Four Bear Ranch

Property Map

Four Bear Ranch

  • Four Bear Ranch

Four Bear Ranch

Cody, Wyoming

Located 25 miles west of Cody, this 1,246± acre historic mountain ranch lies at the end of the road in its own very private basin adjoining the Shoshone National Forest.  Jim Mountain literally towers over the ranch, whose upper reaches include dramatic cliffs and lush timbered hills. The views are the most breathtaking we have ever seen and include only dramatic mountain peaks. One is totally unaware of any human habitation. Elk, deer, bear, mountain lion, wolves and coyotes are at home here. There are many springs and lakes, and a mountain stream passes through. Improvements include the historic Olive Fell house, a four-bedroom caretaker’s house, a magnificent architect-designed 6,800± square foot owner’s home, plus a barn and “dance hall” cabin, all in immaculate condition. It is unencumbered by conservation easements or any other kind of access easement. Four Bear Ranch is the finest private-retreat and big game hunting property in Wyoming on the market today.


Four Bear is approximately 25 miles west of Cody off U.S. Highway 14/16 which is the main access route from Cody to Yellowstone National Park. One turns off this highway at Wapiti and the county road then turns north and climbs up above the North Fork Valley and essentially dead ends at the ranch entrance. One then climbs up over a ridge from which point the ranch lies out in front of one in its own very private basin presided over by Jim Mountain and a series of dramatic cliffs and ridges to the north – an awe inspiring location to say the least. 

Most services for the area are found in nearby Cody which also offers commercial air service by way of commuter flights from Denver and Salt Lake City as well as once-weekly seasonal nonstop service from Chicago. Cody is one of the most vibrant communities in Wyoming offering excellent medical facilities, schools, banks, equipment and car dealers, fine dining, galleries, box stores and specialty shops. The Buffalo Bill Center of the West is an exceptional four-museum complex and the area offers a full complement of recreational services including the famous Cody Night Rodeo, fly shops, dude ranches, and outfitters. Cody is a jumping-off point for people wanting to access the massive wilderness complex that lies immediately to the west,  including Yellowstone Park which is a short 35-mile drive west of the ranch. 


Buffalo Bill put Cody and its nearby wilderness areas on the map early in the 20th century and “easterners” who came to the area’s dude ranches in those early days have returned to buy ranches and retreats and even take up residence in Cody itself. They have become major supporters of the area’s institutions such as the Buffalo Bill Center. The result is a prosperous community that boasts a widely diverse cross section of individuals and families that one would not expect to find in a small town in Wyoming. 

Four Bear lies in the Jim Creek drainage, a tributary valley to the North Fork of the Shoshone River Valley known locally as the “North Fork.” Because of its proximity to Cody and the fact that it is on the route to Yellowstone Park, the North Fork has residential and some commercial development along the valley floor and in some of the adjacent foothills. The lower part of the valley is more expansive and as a result there are a very limited number of working ranches and larger retreat properties that lie in some of these tributary valleys, well insulated from the highway. Four Bear Ranch is certainly the most dramatic and private of these few unique properties. The immediate neighbor to the west and north is the Shoshone National Forest. The neighbors below it to the east and south tend to be smaller tracts. However, the geography of the ranch causes these holdings to be pretty much invisible. 

General Description: 

As one accesses the ranch from the county road above Wapiti, one climbs up out of the valley through “civilization.” One then begins to see the country open up as one approaches the ranch gate. There are hints of what is to come as one sees ahead a high ridge with Jim Mountain towering above it. After entering the ranch one climbs to the top of this ridge and the Olive Fell House comes into view on top of the ridge.  As one passes this landmark the basin in which the bulk of the ranch is situated opens up. One is looking north and Jim Mountain towers over the landscape to the northwest, and one can see where Jim Creek passes along the westerly boundary under its namesake peak. One can just make out the main house tucked into the trees also to the northwest under Jim Mountain. The basin is framed on the north side by steep hills and high cliffs, also part of the ranch. As one moves northerly into the basin one can see a series of spring-fed ponds dropping back down to the eastern boundary.  The basin is generally expansive and open but the promise of secret valleys along its north side and the protected riparian corridors are ever-present. Excellent gravel roads take one to the main house with a side road leading down to the caretaker’s house and barn. 


1,246± deeded acres


Four Bear Ranch is optimally improved in every way without going overboard, including a beautiful 6,800± square foot architect-designed owner’s home, a classic remodeled log “guest house” well separated from the main house, a comfortable four-bedroom caretakers residence, a 30’x50’ steel-sided barn and storage building. Additionally there is a classic one-room log “party building” which was originally conceived as a “dance hall” or saloon. All these buildings are maintained in immaculate condition.

