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 Top Ten – March 2011

Here are America’s priciest properties for March. Dana Ranch, pictured here, is a landmark holding that has had just two owners in the last 95 years and is listed by Dave Johnson with Hall and Hall.

1. Rancho Dos Pueblos: $90 million
This impressive oceanfront parcel is on the market for the first time in three decades. Spanning 2,175 acres just west of Santa Barbara, California, it’s one of the largest remaining ranches along the breathtaking Gaviota Coast. The 2,000 northern acres are available separately for $19 million. Kerry Mormann & Associates has the listing.

2. Aspen Valley Ranch: $59 million
Billed as the largest ranch near Aspen in the Roaring Fork Valley, this ranch boasts senior water rights as well as over 800 acres and is located just 10 minutes from the Aspen airport. Joshua Saslove of Joshua & Co. has the listing.

3. Robert Taylor Ranch: $56 million
112 acres in Los Angeles’s tony Brentwood enclave. The expansive ranch house, which was designed by Robert Byrd, features 17 bedrooms and 17 bathrooms. Joyce Rey of Coldwell Banker Previews International has the listing.

4. Hana Ranch: $55 million
This 4,500-acre working ranch on eastern Maui surrounds the town of Hana. The property boasts two miles of Pacific oceanfront and rises 2,200 feet up the slopes of majestic Haleakala. Dan Omer of Island Sotheby’s International Realty has the listing.

4. Rockpile Ranch: $55 million
At the Rockpile Ranch, the Old West and cutting-edge range management blend seamlessly. For only the third time in over a century, this 55,374-acre cattle ranch in the Davis Mountains of Far West Texas has come on the market. Since 1992, the Rockpile has been owned by McCoy Remme Ranches (No. 51 on the 2010 Land Report 100). James King of King Land and Water is the listing agent.

6. Flying Dog Ranch: $46 million
This Aspen landmark sits on 245 acres that include nearly a mile of Collins Creek and Woody Creek. In addition, the Flying Dog has a great neighbor: the White River National Forest, whose two million acres feature some of Colorado’s top fishing and hunting. Lynne Kirchner of Amoré Realty has the listing.

7. Dana Ranch: $45 million
Over the last 95 years, this landmark holding has had just two owners. The Dana Ranch has won numerous conservation awards. The ranch supports 3,000 animal units on 59,000 total acres (45,000 deeded plus 14,000 acres of captive State leased lands). The profitable cattle operation also boasts extraordinary wildlife and fishery resources. Listed by Dave Johnson with Hall and Hall.

8. Craig Ranch: $43 million
This 838-acre ranch sits 20 minutes from Aspen, offers stunning views of the Elk Range, and features one mile of frontage on both sides of Woody Creek. Co-marketed by Mason Morse Ranch Company and Mason Morse Real Estate’s Aspen office.

9. Villa Montana: $35 million
Piecing together 500 acres in California’s wine country is an achievement in itself, one that only a pro such as Joe Montana could pull off. Included on the Hall of Famer’s estate are an equestrian center, a full-sized basketball court, a working olive farm, and a 9,700-square-foot Tuscan-inspired residence. Avram Goldman of Pacific Union International has the listing.

10. Dallenbach Ranch: $29 million
130 deeded acres surrounded by BLM and Colorado Division of Wildlife with Frying Pan River Frontage, Dallenbach Ranch is close to Basalt and Aspen Colorado. The ranch boasts Gold Medal private fly fishing on the Frying Pan with exceptional Elk, Big Horn, Mule Deer and Black Bear hunting. Fay Ranches has the listing.