PENWELL PRESERVE
Belgrade, Montana $3,300,000 150± Acres
INTRODUCTION Spanning 150± acres beneath the dramatic silhouette of the Bridger Mountains, Penwell Preserve is a finite Montana offering where working agricultural land and premier wildlife habitat come together just minutes outside downtown Bozeman. Protected under a conservation easement held by the Montana Land Reliance, the property carries a legacy of stewardship that will ensure its open pastures and natural character endure for generations to come. This offering represents a rare opportunity to secure a legacy landholding in one of Montana’s fastest-growing regions, where development pressure continues to reshape much of the surrounding landscape. The property enjoys sweeping views of the Bridger Mountains within a highly desirable Gallatin Valley location, with the East Gallatin River situated just beyond the property boundary and only a short walk away. The land has been strategically planted to support both agricultural production and wildlife habitat. Open fields have traditionally been planted in alfalfa hay, barley, and sorghum, while rows of basin wildrye provide valuable nesting and cover for wildlife. Together, these plantings create exceptional habitat for pheasants, waterfowl, and whitetail deer. Penwell Preserve delivers a true sportsman’s setting right outside its own back door. Beyond its recreational appeal, the Montana Land Reliance conservation easement allows for a singlefamily residence, along with additional improvements such as barns, stables, corrals, grain silos, hay and feed storage buildings, fencing, duck blinds, warming huts, and ponds. This flexibility ensures the property can support both agricultural operations and recreational infrastructure while preserving the open character that makes it so special. It is a rare chance to own a piece of the valley’s storied ranching heritage.
Penwell Preserve | Belgrade, Montana
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QUICK FACTS •
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150± acres of unimproved agricultural and sporting land in coveted Gallatin Valley location, only 15± minutes from downtown Bozeman Carefully managed farmland, complemented by Basin Wildrye strips that provide valuable nesting and cover habitat, supports healthy populations of pheasants and whitetail deer while also attracting a variety of waterfowl Tillable, sub-irrigated acreage has historically been planted to alfalfa, barley, and sorghum, generating meaningful farm lease income The East Gallatin River is located just a few steps off the property Sweeping views of the Bridger Mountains Conservation easement with Montana Land Reliance, allows for a singlefamily residence, along with other nonresidential structures 15± minutes to Main Street Bozeman 30± minutes to Briger Bowl Ski Area 1 hour and 15± minutes to Big Sky Resort 2± hours to Yellowstone National Park
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Penwell Preserve | Belgrade, Montana
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ACREAGE Penwell Preserve encompasses 150± acres of productive agricultural land set against the striking backdrop of the Bridger Mountains. The acreage supports a leased farming operation traditionally planted to barley, alfalfa hay, and sorghum. Basin wildrye cover strips are integrated throughout the property, complementing the agricultural use by providing valuable nesting, cover, and forage habitat for upland birds, waterfowl, and whitetail deer. Positioned in one of the area’s most desirable locations, the land benefits from its proximity to the East Gallatin River. Together, It’s excellent location in the Gallatin Valley, it’s working ground and its wildlife value make this a rare and versatile Montana holding.
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Penwell Preserve | Belgrade, Montana
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RECREATION SPORTING | WILDLIFE The property’s defining strength is its rare combination of exceptional sporting value and immediate proximity to Bozeman. Few properties offer this caliber of wildlife habitat, river access, and year-round recreation while remaining just minutes from one of Montana’s most desirable communities. The East Gallatin River corridor has long been recognized as a coveted and carefully managed sporting landscape. On the property, a significant wild pheasant population provides excellent upland bird hunting, while waterfowl consistently use the agricultural fields and river corridor. A strong population of mature whitetail deer further distinguishes the property and creates meaningful big-game hunting and wildlife-viewing opportunities. The East Gallatin River lies just steps from the property, providing immediate access to an outstanding fly-fishing resource. The river supports healthy trout populations, including sizable brown trout, allowing an owner to enjoy productive fishing within moments of leaving the property. The property is also well positioned within one of the West’s most renowned fly-fishing regions. The Madison, Gallatin, and Yellowstone rivers are all within approximately 15 to 45 minutes by vehicle, offering access to three of the world’s most celebrated trout fisheries. Each is known for its scenic character, strong populations of wild trout, and the opportunity to pursue fish of exceptional size. Beyond the property boundaries, extensive public lands and the nearby Bridger Mountains provide access to an even broader range of outdoor pursuits. The western slopes of the Bridgers support elk, mule deer, moose, black bear, and mountain lion across a diverse landscape of open meadows, timbered slopes, and rugged mountain terrain. Taken together, the property offers a compelling sporting package: upland birds, waterfowl, whitetail deer, immediate access to the East Gallatin River, and convenient proximity to several of Montana’s premier trout fisheries and expansive public lands. Its close proximity to Bozeman makes this combination 6
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particularly difficult to replicate, providing the privacy and recreational character of a Montana sporting property without sacrificing access to dining, services, commercial air travel, and the broader amenities of the Gallatin Valley.
