Farm Progress

Just what does it take to make money buying Wyoming land for a crop or cattle operation?

Robert Waggener

March 1, 2017

2 Min Read
EXPANSION TIME: A neighboring ranch family purchased this pasture in Wyoming.

Can you still buy a farm or ranch in Wyoming and make crops and cattle pay their way?

“You can make a farm or ranch pay if you have a pretty high-percentage equity position, if you don’t have a lot of debt, and if the livestock and commodity markets are strong,” says John Pearson, owner-broker of Pearson Real Estate Co. in Buffalo, Wyo.

“A lot of it also comes down to how good of a manager you are. In my opinion, that plays very heavily into success.”

And it’s also about that old saying: “Location, location, location.”

The state of Wyoming recently sold 640 acres of grass- and sage-covered state trust lands within Grand Teton National Park to the federal government for $46 million — a staggering $71,875 per acre. Compare that to the following two ag land sales in less scenic areas of the state:

Northeast Wyoming
A neighboring ranch family purchased the 1,612-acre Oran Pasture, about 40 miles southeast of Gillette in Campbell County, for $564,323, or $350 per acre.

This was 5.9% below the asking price of $600,000.

“There was tremendous interest in this property. There were another bona fide six buyers, and they were all in-state ranchers,” Pearson says. “It’s pretty good grazing land for livestock.”

Burch Ranch Co. purchased the pasture from the Oran family, which had been leasing the land for a number of years.

“This property set within the Burch ranch, so it was a very nice add-on for the family,” Pearson says.

The pasture, which is strictly rangeland, has an estimated carrying capacity of 400 animal-unit months. The only amenities were one windmill and two reservoirs.

The area has good populations of pronghorn antelope and mule deer, which was an added appeal.

Southeast Wyoming
A couple who have agriculture and other business entities in Colorado purchased the Luman Creek Ranch, 14 miles west of Wheatland in Platte County.

They acquired 1,040 deeded acres for $655,000, or $630 per deeded acre. This was 6.4% below the asking price of $699,500.

The land has historically been used as winter and spring pasture. The transaction included 40 Bureau of Land Management lease acres, a modest home, good livestock working facilities, a seasonal creek and marginal water rights, Pearson says.

“The water is used to subirrigate pastures, and in the past no hay has been put up,” he says.

Purchasing the ranch were members of the Kasperbauer family, who were attracted to Wyoming’s rural population and appealing tax structure. This was an estate sale by the Peterson family.

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