There seems to be no sign of an economic fallout in Montana’s still strong recreational land market. That’s the takeaway from the Billings Gazette, which reports that the 15,800-acre Bar Diamond Ranch has closed.
Former H&R Block CEO Richard Brown is the new owner. The ranch had belonged to the families of Vince Carpenter and Jack Dietrich. The two friends bought the Yellowstone County landmark in 1964. Located just north of Billings and within an easy drive of the Billings airport, the Bar Diamond is that ultimate combination: a recreational property with enormous potential upside. The ranch has been utilized mostly for cattle and will continue to do so under the new owner according to the report.
Even with a slow down in the market, good properties will still sell. That’s a point not lost on the sellers. “We think we were really lucky when we sold it because the market really went flat after April and May,” David Dietrick told the Gazette.
The exact sale price was not disclosed, but the Bar Diamond went on the market in 2007 with an asking price of $19 million. That’s an average per acre price of $1,187. Brown, also a former CEO of Dallas-based EDS, has land holdings on the East Coast as well.