Saddle Horn Ranch

Property Map

Saddle Horn Ranch - Recently Sold

Thermopolis, Wyoming

Located just outside of Thermopolis, WY, Saddle Horn Ranch is comprised of 34,535± acres (5,206± deeded, 12,050± BLM lease, 1,280± state lease, and 15,999± national forest lease which is for 299 AU’s and the season of use is June 16-October 15). The ranch is rated at approximately 4,900 AUMs and is currently stocked with 400-500 pairs with outside hay purchased. Approximately 300± acres are irrigated consistently under two pivots. Additional irrigation is possible in high water years, with 1,895± acres of adjudicated water rights assessed by the Owl Creek Irrigation District. Ranch improvements include an excellent machine shop, apartment, garage, new corrals and new calving barn. There are approximately twelve miles of buried pipeline and several active water wells, including one well having hot water. The ranch also offers abundant big game hunting opportunities for trophy mule deer, whitetail deer and antelope.


Situated 10 miles northwest of Thermopolis in the Owl Creek Valley, the Saddle Horn Ranch lies in an area of serious ranches, yet is a short commute to a comfortable small town with a real sense of civic pride, history, and basic amenities. Thermopolis is home to the world’s largest natural hot springs and the Hot Springs State Park. 

Commercial air service is available in Riverton (60 miles south) and Cody (80 miles north) with daily commuter service to both Denver and Salt Lake City, as well as an excellent fixed-base operation. In addition to nearby Thermopolis, social and cultural amenities as well as complete shopping, restaurants, and other services are all available in both Riverton and Cody. 


Immediate neighbors, besides large tracts of public land, are primarily cattle ranches which, like the Saddle Horn, utilize these lands for livestock grazing. 

The nearby community of Thermopolis is well known for its relaxing and comfortable ambiance as well as Hot Springs State Park, Wind River Canyon and Boysen Reservoir. Thermopolis offers most basic services and amenities including lodging, dining and a variety of shopping. It is a town which has always shown an unusual amount of pride and character. 

General Description: 

The ranch is easily accessed off Highway 120, and lies on both sides. Connected by a good gravel road, the headquarters are about one mile west of the highway and lay below the Padlock Rim which dominates the skyline to the north. From there, towards the west, is gentle sloping terrain with two pivots irrigating approximately 300 acres. Surrounding the headquarters and the pivots are approximately 2,800 deeded acres that are broken into numerous pastures that accommodate breeding cattle and intensive grazing rotations. These pastures range from irrigated and sub-irrigated ground to drier brushed pastures. Beyond the smaller pastures surrounding the compound, to the north and east, the ranch opens up into expansive grazing allotments that include both BLM and deeded lands. This area of the ranch is dramatic in makeup, with high rock and sandstone rims, topped with cedar trees, that fall quickly into deep, brush-filled draws. Between most of the brush-filled drainages the ranch is made up of expansive Wyoming prairie. These large areas are filled with native grass and sagebrush, providing excellent grazing for livestock and wildlife. Roughly 90 miles east of the base ranch is the U.S. Forest Service lease, consisting of a beautiful alpine setting and superb summer grazing.  Saddle Horn Ranch includes a variety of terrain and habitats that make it a scenically diverse ranch as well as a magnet for a broad diversity of Wyoming wildlife. 

  • 34,535± total acres; comprised of 5,206± deeded acres, 12,050± acres BLM lease, 1,280± acres State lease, and 15,999± acres US Forest Service lease
Acreage Breakdown: 

Deeded acreage summary

300± acres pivot sprinkler irrigated 

1,595± acres sub-irrigated/irrigated pasture

3,311± acres range land

5,206± Total deeded acres

Total acreage summary

1,280± acres State lease 

12,050± acres BLM lease 

15,999± acres US Forest Service lease

5,206± acres deeded

34,535± acres total



Saddle Horn Ranch has a very functional and practical set of improvements. Anchoring the headquarters is the main shop/apartment building. The ranch also has an excellent calving barn with horse stalls, vet/tack room and a heated section with calving jugs and maternity pen. Attached to the calving barn is a well-built set of pipe corrals. The corrals have several large pens with water, and numerous smaller pens for sorting livestock. The corral system flows nicely into a well-designed tub and loading chute. East of the shop/apartment building is another uninsulated shop, currently used for dry storage of equipment, feed, seed, minerals, etc.