Penwell Preserve | Belgrade, Montana
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RECREATION CONTINUED SKIING & SNOWBOARDING Bridger Bowl Ski Area is a tremendous asset to the Bozeman community and only 30± minutes from the property. Considered “Bozeman’s own resort”, Bridger Bowl offers an intimate atmosphere where tickets are affordable, and the skiing is fantastic. Eight lifts service 2,000 skiable acres with a 2,600-foot vertical drop. Four lodges give skiers plenty of room to warm up and refuel. Jim Bridger Lodge and Saddle Peak Lodge are in the base area, and Deer Park Chalet and Alpine Cain are at mid-mountain. Big Sky Resort, located a hour and fifteen minutes from the property, is an international destination for skiers, snowboarders, and summer vacationers. In the winter, Big Sky Resort offers 5,859 skiable acres, 4,350 vertical feet, and 38 lifts. Summer is just the right time to enjoy a round of golf, fly fish the Gallatin River, or explore miles of the National Forest by foot or horseback.
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Photo not taken on property
Photo not taken on property
OTHER RECREATION One of the most appealing aspects of living in Bozeman is the access to an extensive network of nearby trails. The property is near the base of the Bridger Mountain Range, providing a gateway to the expansive trail system and a variety of hiking routes just a short drive from the property. Popular biking routes near Bozeman include Truman Gulch, Corbly Gulch, Bangtail Divide, and Mystic Lake, all located approximately a 10–20 minute drive from the property to their respective trailheads.
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LOCATION BOZEMAN Gallatin Valley Sanctuary is just 15± minutes from Bozeman, a lively university town of approximately 60,000± residents. Bozeman, home to Montana State University and the renowned Museum of the Rockies, has earned national acclaim for its scenic location, vast outdoor recreation options nearby, top-tier amenities, and charming historic downtown. Known for its vibrant community, Bozeman attracts nature enthusiasts of all kinds with popular activities such as fishing, hunting, skiing, mountain biking, and hiking. The town hosts a variety of events throughout the year, including weekly farmers markets and music concerts. Local favorites include the Sweet Pea Festival, a summer celebration in Lindley Park featuring artists, crafts, and live music, and the Christmas Stroll, an annual December event where Main Street closes for holiday festivities, food, and cheer. For skiers, Bozeman offers easy access to world-class slopes, with the Baxter Hotel’s iconic “Blue Light” signaling fresh snow at Bridger Bowl, the beloved local ski area. 10
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LIVINGSTON The property is one hour west of Livingston, Montana. Livingston (population 8,900±) is a town rich in history and noted in many western journals as a once wild western place. Today, Livingston is home to fine art galleries, restaurants, bars, fly shops, and various boutiques, all packaged into a well-preserved historic district. The community is inhabited by a collection of writers, artists, musicians, actors, and a colorful assortment of ranchers. Livingston has always been home to some of the world’s best fly-fishing guides, with a world-famous trout river, the Yellowstone, coursing through town.
YELLOWSTONE Head about two hours south on Highway 89 through Paradise Valley to Gardner, Montana, and you’ll find Yellowstone National Park’s north entrance. It allows access to fishing opportunities and public land. Elk, bighorn sheep, mule and whitetail deer, coyotes, wolves, pronghorn antelope, eagles, moose, mountain goat, bears, bison, and various other animals find suitable ranges and habitats in the Park. The 2.2-millionacre park is one of America’s most famous and significant national parks and features picturesque waterfalls, canyons, and notorious geysers. Penwell Preserve | Belgrade, Montana
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MINER AL RIGHTS All mineral rights appurtenant to the property and owned by the seller will convey to the buyer at closing. Mineral rights are not guaranteed. It is suggested that the buyer conduct a mineral search with a title company.
