2026 – Grey Cliffs Ranch
One of Montana’s most notable recent luxury ranch transactions involved the off-market sale of the Grey Cliffs Ranch, a sprawling 6,220-acre legacy property south of Three Forks in Gallatin County. Listed at $33 million (after an initial 2023 asking price of $39.5 million and a 2024 reduction), the ranch closed in an exclusive private deal, highlighting the enduring strength of Montana’s high-end recreational and conservation-focused ranch market.
2025 – Anchor Ranch
In a landmark conservation transaction announced in September 2025, the American Prairie Foundation (a Bozeman-based nonprofit dedicated to prairie ecosystem restoration) acquired the Anchor Ranch in Blaine County, Montana, along with two adjacent properties. The purchase, finalized in August 2025, marks the organization’s second-largest land acquisition in its 24-year history and expands its managed holdings (private and leased public land) to over 600,000 acres.
The Anchor Ranch encompasses 67,960 acres total, including 22,837 deeded acres and 45,123 leased acres, located about 69 miles southwest of Havre in the Upper Missouri River Breaks region. Originally listed for sale in 2022 by previous owners, Texas billionaires Dan and Farris Wilks (via Wilks Ranch Brokers), at approximately $35.97 million, the final purchase price was not publicly disclosed.
This deal is particularly significant for its impact on public access: The property controls a key section of Bullwhacker Road, which had been gated and closed for years, blocking access to nearly 50,000 acres of adjacent public land in the Upper Missouri River Breaks National Monument area. American Prairie immediately reopened a 3.8-mile portion of the road, restoring perpetual public access for recreation, hunting, exploration, and other uses—ending long-standing disputes and controversies over the closure.
The acquisition protects critical wildlife habitat in this ecologically and culturally important landscape while advancing American Prairie’s mission to assemble a large-scale nature preserve supporting native species, including bison. As CEO Alison Fox stated, it represents a “once-in-a-generation opportunity” to secure exceptional land and return access to the public.
2024 – Camas Creek Cattle & Sheep Company
In one of Montana’s priciest recent ranch transactions, the historic Camas Creek Cattle & Sheep Company—a working cattle operation spanning roughly 30,000–37,000 acres in Meagher County—sold for more than $50 million. The deal, reported widely in outlets like The Wall Street Journal, closed after the property was listed for $58.75 million less than a year prior.
The ranch, located between the Little and Big Belt Mountain ranges near White Sulphur Springs (about 30 minutes from town and two hours from Bozeman), had been owned and operated by the Doggett family for over 100 years, with roots tracing back to the early 1900s when Jock Doggett’s great-grandfather began assembling the land. It supported a commercial cattle herd of around 1,800 head (primarily Angus), featured live water resources, irrigated pastures, three residences (including the circa-1896 Yellow House), and a legacy of multi-generational ranching excellence.
2021 – Beaverhead Ranch
In one of the most significant ranch transactions in Montana history, media mogul Rupert Murdoch and his wife, Jerry Murdoch, acquired the iconic Beaverhead Ranch from Matador Cattle Co., a subsidiary of Koch Industries. The sale, reported at approximately $200 million, surpassed the previous record set by the Climbing Arrow Ranch earlier that year and remains the largest ranch deal in the state by both size and price.
The property spans about 340,000 acres in total (including 113,000 deeded acres and grazing rights on roughly 226,000 leased public acres), covering more than 500 square miles across southwest Montana near Dillon and west of Yellowstone National Park. This expansive working cattle ranch supports thousands of head (with capacity for around 7,000–10,000 cow-calf pairs), abundant wildlife (including elk, antelope, and more), varied terrain across three mountain ranges, and housing for ranch staff and families.
Originally purchased by Fred Koch in 1951 and built over seven decades into a premier operation, the ranch was sold in a private, off-market deal. Brokers included Hall & Hall (representing both sides in various reports) and local partners. Murdoch expressed a commitment to stewardship, enhancing the commercial cattle business while preserving conservation values.
2021 – Sale of Climbing Arrow Ranch(CA Ranch) Listed for $136.25 Million Breaks Montana Record
A prized and historic ranch in Montana that was listed in the spring of 2021 for over $136 million closed in September 2021 for close to its asking price — a record price for the state of Montana. Renowned for its bull elk hunting and trout fishing and featured in the 1992 movie “A River Runs Through It,” Climbing Arrow Ranch spans roughly 80,000 acres (a footprint that’s twice the size of the New York City borough of Brooklyn) spread across four counties in Montana: Gallatin, Broadwater, Madison and Meagher.
2021 – Heart K Land & Cattle Company near Livingston, Montana(Listed for $24.95 Million)
Heart K Land & Cattle Company encompasses 1,943 ± acres of lush river bottom in the shadows of the Absaroka Beartooth mountains of South West Montana. It is directly adjacent to Livingston, which is well renowned for its western culture and charming atmosphere. This property is multifaceted with exquisite equestrian, luxury improvements, riverfront, development/conservation and agricultural components. Heart K Land & Cattle Co. offers its new owner the ideal combination of privacy, cultural vibrancy and recreational pursuits, located a short five-minute drive from Livingston, Montana. Heart K is an oasis of understated elegance, unparalleled facilities and natural enjoyment. With rugged Livingston Peak as a backdrop, the famed Yellowstone River forms the northern boundary of the ranch for over five miles. The Yellowstone River has been designated as a blue-ribbon wild trout fishery. The rich habitat also supports the full spectrum of wildlife including whitetail deer, antelope, turkey, waterfowl and upland bird.
