That is in the ball park for asking price for good range land, although further North of there you can get good grass for around $500.  Being cut up as bad as it is does not help though and I'd also say the stocking rate is about double reality but you can always buy all the hay you want and stock as heavy as you can.  If it is a true stocking rate it wouldn't be a bad price at $9K an AU but I don't see anyone running a cow on 11.5 acres around there. It is close to the Sandhills but doesn't look close enough for those numbers but maybe they feed hay 6 months of the year.   Also if the stocking rate were true you could run say 1500hd for the summer and make nearly $400K a year on the lease not a bad return on $6Mil.  You'd be surprised how many people could pay for it and not blink an eye.