CON SERVATION | STEWARDSHIP Each of us at Fay Ranches loves the land and wants to see it remain a productive agricultural ground and a quality fish and wildlife habitat. Through promoting thoughtful land stewardship, Fay Ranches has guided owners toward a legacy of conserving wide-open spaces, enhancing and creating fisheries and wildlife habitats, and implementing sustainable agricultural operations. Fay Ranches is proud to say that since our company began in 1992, our clients’ conservation ethics and land-use practices have significantly enhanced our work landscape. 12
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WATER RIGHTS Montana waters, in all their varied forms and locations, belong to the State for the benefit of its people. A water right is the right to use the water within state-established guidelines, and not any ownership of the water itself. Since water rights in Montana are guided by the prior appropriation doctrine, a person’s right to use a specific quantity of water depends on when the use of water began, establishing the relative priority date of use on the water source. The first person to use water from a source established the first right, the second person could establish a right to the water that was left, and so on. Additionally, water users are limited to the amount of water that can be beneficially used. Beneficial use includes, but is not limited to, agricultural, recreational, fish, wildlife and domestic purposes. Montana is currently conducting a statewide adjudication of all water rights with priority dates prior to July 1, 1973. The statewide adjudication is a court process that prioritizes and quantifies all existing water rights in each Montana drainage basin. With 85 basins in Montana, and over 219,000 water right claims, the statewide adjudication is a massive undertaking that is expected to stretch well into the future. Until the adjudication process is complete, the status of any particular water right claim cannot be guaranteed. Fay Ranches, Inc., its brokers and salespersons do not warrant or make any representation concerning the quantity or quality of any water rights, nor any legal entitlement to use of water rights, permits to appropriate water, exempt existing rights, determination of existing water rights, nor any ditches, ditch rights, or ditch easements appurtenant to or constituting a burden on the property. Water rights claims appurtenant to the property may or may not have been fully or finally adjudicated, and any buyer is advised to make any offer to purchase contingent upon and subject to such independent inspections, evaluations, and advice concerning the water rights and adjudication process as a buyer might deem prudent. All buyers should be aware that Fay Ranches, Inc., its brokers and salespersons involved in this offering have not conducted an expert inspection or analysis of the water rights for this property.
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SUMMARY Penwell Preserve offers a rare combination of exceptional sporting value, productive agricultural land, and immediate proximity to Bozeman. Set along the East Gallatin River corridor, the property supports abundant wildlife, offers convenient access to outstanding fly fishing, and enjoys striking views of the surrounding mountain ranges, all within a fifteen minute drive to downtown Bozeman. The property’s diverse habitat, agricultural utility, and future building potential create a compelling blend of recreation, stewardship, and long-term ownership value. Few properties in the Gallatin Valley provide this level of privacy and sporting opportunity while remaining so closely connected to Bozeman’s amenities, airport, and broader recreational offerings. For a buyer seeking a legacy Montana holding, Penwell Preserve represents a distinctive opportunity to own working land with meaningful wildlife, recreation, and enduring location value.
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Penwell Preserve | Belgrade, Montana
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CONTACT PRICE $3,300,000
TERMS Cash Conventional Financing 1031 Exchange
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Please contact Ryan Bramlette at (406) 580-9569 | rbramlette@ fayranches.com to schedule a showing. This is an exclusive listing. An agent from Fay Ranches, Inc. must be present at all showings, unless otherwise noted or other arrangements are made. To view other properties we have listed, please visit our web page at www. fayranches.com.
NOTICE Offer is subject to errors, omissions, prior sale, change or withdrawal without notice, and approval of purchase by owner. Information regarding land classification, carrying capacities, maps, etc., is intended only as a general guideline and has been provided by the owners and other sources deemed reliable, but the accuracy cannot be guaranteed. Prospective purchasers are encouraged to research the information to their own satisfaction.
