Journalist Katherine Clarke reported the wider issue of unsold luxury ranches to the Wall Street Journal, talking with Ken Mirr, a ranch broker who commented,
Their children aren’t necessarily always as interested in operating the properties,” adding “Sometimes the kids just see cows and think ‘What should I do with this?’
This type of reasoning has left property markets with an abundance of unsold luxury ranches, the majority located in Colorado, with some sitting on the real estate market for years.
One example is that of Morton Fleischer who is currently listing two luxury ranches on the property market for 50 million. The ranches span 7,100 acres combined and have been listed on the market for over a year.
Due to these long periods on the market, many luxury ranches are facing price cuts in an attempt to attract buyers. One ranch listed for $100 million in 2017 has since seen a price reduction of $30 million.
Despite this, Morton Fleischer remains hopeful as his ranch includes the whole package with all of the equipment and staff on both ranches willing to stay on for buyer. “It’s all set for them. They don’t have to do anything.” Comment Morton.