Designed by the late Adrian Malone in the mid-1970s and added onto by the current owner, this modern structure is extremely well built and strategically sited with virtually every window commanding unforgettable views of the ranch and the sea of peaks to the south and west. Extensive decks allow access from much of the main floor, with a heated deck off the kitchen/breakfast nook. 

The main floor features a gallery as one enters, and a powder room. To the east there are two guest bedrooms, each with a master suite that includes his-and-hers bathrooms and a comfortable sitting room as well as large walk-in closets. Straight ahead from the front entrance across the gallery one enters the living room with a stone fireplace, large windows looking south, a wet bar and a balcony – accessed by a circular staircase -  that can be used as an office or intimate sitting area. Moving westerly, one enters the formal dining room which also features large windows with the dramatic southerly views. Both of these rooms have sliding doors that access the balcony. To the west, one enters the kitchen which features high-quality appliances, quartz countertops, and most importantly, a breakfast room with a cozy fireplace and an elevated window that frames Jim Mountain which one feels that one could almost touch, it is so close. 

The daylight lower level incorporates an expanded two-car garage, a large walk-in cedar closet, and a bedroom/bathroom suite that also incorporates large windows with southerly views. There is a utility room and an equipment room which includes hot-water heaters, a commercial water conditioner and hot-water heat. There are two other rooms and multiple closets that can be used for storage and/or hobbies. 

Named for a previous owner of the property who built it, this 2,900± square foot log structure literally sits on top of the world, on the high ridge at the south entrance to the ranch. It acts as a comfortable guest house or a stand-alone second home. The house features a 700± square foot living room with extensive windows on three sides, and a stone fireplace. The balance of the house includes a kitchen, laundry/utility room, powder room, three bedrooms and two bathrooms. It also has a full unfinished attic. 

This is a simple, comfortable house with two bedrooms and a bath upstairs, and they are duplicated in the basement. There is a kitchen with public spaces upstairs and a similar space below it in the basement. 

This 30’x50’ steel building with a concrete floor, wood stove, a two-car garage, a shop, and an equipment garage. 

This is an historic one-room log building with no plumbing. Its intended use was as a party building or an entertainment room with pool table, bar and other games. It is currently vacant.


Four Bear Ranch lies between 6,400 feet and 8,000 feet above sea level. The nearest weather-reporting station in Wapiti is nearly 1,000 feet lower on the valley floor. We are estimating 10 to 14 inches of annual precipitation, the bulk of which falls between April and August. Average highs in the summer run from 73 to 82 degrees Fahrenheit and the average winter lows in December and January run around 38 degrees. It is rare for there to be any significant snow accumulations during the winter as these are the drier months. The exception would be the more protected upper reaches of the ranch where the snow will accumulate. Typically the late spring, summer and early fall are ideal with pleasant days and cool nights.

General Operations: 

Four Bear will comfortably accommodate 40 cows for the grazing season. It is cross fenced into an upper and a lower pasture, and springs, ponds and Jim Creek provide excellent stock water. Grazing rates run from $20 to $25 per head/per month depending upon who is providing the care.

Wildlife Resources: 

Four Bear Ranch is an absolute mecca for wildlife. It offers a variety of habitat from spring- and creek-fed riparian areas, to open range land, to protected timbered valleys. The Shoshone National Forest on two sides provides a reservoir of wildlife that relishes the quiet, peaceful, well-watered basin. The owner’s residence is carefully sited to allow one to view wildlife from the comfort of one’s own home. The current owners for over 25 years are avid hunters and Boone and Crockett Club members. They routinely take their elk and deer on the property. The ranch boasts mule deer, elk, wolves, coyotes, both species of bear, mountain lion, bighorn sheep, blue grouse, Hungarian partridge, Merriam’s turkey as well as waterfowl, raptors and many smaller mammals and birds. 

Recreational Considerations: 

Four Bear is ideally configured - both because of its terrain and its immediate access to the Shoshone National Forest - for horseback riding, hiking, four-wheeling and wildlife viewing. With Wyoming’s landowner tags, big game hunting is also available for a nonresident owner. 

In terms of the immediate area, there is excellent trout fishing in the nearby North Fork of the Shoshone, and the Buffalo Bill Reservoir just below the ranch offers both fishing and various forms of sailing. As mentioned earlier, Yellowstone Park is just over 35 miles to the west, and the national forest and wilderness country between the ranch and Yellowstone offers virtually endless recreation. Easy access to Cody also brings a plethora of opportunities for enjoyment from the Buffalo Bill Center for the West, to river floats, to fine dining, to golf and shopping in Cody’s many galleries and small shops. Basically one can be very happy just staying around the ranch or allow the ranch’s convenient location to spread one’s wings to easily enjoy a myriad of opportunities. 