www.fayranches.com | 800.238.8616 | info@fayranches.com
REL ATION SHIPS IN REAL ESTATE As required by Montana law, a broker or salesperson shall disclose the existence and nature of relevant agency or other relationships to the parties to a real estate transaction. The various relationships and description of duties are as follows: 1. SELLER AGENT A “Seller Agent” is obligated to the Seller to: Act solely in the best interests of the seller; Obey promptly and efficiently all lawful instructions of the seller; Disclose all relevant and material information that concerns the real estate transaction and that is known to the seller agent and not known or discoverable by the seller unless the information is subject to confidentiality arising from a prior or existing agency relationship on the part of the seller agent; Safeguard the seller’s confidences; Exercise reasonable care, skill, and diligence in pursuing the seller’s objectives and in complying with the terms established in the listing agreement; Fully account to the seller for any funds or property of the seller that comes into the seller agent’s possession; and Comply with all applicable federal and state laws, rules, and regulations. Montana law permits a real estate agent, after providing written disclosure to a seller and obtaining a seller’s written consent, to represent multiple sellers of property and to list properties for sale that may compete with the seller’s property, without breaching any obligation to the seller. A “Seller Agent” is obligated to the Buyer to: Disclose to a buyer or the buyer agent any adverse material facts that concern the property and that are known to the seller agent, except that the seller agent is not required to inspect the property or verify any statements made by the seller; Disclose to a buyer or the buyer agent when the seller agent has no personal knowledge of the veracity of information regarding adverse material facts that concern the property; Act in good faith with a buyer and a buyer agent; and Comply with all applicable federal and state laws, rules, and regulations. 2. BUYER AGENT (cont) A “Buyer Agent” is obligated to the Seller to: Disclose any adverse material facts that are known to the buyer agent and that concern the ability of the buyer to perform on any purchase offer; Disclose to the seller or the seller agent when the buyer agent has no personal knowledge of the veracity of information regarding adverse material facts that concern the property; Act in good faith with a seller and a seller agent; and Comply with all applicable federal and state laws, rules and regulations. 3. DUAL AGENCY
If a seller agent is also representing a buyer, or a buyer agent is also representing a seller with regard to a property,
then a dual agency relationship may be established. In a dual agency relationship, the dual agent is equally obligated to both the seller and the buyer. These obligations may prohibit the dual agent from advocating exclusively on behalf of the seller or buyer and may limit the depth and degree of representation that you receive. A broker or a salesperson may not act as a dual agent without the signed, written consent of both the seller and the buyer. A “Dual Agent” is obligated to a Seller in the same manner as a seller agent and is obligated to a Buyer in the same manner as a buyer
agent, except a dual agent: Has a duty to disclose to a buyer or seller any adverse material facts that are known to the dual agent regardless of any confidentiality considerations; and May not disclose the following information without the written consent of the person to whom t h e information is confidential; The fact that the buyer is willing to pay more than the offered purchase price; The fact that the seller is willing to accept less than the purchase price that the seller is asking for the property; Factors motivating either party to buy or sell; and Any information that a party indicates in writing to the dual agent is to be kept confidential. 4. STATUTORY BROKER A “Statutory Broker” is not the agent of the Buyer or Seller but nevertheless is obligated to them to: Disclose to: i. a buyer or buyer agent any adverse material facts that concern the property and that are known to the statutory broker, except that the statutory broker is not required to inspect the property or verify any statements made by the seller; and ii. a seller or a seller agent any adverse material facts that are known to the statutory broker and that concern the ability of the buyer to perform on any purchase offer; Exercise reasonable care, skill, and diligence in putting together a real estate transaction, and Comply with all applicable federal and state laws, rules and regulations. 5. IN-HOUSE SELLER AGENT DESIGNATE
Created when the agency holds both the listing on a property from the seller and a
buyer broker agreement with the buyer, an in-house seller agent designate is a broker or salesperson employed by or associated as an independent contractor with a broker and designated by the broker as the exclusive agent for a seller for a designated transaction and who may not be considered to be acting for other than the seller with respect to the designated transaction. 6. IN-HOUSE BUYER AGENT DESIGNATE
Created when the agency holds both the listing on a property from the seller and a
buyer broker agreement with the buyer, an in-house buyer agent designate is a broker or salesperson employed by or associated as an independent contractor with a broker and designated by the broker as the exclusive agent for a buyer for a designated transaction and who may not be considered to be acting for other than the buyer with respect to the designated transaction. BUYER AGENT A “Buyer Agent” is obligated to the Buyer to: Act solely in the best interests of the buyer; Obey promptly and efficiently all lawful instructions of the buyer; Disclose all relevant and material information that concerns the real estate transaction and that is known to the buyer agent and not known or discoverable by the buyer, unless the information is subject to confidentiality arising from a prior or existing agency relationship
on the part of the buyer agent; Safeguard the buyer’s confidences; Exercise reasonable care, skill, and
diligence in pursuing the buyer’s objectives and in complying with the terms established in the listing agreement; Fully account to the buyer for any funds or property of the buyer that comes into the buyer agent’s possession; and Comply with all applicable federal and state laws, rules and regulations. Montana law permits a real estate agent, after providing written disclosure to a buyer and obtaining a buyer’s written consent, to represent multiple buyers interested in buying the same property or similar properties to properties in which a buyer is interested and to show properties in which a buyer is interested to other prospective buyers, without breaching any obligation to the buyer.
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