FROM Time to time, AgProperty Central likes to take a look at interesting grazing land assets in other parts of the world, for comparison with the property market at home. Click here to view an earlier article on a showcase cattle property in Paraguay.

In tonight’s episode, we look at a New Mexico (US) grazing aggregation called Great Western Ranch, one of the largest single landholdings in the country.

The 91,000 deeded hectares of country is typical extensive southwestern US cattle country, with an additional 44,000ha of state lease country and 68,000ha of Bureau of Land Management lease interspersed throughout the holding, giving a total land area of 204,000ha.

The ranch is owned by the family behind US residential construction giant, DR Horton, America’s largest home builder. The Hortons pieced together the ranch by snapping up three adjacent properties over the last decade. The first chunk alone, comprising 293,000 acres, set them back US$59 million in 2014.

Carrying an asking price of US$142 million bare of stock (about $212m in Aussie dollars, at current exchange rates), it works out at a price of around A$2300/ha for the 91,000 deeded hectares, or A$424/ha across the lot. Beast area values are somewhat irrelevant, for reasons explained below.

The ranch is located near the NM town of Quemado, south of Gallup and southwest of Albequerque, not far from the Arizona border.

Rainfall ranges from 12-20 inches (300-500mm) a year, which includes 80cm of snow.

Ranch management is currently and purposefully understocked, however 2000 pairs (cows plus calves) is an ‘ethical and sustainable’ number of livestock to run on a ten-year average, the marketing literature suggests. Typical weaning weights for steers average 250kg, while heifers average 235kg.

Owners and management plan to ship 1000 cows to Kansas in October, leaving around 900 cows available separately for purchase with the ranch. The cow herd has been developed extensively over the years, offering good genetics and a proper understanding of the ecosystem.

The lower parts of Great Western Ranch are abundant with a combination of sacaton, fourwing saltbrush, and winterfat that offers nutritious winter grazing opportunities. Oak brush, piñon, and ponderosa grow in higher elevations with juniper trees throughout.

There are 88 functional wells (the equivalent to bores in Australia), mostly either solar or electric pump-equipped. Additionally there are hundreds of dirt tanks, catch ponds, seasonal playas, ponds, small lakes, and stock tanks for livestock and wildlife watering.

The holding carries 3500km of fencing, including the perimeter, and more than 70 paddocks have been established for both beef cattle and game, allowing for ease of livestock handling and rotational grazing practices, support one of the largest livestock operations in the country.

“The improvements on the ranch are functional, not overdone; adequate housing is available, and numerous ranch outbuildings are available to accommodate the demands of a robust agriculture and wildlife operation fully,” the marketing literature says.

Internal road infrastructure has been developed to provide access to the remotest locations on the ranch.

The headquarters at Great Western offer a primary lodge, ranch manager’s home, foreman’s home, hired man home, separate office, storage barn, barn with pens, hay barn, equipment shop, new three-sided barn, and numerous agricultural outbuildings, and yards. There are a total of eight residences.

Game hunting

As is often the case with US grazing land assets, the marketing agents Hall & Hall place considerable emphasis on game hunting potential, rather than simply cattle production. This partly explains the light stocking rates applied.

“This area of New Mexico is renowned for its massive and natural growth of bull elk, mule deer, antelope and mountain lions, which attract hunters from all over the world. The ranch participates in a lucrative lease arrangement with Black Mountain Outfitters,” Hall & Hall marketing agent Jeff Buerger says.

Early habitation

Signs of early native American/Mexican habitation are evident in stone carvings and crude stone dwellings in some images.

“There is history here from the Anasazi and Spanish explorers to the early homesteaders and ranchers of today,” Hall & Hall says. “The ranch has historical and archaeological sites, including Anasazi petroglyphs, ruins, and the tumbled-down stone homes and corrals of New Mexico’s earliest homesteaders.”

Property taxes paid on the holding in 2023 were US$39,791, records show. The total cost of the State of New Mexico and BLM leases for 2023 was US$91,400.

Current ownership has been contacted by various renewable energy companies regarding the possibility of renewable energy projects, focused on wind and solar development.

“For the next owner, there may be considerable opportunity to further develop renewable energy,” marketers said.

 

Click here to view the full listing.