The real estate taxes are estimated to be $13,403 based upon past years.  

Mineral Rights: 

All mineral rights currently owned by the seller will transfer to a buyer.  

Additional Information: 


Many consider Wyoming to be one of the tax friendliest states to live in. Here are a few of the reasons:

  • No state income tax on personal or corporate income or out of state retirement income
  • No state inheritance or gift tax
  • No state capital gains tax
  • Dynasty trusts are permitted in Wyoming
  • No tax on personal property held for personal use
  • Property taxes in general are low and based on assessed values. 
  • No taxes on the sale of real estate

Please consult a tax professional for more information and assistance in evaluating Wyoming as “tax haven”. 

Broker Comments: 

Four Bear Ranch is an exceptionally convenient, easily accessible but totally private wilderness retreat near one of Wyoming’s sought-after communities. The ranch has a complete and totally appropriate set of improvements sited in one of the most dramatically beautiful locations imaginable. Wyoming’s status as a tax haven with no state income and inheritance tax cannot be ignored as well. It should also be noted that there are no conservation easements on the ranch, nor are there any other easements through the ranch.  

The Facts: 
  • Location: 25 miles west of Cody in a very private high mountain basin adjoining USFS
  • Acreage: 1,246 ± deeded acres
  • Improvements: 6,800± sq. ft. architect-designed owner’s home, log guest house, 4-bedroom caretaker’s residence, log “dance hall” and steel barn
  • Wildlife: Elk, deer, two varieties of bear, mountain lion, wolves, coyotes, turkey and upland birds
  • Views: The finest we have seen of the high peaks of the Absarokas, with no human habitation in sight
  • Water: Multiple ponds, springs, Jim Creek passing through
  • Key features – Dramatic setting under Jim Mountain, exceptional privacy, immaculate condition, easy access to Cody
Additional Services: 

MANAGEMENT SERVICES – Hall and Hall’s Management Division has a very clear mission–to represent the owner and to ensure that his or her experience is a positive one. Services are customized to suit the owner’s needs. They often begin with the recruiting and hiring of a suitable ranch manager or caretaker and are followed by the development of a management or operating plan along with appropriate budgets. Ongoing services include bill paying, ranch oversight, and consulting services as needed. Even the most sophisticated and experienced ranch owners appreciate the value of a management firm representing them and providing advice on local area practices and costs. Wes Oja and Jerome Chvilicek at (406) 656-7500 or Justin Bryan at (325) 260-5883 are available to describe and discuss these services in detail and welcome your call.

RESOURCE ENHANCEMENT SERVICES – Increasingly the value of a ranch is measured by the quality of each and every one of its resources. Coincidentally, the enhancement of a ranch’s resources also increases the pleasure that one derives from the ownership of a ranch. Our management services have included the assessment of everything from wildlife habitat to bird habitat to water resources and fisheries and the subsequent oversight of the process involved with the enhancement of these resources.Wes Oja, Jerome Chvilicek or Dan Bergstrom at (406) 656-7500 or Justin Bryan in our Abilene office at (325) 260-5883 are available to describe and discuss these services in detail and welcome your call.

AUCTIONS - Hall and Hall Auctions offer “Another Solution” to create liquidity for the owners of Investment-Quality Rural Real Estate.  Our auction team has experience in marketing farmland, ranchland, timberland and recreational properties throughout the nation.  Extreme attention to detail and complete transparency coupled with Hall and Hall’s “Rolodex” of more than 40,000 targeted owners and buyers of rural real estate help assure that there are multiple bidders at each auction. In addition, the unique Hall and Hall partnership model creates a teamwork approach that helps to assure that we realize true market value on auction day.  For more information on our auction services contact Scott Shuman at (800) 829-8747.

APPRAISALS - Staying abreast of ancillary market influences in ever-changing economic conditions requires a broad professional network to tap into. Finding an appraiser who not only understands the numbers but also the differences in value from one area to another is a critical part of making an informed decision. The appraisal team at Hall and Hall, formed entirely of Accredited Members of the American Society of Farm Managers and Rural Appraisers (ASFMRA), has that critical network of brokers and lending professionals. This professional network coupled with diverse experience across multiple regions and market segments allows our appraisal team to deliver a quality product in a reasonable timeframe.  For more information contact our appraisal team at (406) 656-7500.

