men tend to drive the decision-making on hunting properties and ag land, and women trend more in the direction of resort sales, ones that are closer in to town and that feature more amenities. But come rain or shine it’s families who are looking to enjoy the sort of lifestyle you can only find out in the great wide open.

What’s been the biggest surprise of 2011?
The number of investors parking their money in land. The capital is out there. But after what happened in 2008, no one is in a hurry to put it in traditional markets.

Elaborate.
Five years ago, land was a hot commodity. Everybody wanted to get on board before the train left the station. And that brought a lot of buyers with short-term horizons into our market. Today, investors recognize the value inherent in current markets. A good number of them are looking at land as a smart buy, one with proven returns, long range stability, plus big upside from a personal standpoint.

Public land. Do buyers want to border national forest or BLM, or should they steer clear?
Great question. if you’re scouting a potential property and it borders public land, it’s absolutely essential to determine how intensely it’s used. Are you up against an unused corner of a national forest? Great. That will add a 10% to 20% premium to the value of your property. Does a hunting outfitter operate a base camp right across your fence line that’s going to bring in 25 guns for deer and elk season? Might not be your cup of tea.

Ashe Takes Oath as Fish & Wildlife Director

Dan Ashe was sworn in as the 16th director of the U.S. Fish and Wildlife Service on June 30. President Obama had nominated Ashe to head up the nation’s principal federal agency dedicated to the conservation of fish and wildlife and their habitats last December. Thanks to his father’s 37-year career at Fish and Wildlife, Ashe is in fact a lifelong veteran of the service. After receiving his Master’s degree from the University of Washington, the Atlanta native spent 13 years working on Capitol Hill before joining Fish and Wildlife. He subsequently served as the service’s assistant director for external affairs from 1995 to 1998, as the chief of the National Wildlife Refuge System from 1998 to 2003, as science advisor to the director of the service from 2003 to 2009, and, most recently, as the service’s deputy director for policy.

Said Interior Secretary Ken Salazar, “Dan Ashe has served with distinction and integrity in the Fish and Wildlife Service for more than 15 years. He has worked tirelessly to prepare the Service to meet the resource challenges of the 21st century, and his leadership and vision have never been more necessary. I’m excited to work with him to foster innovative science-driven conservation programs and policies to benefit our nation’s fish and wildlife and its habitat.”

Said Ashe, “I’m humbled by the trust that the Secretary and the President have placed in me, and most of all, by the responsibility of leading the finest wildlife conservation organization in the world. As director, I will strive to create an atmosphere where we can bring to bear our collective imagination, our tenacity, and our commitment to public service to address today’s challenges to the future of our nation’s fish and wildlife heritage.”

Read more HERE.

 

Land Report July 2011 Newsletter

There’s a lot of ground to cover in the July edition of The Land Report newsletter: auctions, equities, timberland, and several political developments affecting landowners, ranging from the passage of key legislation by the Texas Legislature to the appointment of Dan Ashe to head the federal agency that many landowners know on a firsthand basis, the U.S. Fish and Wildlife Service.

From a research standpoint, a new frontrunner has emerged atop The Land Report Top Ten, which features the country’s leading investment quality land listings. Count on The Magazine of the American Landowner to follow the $100 million listing of Wyoming’s Walton Ranch by Ranch Marketing Associates in the months ahead.

For more up to the minute reports on listings, sales, and countless other stories pertaining to land and landowners, be sure to follow The Magazine of the American Landowner on Facebook and Twitter.

P.S. Our award-winning quarterly magazine is available in a print version via subscription.

 

For Sale: Vermont’s Teal Farm

Set at the western base of Camels Hump State Park, Teal Farm is a world unto itself.  Its 500 acres includes a sustainably-managed northern hardwood watershed with streams, pond, wetlands, extensive trail network, waterfalls, and mountain pastures.  The forest provides much of the property’s bio-fuel, as well as ideal wildlife habitat.  The fenced pastures support a mixed herd of grass-fed Devon and Angus cattle that is rotationally grazed, which adds to the healthy stewardship of the land.  The property has a 100-year master plan, which includes a 10-acre permaculture orchard, believed to be the largest in North America, featuring fruits, nuts, fuel-wood, berries and fertilizing groundcovers that grow in sculpted microclimates around the buildings.

The property is an integrated, ecologically-designed farmstead that was created as a prototype for perpetual food, building and energy systems that are responsive to climate change, fluctuating energy supplies and a shifting global economy.  The flagship project of not-for-profit foundation LivingFuture, Teal Farm is located in the Green Mountain State of Vermont and is being offered for sale to support LivingFuture’s next project.