Apartment/Shop Building

4,264± total square feet and built in 2009. This building is equipped with a two-level, 1,756± sq. ft. apartment, with three bedrooms and two bathrooms. The lower level also has a 3,432± sq. ft. shop area that has three large 16-foot automatic garage doors – one door on the south side, one door on the west side, and one more door on the east side. This offers “pull through” capabilities for large equipment or trucks. The shop area is well lighted with heat and insulation.

Equipment/Dry Storage Shop

1,200± square feet and erected in 1999; equipped with electricity and a wood burning stove. The building is uninsulated, but works well for dry storage of equipment and ranch supplies. 

Calving Barn

3,000± square feet, built in 2015. The calving barn has three distinct sections. On the west end, utilizing approximately 25 percent of the square footage, are open stalls that can be utilized for horses, cattle, or storage. In the middle portion of the barn, using another 25 percent of the layout, is a heated vet room/tack room. This portion is also plumbed with water for easy cleanup of the room and equipment. The remaining east end of the barn is a well-designed calving facility. The barn has eight calving jugs and a large maternity pen. The large area is heated with over-head radiant propane heaters. The east end of the calving barn opens up into the well-constructed pipe corrals. The corrals are very well designed, with several large pens with water and numerous smaller pens for sorting livestock. The corral system flows nicely into a well-designed tub and loading chute for easy processing of cattle.

The Saddle Horn Ranch is not burdened with an overbuilt owner’s residence, but instead has very functional and practical improvements that will work well for all owners. 


Thermopolis has typical weather patterns for a town in the Bighorn Basin. High temperatures in the hottest months of the summer, July and August, average in the low-90s (Fahrenheit) and average low temperatures in the winter will run around 10-20 degrees. However, these are the extremes. Precipitation averages around twelve inches with peaks in April, May and June when they might receive over two inches, and most months receiving less than an inch on average. Wind speeds average three-four miles per hour with March and April generally being the windiest months. Snowfall will average about five inches in December and January, tapering off after that with the possibility of a March or April bump. The area is subject to chinook winds so it is rare to have heavy accumulations of snow except right after a storm. 

General Operations: 

Each operator may approach a ranch like this differently. Currently, the seller has chosen to concentrate on grazing the entire ranch and if additional forage is needed, then it is purchased. 

The current operator has suggested a cow/calf operation that would entail running a base herd of 375-400 mother cows, plus one would retain and run replacement heifers, appropriate bulls, and ranch horses. The lease ground, including State, BLM and US Forest Service is rated at 2,958 AUMs and the deeded property is rated at 1,950 AUMs for a total of 4,908 AUMs. As with this ranch and others, stocking rates can vary widely based on management practices, frame size of cattle, and willingness to feed additional feed supplements. 

The Saddle Horn Ranch has been calving in March with the annual schedule of pasture rotation described below:

  • January 1-31st- 400 cows on the BLM Allotments of “Steer and South Coal Draw”
  • February 1- March 31st -400 cows on irrigated pasture receiving additional forage as needed
  • April 1-April 30th- 200 pair on BLM Allotment “Back of the Rim” (north of improvements) and 200 pair on the deeded, southwest of the headquarters
  • May 1-June 30th- Cattle are on the pivots and the south end of the deeded for breeding
  • July 1-October 1st- 360 pairs on the US Forest Service lease, Salt Creek and C&H Allotments (above Shell, Wyoming)
  • October 1-December 31st- Bred cows on BLM allotments “Steer and South Coal Draw”

Water Resources: 

Water resources on the Saddle Horn Ranch come from the Owl Creek drainage and drilled water wells. There are approximately 300 irrigated acres located on the ranch. The primary source of irrigation water is Owl Creek, via the Owl Creek Irrigation District ditch system. The land is irrigated from two center pivot sprinkler systems, both consisting of 2008 Valley 8-tower units covering approximately 150 acres each. The pivots are gravity pressured with water entering the pipeline system from a settling pond that aids in filtering the sediments out of the water. The center pivot sprinkler irrigation system is well-designed, efficient, and economical to operate. These center pivot sprinkler systems are essential for maximizing the use of available irrigation water. During times of sufficient water, additional portions of the ranch benefit from sub- and gravity flow irrigation.