SPECIALIZED LENDING - Since 1946 Hall and Hall has created a legacy by efficiently providing capital to landowners.  In addition to traditional farm and ranch loans, we specialize in understanding the unique aspects of placing loans on ranches where value may be influenced by recreational features, location and improvements and repayment may come from outside sources. Our extensive experience and efficient processing allows us to quickly tell you whether we can provide the required financing.

Competitive Pricing  |  Flexible Terms  |  Efficient Processing
Dave Roddy • (406) 656-7500  
Mike Hall or Judy Chirila • (303) 861-8282
Monte Lyons • (806) 698-6882 
J.T. Holt • (806) 698-6884


Hall and Hall Partners, LLP
(Name of Brokerage Company)

When you select a Real Estate Brokerage Firm, Broker or salesperson (all referred to as "Broker") to assist you in a real estate transaction, the Broker may do so in one of several capacities. In accordance with Wyoming's Brokerage Relationships Act, this notice discloses the types of working relationships that are available to you.

Seller's Agent. (Requires written agreement with Seller)

If a Seller signs a written listing agreement with a Broker and engages the Broker as a Seller's Agent, the broker represents the Seller. On properties listed with other brokerage companies, the Broker may work as an agent for the Seller if the Seller agrees to have the Broker work as a subagent. As an agent or subagent for the Seller, the Broker represents the Seller and owes the Seller a duty of utmost good faith, loyalty, and fidelity in addition to the obligations enumerated below for Intermediaries. Wyo. Stat. § 33-28-303(a). The Seller may be vicariously liable for the acts of the Seller's Agent or Seller's Subagent that are approved, directed or ratified by the Seller.

Customer. (No written agreement with Buyer or Seller)

A customer is a party to a real estate transaction who has established no intermediary or agency relationship with any Broker in that transaction. A Broker may work either as an agent for the Seller treating the Buyer as a customer or as an agent for the Buyer treating the Seller as a customer. Also when a Buyer or Seller is represented by another Broker, a Broker may work with the other Buyer or Seller as a customer, having no written agreement, agency or intermediary relationship with either party. A Broker working with a customer shall owe no duty of confidentiality to a customer. Any information shared with Broker may be shared with the other party to the transaction at customer's risk. The customer should not tell the broker any information which the customer does not want shared with the other party to the transaction. The Broker must treat the customer honestly and with fairness disclosing all material matters actually known by the Broker. The Broker owes the Customer the obligations enumerated below for Intermediaries which are marked with an asterisks. W.S. 33-28-310(a).

Buyer's Agent. (Requires written agreement with Buyer)

If a Buyer signs a written Buyer Agency Agreement with a Broker, the Broker will act as an agent for the Buyer. If so, the Broker represents the Buyer and owes the Buyer a duty of utmost good faith, loyalty and fidelity in addition to the obligations enumerated below for Intermediaries. The Buyer may be vicariously liable for the acts of the Buyer's Agent that are approved, directed or ratified by the Buyer. As a Buyer's Agent, Wyoming law requires the Broker to disclose to potential Sellers all adverse material facts, which may include material facts regarding the Buyer's financial ability to perform the terms of the transaction. Wyo. Stat. § 33-28-304(c). As a Buyer's Agent, Broker has duties to disclose to the Buyer certain information; therefore, the Seller should not tell Broker any information which the Seller does not want shared with the Buyer.

Intermediary. (Requires written agreement with Seller and/or Buyer)

The Intermediary relationship is a non-agency relationship which may be established between a Broker and a Seller and/or a Broker and a Buyer. A Seller may choose to engage a Broker as an Intermediary when listing a property. A Buyer may also choose to engage a Broker as an Intermediary. An Intermediary shall not act as an agent or advocate for any party and shall be limited to providing those services set forth below. Wyo. Stat.§ 33-28-305.

As an Intermediary (Non-Agent), Broker will not represent you or act as your agent. The parties to a transaction are not legally responsible for the actions of an Intermediary and an Intermediary does not owe the parties the duties of an agent, including the fiduciary duties of loyalty and fidelity. Broker will have the following obligations to you:

  • perform the terms of any written agreement made by the Intermediary with any party or parties to the transaction;
  • exercise reasonable skill and care; 
  • advise the parties to obtain expert advice as to material matters about which the Intermediary knows but the specifics of which are beyond the expertise of the Intermediary; 
  • present all offers and counteroffers in a timely manner; 
  • account promptly for all money and property Broker received; 
  • keep you fully informed regarding the transaction; 
  • obtain the written consent of the parties before assisting the Buyer and Seller in the same real estate transaction as an Intermediary to both parties to the transaction;
  • assist in complying with the terms and conditions of any contract and with the closing of the transaction; 
  • disclose to the parties any interests the Intermediary may have which are adverse to the interest of either party;
  • disclose to prospective Buyers, known adverse material facts about the property; 
  • disclose to prospective Sellers, any known adverse material facts, including adverse material facts pertaining to the Buyer's financial ability to perform the terms of the transaction; 
  • disclose to the parties that an Intermediary owes no fiduciary duty either to Buyer or Seller, is not allowed to negotiate on behalf of the Buyer or Seller, and may be prohibited from disclosing information about the other party, which if known, could materially affect negotiations in the real estate transaction.
  • disclose Buyer's intent to occupy property as primary residency.

As Intermediary, Broker will disclose all information to each party, but will not disclose the following information without your informed consent:

  • that you may be willing to agree to a price different than the one offered;
  • the motivating factors for buying or selling the property;
  • that you will agree to financing terms other than those offered; or
  • any material information about you, unless disclosure is required by law or if lack of disclosure would constitute dishonest dealing or fraud.

Change From Agent to Intermediary -- In-House Transaction

If a Buyer who has signed a Buyer Agency Agreement with Broker wants to look at or submit an offer on property Broker has listed as an agent for the Seller, the Seller and the Buyer may consent in writing to allow Broker to change to an Intermediary (non-agency) relationship with both the Buyer and the Seller. Wyo. Stat. § 33-28-307.

An established relationship cannot be modified without the written consent of the Buyer or the Seller. The Buyer or Seller may, but are not required to, negotiate different commission fees as a condition to consenting to a change in relationship.

Designated Agent. (requires written designation by the brokerage firm and acknowledgement by the Buyer or Seller)

A designated agent means a licensee who is designated by a responsible broker to serve as an agent or intermediary for a Seller or Buyer in a real estate transaction. Wyo. Stat. § 33-28-301 (a)(x).

In order to facilitate a real estate transaction a Brokerage Firm may designate a licensee as your agent or intermediary. The Designated Agent will have the same duties to the Buyer and Seller as a Buyer's or Seller's Agent or Intermediary. The Broker or an appointed "transaction manager" will supervise the transaction and will not disclose to either party confidential information about the Buyer or Seller. The designation of agency may occur at the time the Buyer or Seller enters into an agency agreement with the Brokerage Firm or the designation of agency may occur later if an "in house" real estate transaction occurs. At that time, the Broker or "transaction manager" will immediately disclose to the Buyer and Seller that designated agency will occur.

Duties Owed by An Agent But Not Owed By An Intermediary.

When acting as the agent for one party (either buyer or seller), broker has fiduciary duties of utmost good faith, loyalty, and fidelity to that one party. A broker engaged as an intermediary does not represent the buyer or the seller and will not owe either party those fiduciary duties. However, the intermediary must exercise reasonable skill and care and must comply with Wyoming law. An intermediary is not an agent or advocate for either party. Seller and buyer shall not be liable for acts of an intermediary, so long as the intermediary complies with the requirements of Wyoming’s brokerage relationships act. Wyo. Stat. § 33-28-306(a)(iii).

This written disclosure and acknowledgment, by itself, shall not constitute a contract or agreement with the broker or his/her firm. Until the buyer or seller executes this disclosure and acknowledgment, no representation agreement shall be executed or valid. Wyo. Stat. § 33-28-306(b).

No matter which relationship is established, a real estate broker is not allowed to give legal advice. If you have questions about this notice or any document in a real estate transaction, consult legal counsel and other counsel before signing.

The amount or rate of a real estate commission for any brokerage relationship is not fixed by law. It is set by each Broker individually and may be negotiable between the Buyer or Seller and the Broker.

On (date), I provided (Seller) (Buyer) with a copy of this Real Estate Brokerage Disclosure and have kept a copy for our records.

Brokerage Company; Hall and Hall Partners, LLP



I/We have been given a copy and have read this Real Estate Brokerage Disclosure on (date) ________________ time _______________ and hereby acknowledge receipt and understanding of this Disclosure.

Seller's Signature _______________________________

NOTICE: Offering is subject to errors, omissions, prior sale, change or withdrawal without notice, and approval of purchase by owner. Information regarding land classifications, acreages, carrying capacities, potential profits, etc., are intended only as general guidelines and have been provided by sources deemed reliable, but whose accuracy we cannot guarantee. Prospective buyers should verify all information to their satisfaction. Prospective buyers should also be aware that the photographs in this brochure may have been digitally enhanced.