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Texas | Only 26% of the acres are deeded. A massive 59% is BLM. The remaining 15% is owned by others. The property is definitely scenic, but I see considerable potential for trouble. A change in a few laws, and the owners could be left with very little.
Also, I think more can be done with less in a more productive area. This ranch is priced for $81.19 per currently usable acre, and $311.11 per deeded acre. Those numbers do include the cattle, which they are valuing at $1666.67 per mature head. They are currently running 1 head to 105 acres.
Compare those number to an area where you can run 3 cows to the acre, and that property is worth $2500 per deeded acre. You would only need to own 3000 acres to run the 9000 mature head. At $2500 per acre your total investment in the land would only be $7,500,000. All of those acres would most likely be deeded. If you include their values for cattle and equipment the total would be $24,200,000. So, you could own the equivalent production ability of what they are offering for 31% of their price in a more productive area.
If the goal is to brag about how many acres one controls, and try to impress all of their friends by flying them over the land and bragging that "All this is mine." then the property will be appealing; but if one is interested in efficiently producing beef with the least possible investment, more can be done with less.
Just my thoughts. I sourced the numbers I used in my calculations from the below link and my knowledge of other areas.
http://bateslandco.com/ranches-for-sale/winecup-gamble-ranch/
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Winecup-Gamble Ranch for sale
