The Land Report

2018.2

The Magazine of the American Landowner is an essential guide for investors, landowners, and those interested in buying or selling land. The award-winning quarterly is known for its annual survey of America's largest landowners, The Land Report 100.

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S U M M E R 2 0 1 8 | The LandReport 127 LANDREPORT.COM Turns out the Grizzly gobbled up so much cash early on that its backers never hosted a single auction. Not one buyer ever called in a bid via the state-of-the-art telephone system that reportedly cost hundreds of thousands of dollars. Buyers actually did purchase cattle off the ranch — at the dispersal sale. "Can you imagine that?" asks Rob Pfister. The Wyoming broker and his client were scouting Colorado's North Park basin when they discovered the then-bankrupt prop- erty. Pfister immediately sensed significant value in the distressed holding as well as its potential as a high-altitude cattle operation. The Grizzly Ranch's 8,686 deeded acres are augmented by 18,000 acres of BLM and State of Colorado leases along Highway 14. Substantial water rights facilitate produc- tion of roughly 5,000 to 7,000 tons of hay annually. More than 70 miles of irrigation ditches crisscross the property as do 16 miles of creeks and streams. The wildlife is nothing short of spectacular, thanks to the ranch's proximity to Arapaho National Wildlife Refuge as well as thousands of acres of state and national forests. Pfister's primary concern was whether or not a deal could be done. He did a little digging and found out that the Grizzly had once been listed for $24.95 million by Ren Martyn of Steamboat Sotheby's International Realty. Working together, the two brokers were able to shepherd the ranch from bankruptcy court into the hands of new owners. As a Wyoming attorney, Pfister's legal training proved essential. "The Grizzly Ranch was a very strange, very complicated bankruptcy sale. Definitely best in show. There were some title curative matters that we needed to resolve right up to closing," Pfister says. In March, the Steamboat Pilot identi- fied the buyer as Kallen Kimzey of Pine Bluffs, Wyoming. The Kimzey family owns ranches in Pine Bluffs and Glendo; in 2015, they acquired the Y Cross Ranch in Laramie County from the foundations that support the University of Wyoming and Colorado State University. The Pilot also noted the sale price of the Grizzly Ranch: $18.5 million, a hefty 25 percent discount off the original listing of almost $25 million. According to Pfister, his client's offer was based solely on the value of the land and the considerable land-related assets, including a substantial portfolio of water rights, mineral rights, and conservation opportunities. The 80-plus buildings on the Grizzly Ranch? Not a single dollar was assigned to them. BackGate Located in Jackson County, Colorado's North Park basin is home to the 23,464-acre Arapaho National Wildlife Refuge as well as the headwaters of the North Platte River, which begins at the confluence of the Grizzly and Little Grizzly Creeks on the Grizzly Ranch. SHUTTERSTOCK "The Grizzly Ranch was a very strange, very complicated bankruptcy sale. Definitely best in show." — Rob Pfister, Wyoming broker & attorney, Pfister Land Company

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