2021 – Horsethief Basin Ranch near Lewistown, Montana(Listed for $19.5 Million)
Horsethief Basin Ranch is 7,000± contiguous acres of grasslands and timberlands, easily capable of supporting 500 cow-calf pairs, with a tried and trusted manager in place to handle the entire operation. The ranch could also work as summer pasture for yearlings, which require less manpower and time. The ranch has 23 miles of fence, and a spring has been developed to create reliable water sources without damaging the riparian zones.
2021 – Lone Mountain Land Company acquires Marlboro Ranch from Phillip Morris
Phillip Morris, which is owned by Altria Group, purchased the 18,000-acre Montana ranch in 1999. Lone Mountain Land Co. is a private equity firm that owns other resorts in the state including the Yellowstone Club, Spanish Peaks Mountain Club, and Moonlight Basin in Big Sky. Marlboro Ranch was known as Crazy Mountain Ranch before Philip Morris USA bought and renamed the property. It’s a working ranch with myriad hospitality facilities. The property has 20 buildings including a two-story hotel, mining office, bank, sheriff’s office, saloon and spa. Lone Mountain Land Co. said it would operate the cow-calf operation on the ranch as well as its hospitality business.
2021 – The Milligan Canyon Ranch near Three Forks, Montana(Listed for $18.5 Million)
The Milligan Canyon Ranch is a well watered, 11,118± total (10,997 deeded) contiguous acre spread ideally located just 30 minutes west of Bozeman and only minutes to charming town of Three Forks, Montana.
2020 – The Mantle Ranch near Dillon, Montana(Listed for $11.995 Million)
The Mantle Ranch consists of approximately 3,200 acres just North of Dillon, MT. This beautiful ranch is loaded with agricultural components making it a very strong candidate for a hay base and winter grazing. The Mantle’s location in one of Montana’s most mild climates, the addition of a warm spring, and the ability to graze cattle with little to no hay, make perfect sense to anyone looking to streamline their operation and reduce labor. In addition to the strong agricultural component, the Mantle ranch offers an equally strong recreational component. Excellent big game hunting is found right of the property with the potential of adding upland bird and waterfowl hunting.
2019 – The 5 Bar 6 Ranch in Paradise Valley, Montana(Listed for $14.9 Million)
The 5 Bar 6 Ranch is an extraordinary property located in the Mill Creek area of Montana’s famed Paradise Valley. At the crossroads of incomparable luxury and unspoiled wilderness, the 5 Bar 6 offers sanctuary from the outside world yet is just 25 miles from downtown Livingston. World-class amenities, sterling recreational attributes and extensive adjoining National Forest lands create a grand lifestyle accessible all year round. Approximately 2 miles of pristine Mill Creek flow through the ranch offering exceptional fly fishing. Three homes & 2 vintage cabins provide a total of 17 beds and 18.5 baths. Beautiful equestrian facilities, irrigated meadows, bountiful wildlife and striking views of mountain peaks dominate this magnificent +/- 240-acre property.
2018 – The Lazy TP Ranch near Whitehall, Montana(Listed for $24.5 Million)
The Lazy TP Ranch is the idyllic and unabridged Montana Ranch holding spanning 10,906+/- total acres of diversified landscapes in the highly desired Jefferson River Valley of Southwest Montana. Over 4.65+ miles of the Jefferson River flows through the ranch, that teems with wildlife and gives access to excellent private fishing along with outstanding waterfowl, upland bird, and whitetail deer hunting.
2018 – The Deep Well Ranch near West Yellowstone, Montana(Listed for $14.995 Million)
Deep Well Ranch, 1580 acres. The largest contiguous ranch inholding in Hebgen Basin, adjacent to National Forest Service and Yellowstone National Park is within 5 minutes. Ranch homesteaded in the late 1940’s by Charles Hamilton who started the Hamilton Stores in Yellowstone National Park and it has remained in the family until now. Two trout filled streams (Denny Creek and Buttermilk Creek), Artesian well and pond with second spring fed pond that flows into the Southfork of the Madison River. Water rights convey. 300 pair of cattle are grazed each summer. Meticulous attention to maintenance and every detail of the ranch has been managed from noxious weed mitigation to archiving the historical artifacts from the family trading with the trappers and native americans that came through in the late 1800’s to mid 1900’s (convey’s with purchase). Antique wagon collection and 1800’s working bar, 2 main homes, barns, equipment, VRBO rental homes and Employee housing tracts also convey.
2012 – Billionaire Stan Kroenke Buys $132.5 Million Broken O Ranch
The 124,000 acre Broken O Ranch is one of the largest agricultural operations in the Rocky Mountain West. The ranch was created by William and Desiree Moore, the late founders of the Kelly-Moore Paint Company. Located near Augusta, Montana the Broken O took nearly 25 years to assemble resulting in a massive property that stretches 20 miles along the Sun River and spans three counties. It’s the largest irrigated farm in the state of Montana, boasting extensive water rights. Annually, it produces 700,000 bushels of small-grain crops and 25,000 tons of alfalfa hay. One of the top commercial cattle operations in the Rocky Mountains, livestock includes 3,500 “mother” cows, 800 replacement heifers and 175 range bulls. The ranch was being marketed as turn-key, meaning machinery, staff and business arrangements would pass on to the new owner intact.