Founder and Executive Director Melissa Hoffman describes LivingFuture’s work as “living systems design.” It is an approach that strives to mimic natural processes and evolutionary dynamics in the re-design of physical and cultural infrastructures so that they become perpetually life-enhancing and foster creative, adaptive communities at local and global scales.  Melissa believes that our actual survival is at risk, and as such it falls on us to begin the project now, to invent the structures, both physical and cultural, internal and external, which will allow our species, and the system of life as whole, to thrive beyond the enormous challenges we are only beginning to encounter.  To that end, her foundation undertook the Teal Farm project, whose mission is “to create an ecologically intelligent food, energy and building system that perpetually enhances the environment and serves the evolution of its occupants”.

The farm complex includes an 8,000-square-foot, green-designed, farmhouse that dates back to 1865. Other improvements include an iconic 12,000-square-foot Douglas Fir-framed energy barn that houses the property’s state-of-the-art renewable energy and heating system, a converted post-and-beam barn apartment studio, a caretaker’s residence, and a utility barn/garage.  The farmhouse and energy barn set a whole new standard for green design and construction by running on renewable energy systems that marry cutting-edge technology with exquisite design and craftsmanship.

Teal Farm is a place of inspiration, a creative retreat, and a living laboratory intended to support innovation around issues of global importance.  Tucked away in a charming New England town, Teal Farm is only one hour by plane from Boston and New York City. The property is not protected from future development, leaving conservation tax advantages available for the next steward to explore.

$15,495,000
(802) 434-7798
www.EarthAsset.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.

Land Report January 2011 Newsletter

2011 has shot out of the gate in a hurry. In the last 60 days, we’ve tracked in excess of $100 million in high-profile closings. (Remember 2009? As I recall the figure about this time two years ago was closer to $100,000.)  Easements, auctions, sales – the year is off to a rousing start and some of the more notable transactions, including the sale of the N Bar Ranch, are featured in our January Land Report newsletter.

Thanks to rising prices, inflationary fears, and a strong pipeline, expect this pace to continue into the spring. For more up to the minute reports, follow The Magazine of the American Landowner on Facebook and on Twitter.

P.S. Our award-winning quarterly magazine is available in a print version by subscription.

Sold! Boot Jack Ranch Goes for $47 Million

One of the country’s premier listings, Colorado’s Boot Jack Ranch, sold earlier this month for $47 million. Originally listed at $88 million more than two years ago, the price had been subsequently lowered to $68 million. The Pagosa Sun reports a sales price of $47 million, a reduction of almost 50 percent off the original asking price.

David and Carol Brown were the sellers. According to listing broker Bill Fandel of Peaks Real Estate Sotheby’s International Realty in Telluride, the buyer is a Colorado L.L.C. owned by a high net worth individual who plans to keep the Boot Jack intact and not develop it. “We hoped that the buyer would be an end user who would really want to preserve that valley. That’s definitely the case,” says Fandel.

Set at a base elevation of almost 8,000 feet about sea level, the Boot Jack features unmatched views of the San Juan Mountains, world class fly-fishing, and numerous improvements. The 3,151-acre tract is surrounded on three sides by the San Juan National Forest and Weminuche Wilderness and includes seven miles of the West Fork of the San Juan River and Wolf Creek. Two existing conservation easements total 1,322± acres. Six lakes and several ponds all connect to the San Juan. The main residence is a four-bedroom 13,825-square-foot sanctuary with countless amenities, including a library, two private offices, seven fireplaces, and a 1,500-bottle wine cellar. Four additional log cabins accommodate up to 18 guests. Structures on the ranch total 77,200 square feet.

One of the most important assets of the Boot Jack are its senior water rights of 103± CFS, which would yield approximately 70 million gallons per day when fully utilized. At present, 1,162 acres of pasture are irrigated. The ranch enjoys 200 inches of snowfall annually and is situated in close proximity to Wolf Creek Ski Area via U.S 160. Plentiful wildlife roam the ranch, including bear, elk, deer, and turkey; approximately 800 head cattle are pastured each summer.

“There’s a lot of listings out there but only a few truly remarkable pieces of property come on the market,” says Fandel. “The Boot Jack was one of them.”

Read the Pagosa Sun report HERE.

$500 Million Everglades Deal Postponed Again

Florida Gov. Charlie Christ is getting a lesson that real estate brokers know all too well: big deals take time.

