LAZY TP RANCH
Whitehall, MT | 10,906± acres | Offered @ $24.9M
Represented by the Western Ranch Brokers team of Bill Boyce and Caleb Campbell, Lazy TP Ranch came onto the market in September 2020 and sold just 6 months later in March 2021. Highly desirable for its size, location, and amenities, the property was offered at $24.9M—a top-tier price point—at a time when the ranch real estate market was filled with uncertainty.
Through best-in-class marketing materials, streamlined real-time communications, and a “get the deal done” approach, the Western Ranch Brokers team was able to help the sellers navigate the unknowns of the pandemic and quickly realize a successful sale.
CHALLENGES
Price Point.
OVERVIEW
Located between Butte and Bozeman in Whitehall, Montana, the Lazy TP Ranch stretches over 10K acres in the Jefferson River Valley—a rare sizable contiguous landholding in Southwest Montana. Diverse in its landscape, and bordered by National Forest Service, the property has over 4 miles of the Jefferson River flowing through it, supporting plentiful wildlife and offering excellent hunting and fishing opportunities. Senior Jefferson River surface water rights irrigate more than 1,300 acres of the property with 13 pivots and 1 wheel-line. The well-watered ranch produces 5,000 tons of hay annually, enough to support a cow/calf operation of 500-800 AU with excess to sell. Suitable for running cattle or bison, the ranch has state-of-the-art handling facilities, and a feedlot for up to 1,800 head. Two modest homes, a horse barn, and a hunting camp complete the offering of this multifaceted ranch.
The job is always easier when you’re selling a great property. Lazy TP Ranch had what buyers were looking for—an ideal location, lots of acreage, and strong operational and recreational attributes. The property was a quintessential Montana ranch listing but came with a substantial price tag of $24.9M, limiting the number of potential buyers and requiring the team to qualify each interested party before they could tour the ranch.
Timing.
The listing also hit the market in September 2020, not long after the COVID-19 pandemic began. Stock market volatility made buyers and investors cautious; business shutdowns created unforeseen delays; and in-person communications were limited at best. The timing was also not ideal for capturing photography and videography—key marketing tools— as the landscape in Montana in September begins shifting from green to brown during the Fall season. The ranch real estate market also tends to soften towards the end of the calendar year—as the prime selling season is typically during the spring and summer months.
Documentation.
As is often the case with a property of this sheer size and caliber, there was a sizable amount of due diligence that needed to be completed. From water rights to operational aspects, detailed documentation had to be collected, organized and communicated to multiple parties.
APPROACH
Marketing Assets.
Detailed and personalized marketing materials were key in conveying the value of Lazy TP Ranch to potential buyers. With the changing of the seasons imminent, it was paramount to get photography of the ranch as soon as possible. Leveraging our existing relationships with some of the best photographers and videographers in the business (and a little help from Mother Nature), we were able to capture and produce fantastic footage of the Lazy TP Ranch in record time.
Telling the Story.
Selling a ranch of this size and caliber requires more than just beautiful imagery, it’s about communicating a sense of place—telling the story of the ranch, its legacy and its potential. Our in-house marketing team made all the difference in creating compelling marketing materials and getting the word out quickly. Once the listing hit the market, we were off to the races and found an interested buyer shortly after.
Ranch Expertise.
The due diligence for the transaction was the next challenge. A ranch the size of Lazy TP has a lot of moving parts, all of which need to be sifted through. The process was made easier thanks to the boots-on-the-ground ranching experience of our team. There’s real estate, and then there’s ranch real estate. Whether sitting down with the Ranch Manager to talk about current ranch practices or jumping on the phone with financial advisors, our team left no stone unturned during the due diligence process—keeping everybody informed along the way. Understanding the inner workings of an operational ranch provided the foundation for detailed communications between the sellers and buyers. In the end, the buyers had a comprehensive understanding of the property, its amenities, and how to successfully manage it going forward.
Seamless Process.
Despite the complex nature of a working ranch of this size, the transaction process was seamless—one of the reasons the sale was completed from start to finish in just 6 months. Transaction times for large ranches are typically a year or more, so getting a deal of this size done this quickly during a pandemic was not an easy task. We relied on our existing digital documentation and communication processes as well as our highlevel organization of all the due diligence reports and legal documentation to keep things moving efficiently. Lockstep communication with the buyer’s agent also played a role in the ease of the transaction. Having a good relationship with the buyer’s agent and keeping everybody on the same page helped us avoid any big surprises or delays.
Importance of Relationships.
Our relationship with the sellers was an important part of this transaction as well. Western Ranch Brokers was selected to represent the Lazy TP Ranch thanks in part to our connections within the Montana farm and ranch community. It is always an honor when someone we know personally trusts us with something as important as passing on the legacy of their ranch. Keeping open lines of communication during a transaction, and being ready to pivot when necessary, has proved to be a rewarding strategy for the Western Ranch Brokers team. This was especially true working through the sale of Lazy TP during the early months of the pandemic. What could have been a complicated and challenging transaction was a smooth and efficient thanks to the team’s willingness to do whatever was necessary to get the deal done.
KEY RESULTS
Western Ranch Brokers was privileged to represent the sellers of Lazy TP Ranch as they passed their legacy on to new owners. Navigating a large transaction, especially so quickly and seamlessly within six months, couldn’t have been possible without our team’s expertise and dedication.
EACH RANCH AND CLIENT IS UNIQUE. WE GET TO KNOW THE PLACE AND THE PEOPLE — OUR PERSONALIZED APPROACH IS THE DIFFERENCE AT WESTERN RANCH BROKERS
When you list your property with Western Ranch Brokers, 50 years of ranch sales and transaction experience go to work for you. We listen and get to know you and your ranch, because every property is different.
We are here to ensure you have a reliable, trustworthy, hard-working advisor when choosing to pass-on your ranch’s ownership. Our handshake is backed by a team of tireless professionals committed to your interests.
Contact us to find out how we can go to work for you.
Western Ranch Brokers