Domestic water is supplied via a pipeline from a well located approximately six miles northwest of the headquarters. This well also provides livestock water to both the east and west sides of Highway 120 via a newly renovated and extended pipeline. The BLM allotments contain several springs and reservoirs in addition to the pipeline servicing the heart of the allotments. There is also an independent well on the far north end of the ranch, as well as another servicing the south end of the ranch near the Owl Creek Road. 

Recreational Considerations: 

The Saddle Horn Ranch, a “textbook Wyoming property,” is loaded with a broad cross section of western plains wildlife. The ranch is home to abundant populations of pronghorn antelope and solid numbers of mule deer. The irrigated land around the headquarters also brings in many whitetail deer. This area of Wyoming is known for producing trophy mule deer, and the number of mature whitetail in the area is increasing. It goes without saying that there is no problem finding numerous trophy antelope. The rimmed ridges scattered throughout the ranch and the draws below are ideal habitat for chukkar and the ranch holds many huntable coveys. 

Other recreation beyond the simple enjoyment of these wildlife assets would include horseback riding, hiking, bird watching and utilizing other motorized forms of transportation to access the ranch’s many acres. 

The ranch is located in an area of prime fishing. The famous Bighorn River flows right through Thermopolis and offers some of the best fly fishing Wyoming has to offer in the Boysen Reservoir tailwater section that flows through a beautiful canyon south of Thermopolis. This is a well-known destination fishery for Wyoming anglers that does not have the notoriety of the lower reaches of the Bighorn River in Montana. South of Thermopolis, just beyond the beautiful Wind River Canyon, is Boysen Reservoir and Boysen State Park. Boysen is known widely for its plentiful populations of trout, walleye, and perch, just to name a few of the it holds. 

Thermopolis is known globally for its Hot Springs State Park, which holds the world’s largest mineral hot springs. There are several water parks with water slides and mineral hot pools for the entire family to enjoy. Cody, to the north, has the famous Buffalo Bill Center of the West and is also the gateway to the East Entrance of Yellowstone Park. 


Based upon past years, the real estate taxes are approximately $8,440 annually.

Mineral Rights: 

Sellers will convey all of the mineral rights that they own. At this point they do not know what mineral rights, if any, that they might own. 

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: 

Saddle Horn Ranch represents one of the most affordable cattle ranches to recently enter the marketplace. Rarely does a Wyoming cattle ranch get priced under $10,000 per animal unit. The ranch is functional, practical and will work for most all operating scenarios. The ranch is easy to access and close to needed amenities. Definitely one of the best values to enter the market this year! 


Cash at closing

The Facts: 
  • 34,535± total acres; comprised of 5,206± deeded acres, 12,050± acres BLM lease, 1,280± acres State lease, and 15,999± acres US Forest Service lease
  • US Forest Service lease is for 299 AU’s, the season of use is June 16-October 15
  • Estimated carrying capacity of 4,900 AUMs, with 1,950 deeded AUMs and 2,958 leased AUMs
  • 300± sprinkler-irrigated acres under two Valley pivots, new in 2008
  • 1,895± acres of adjudicated water rights assessed by the Owl Creek Irrigation District
  • Currently stocked at 400-500 AU with outside hay production
  • Twelve miles of stock-water pipeline
  • Quality constructed steel shop building with apartment, garage, new calving/horse barn and new corrals
  • Approximately ten miles west of Thermopolis, WY
  • Big game hunting for trophy mule deer, whitetail deer and antelope
  • New Hot Springs County Airport opened in 2015 with 6,370-foot runway
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, Jerome Chvilicek, Dan Berstrom or Brant Marsh at (406) 656-7500 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, Dan Bergstrom or Brant Marsh at (406) 656-7500 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
Tina Hamm or Scott Moran • (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.