It’s been almost two years since Christ announced the $1.75 billion purchase of 187,000 acres in the Florida Everglades from United States Sugar. Since then the economy has tanked and the purchase price has been lowered twice: to $1.34 billion and now $536 million. In each instance, the number of acres has also fallen: first, to 180,000, and, in the most recent iteration, to 72,500. Faced with a March 30 deadline, the governing board of the South Florida Water Management District voted 9-0 to extend the closing for another six months.

An added element to the high-profile transaction was an in-depth front-page story in The New York Times last week that questioned many deal points, including the cost per acre, which The Times suggested is much too high, the tracts themselves, which The Times suggested include some of the least valuable belonging to U.S. Sugar, and the purpose of buying six separate tracts without reaching out to Florida Crystals, United States Sugar’s chief competitor and the owner of key blocks of adjacent land.

But the principle focus of the article was how Gov. Christ’s plan to save the Everglades will instead rescue United States Sugar. Since its publication, supporters and detractors have descended upon the media with their own interpretations of the deal.

Read more from a gubernatorial candidate who opposes the purchase HERE.

Read more about environmentalists who support the purchase HERE.

Historic Dahlstrom Ranch Conservation Easement Finalized

A conservation easement of historic proportions was purchased in the heart of the Texas Hill Country only a short drive from the Capitol of Texas. Hays County, the City of Austin, and the Hill Country Conservancy (HCC), with funding from the federal Natural Resources Conservation Service (NRCS), came together to purchase a conservation easement on the historic Dahlstrom Ranch, a 2,254-acre privately-owned holding located outside of Buda. This rare collaboration between a private landowner, county, federal agency, and city took shape in 2007 and will be the first private land preservation agreement of its kind. The privately-owned ranch will have the unique distinction of providing a 384-acre area for public education and nature programs proposed by a public access committee led by the National Parks Service and managed by Hays County.

“Through this conservation easement, Gay Dahlstrom, in partnership with Hays County, as guided by Precinct 2 Commissioner Jeff Barton, NRCS, HCC, the City of Austin and many others, has ensured that a majestic piece of the Texas Hill Country will not only survive, but allow our native wildlife and natural resources to thrive,” said David Braun of Braun & Associates, attorneys for Gay Dahlstrom. “Gay is an exceedingly modest and private person, but today she and her family have set a proud and important example for all conservation-minded Texas landowners.” The family’s history on the property dates back five generations. The Dahlstrom Ranch on Onion Creek has played an impressive role in Hays County’s heritage. The property also plays a key role in the area’s overal well-being thanks to its abundant aquifer recharge. The historic ranch features an impressive system of caves and sinkholes that directly convey clean water to the aquifer. Also, following a reduction in livestock grazing in 2005, the ranch’s wildlife habitat and native grasses have staged a welcome comeback.

In recent years, the Dahlstroms, like many other Texas families, were faced with the decision on whether to begin selling off their land to developers in order to pay estate taxes. Gay Dahlstrom chose to preserve the family’s heritage and legacy, retaining Braun & Associates to guide her through the process of obtaining a conservation easement that enabled her family to keep the ranch intact. This contract between property owner and conservation organization, while providing critical tax incentives, also allows the owner to protect the water resources, wildlife habitat, natural character, and other conservation values of the land. A conservation easement restricts the amount and type of development allowed on the property, and conveys the right to enforce these restrictions in perpetuity, while preserving the right to traditional agricultural uses and limited residential use.

“This partnership provides multiple benefits, keeping this land intact for the family’s ongoing use and enjoyment while preserving the unique caves and other karst features of the ranch and furthering enhancement of its ecology and wildlife”, said Frank Davis, Director of Land Stewardship at HCC.

“I am very pleased we are able to partner with Hays County and Hill Country Conservancy on this important project,” said City of Austin Mayor Lee Leffingwell, a longtime supporter of the use of voter-approved bonds designated for the acquisition of open space.  “As our region continues to grow, it is important that we lead in the effort to protect our natural resources, and acquisitions like this one ensure we are doing our part to protect and enhance our environment, particularly our water quality, and the heritage of the Aquifer region and Texas Hill Country.”

Gay Dahlstrom’s son, Jack Dahlstrom Jr., has plans for ecotourism and nature and wildlife-related art exhibits on the property, with the ultimate goal to further the community’s understanding of, and respect for, the area’s heritage and environment. The Dahlstrom family has a long-term plan for continuing to restore the land and its native wildlife. “At the end of the day, my mother did this because she loves this land and appreciates all that it has given us,” said Jack Dahlstrom Jr. “Now, it’s our family’s turn to give back to the land, and we appreciate the efforts of everyone who worked so hard to help us make that happen.”

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