Dos Caballos

$6,750,000 Roy, NM 6,980± Deeded Acres

Executive Summary

The Canadian River runs for five miles through the heart of Dos Caballos Ranch, a spectacularly beautiful 10,000± acre property two hours northeast of Santa Fe, NM. The ranch encompasses both banks of the river, which courses through a 500-foot-deep canyon with immense stone cliffs and rock overhangs.

While the Canadian River defines Dos Caballos, the terrain throughout the ranch is equally dramatic with narrow, finger-like canyons, arroyos, mesas, and plateaus. Large cottonwood trees, willows, box elders, and elms line the river banks while piñon, Gambel oaks, juniper, and ponderosa pine grow on the high ground. Native grasses, including buffalo, blue stem, and grama thrive here.

Numerous catchments, drainages and dirt tanks provide water for livestock and abundant wildlife. Located in Game Management Unit 47, the ranch is home to elk, deer, bear, Barbary sheep, black bear, pronghorn, mountain lion, bobcats, ringtail cats, and Merriam’s turkey, as well as small game animals and birds.

Improvements are high quality and located for maximum privacy and security near the center of the ranch, with the two main homes accessed by gated roads. The 3,800± square-foot Mediterranean-style owner’s home, built on a high plateau, overlooks the confluence of two vast canyons with a view of the Sangre Cristo Mountain Range to the west. Other improvements include the lovely River House, which is ideal for guests; an equipment shop; and a hay shed and pen.

In New Mexico, property with live water, particularly a significant river, is very valuable and challenging to find – rare, in fact. Dos Caballos Ranch offers the best of a river ranch property with diverse terrain and many recreational possibilities.

Just the Facts

  • 6,980± deeded acres
  • 3,110± acres of state lease
  • 5+ miles of both banks of the Canadian River
  • 25± miles east of Wagon Mound via Highway 120
  • Approximately one-hour drive to Las Vegas Municipal Airport
  • Two-hour drive to Santa Fe
  • 4,000± sq. ft. primary residence
  • 1,900± sq. ft. manager’s home
  • Equipment shop and three-stall horse barn
  • 4,900 to 5,600 elevation
  • Abundant wildlife
  • Game Management Unit 47
  • Close proximity to the Kiowa National Grasslands
  • Private and secluded
  • Varied topography, multiple canyons, arroyos and drainages
  • Indian artifacts

General Description

For thousands of years, the river has shaped the land, giving life and drawing ancient peoples to its banks. From its source in the Collegiate Peaks in southeastern Colorado, the Canadian River runs for 906 miles through New Mexico, the Texas Panhandle, and Oklahoma to empty into the Arkansas River. For five miles of that spectacular run, the Canadian courses through the heart of Dos Caballos, where it has carved a sensational and secluded canyon. Sheer stone cliffs rise 500 feet above the lush river bottom to mesas with stirring views of the distant Sangre de Cristo Mountains.

The ranch encompasses both banks of the river for its entire length through the property. Numerous small tributaries of the Canadian also run through the ranch, while natural catchments and water holes provide year-round water for livestock and wildlife alike.

The land is stunningly beautiful, stark, raw and rugged, cut through with canyons and arroyos. Atop the mesas, blue stem and several varieties of high-protein grama grasses grow in natural pastures.  Cottonwoods, willows, box elders, and elms grow along the river while the canyon slopes and rims are forested with stands of piñon, juniper, Gambel oak, and ponderosa pine. Throughout the ranch there are flake sites and evidence of habitation from ancient peoples – a testament to the enduring allure of this land.

Broker's Comments

Known as the “Land of Enchantment,” New Mexico is recognized for its raw beauty, vast open spaces, diverse landscape, abundant wildlife, and welcoming people. Dos Caballos Ranch embodies the true essence and spirit of New Mexico. Setting foot on this land feels like one is taking a step back in time, while being totally immersed with nature at its finest. Deep canyons, expansive plateaus, steep cliff faces, and massive rock formations cover the landscape. The primary residence, tastefully designed, blends in with the surrounding environment and is ideally positioned overlooking the canyon, showcasing truly awe-inspiring views. The highlight of the ranch, however, is possession of five miles of both banks of the Canadian River traversing through the bottom land, offering a significant and rare water resource. Dos Caballos possesses many highly distinctive physical elements and is without question a hallmark recreational property.

Learn about the locale


The boundaries of Dos Caballos extend into Harding and Mora counties in northeastern New Mexico, about two hours northeast of Santa Fe. The main entrance to the ranch is located on Hwy 120, about 27 miles east of Interstate 25 and Wagon Mound, a historic community named for a Conestoga-shaped butte that served as a landmark on the Santa Fe Trail. Roy, a small community eight miles east of the ranch, has a café, convenience store for necessities, post office, bank, and a well-ranked public school system.

Las Vegas, NM, about an hour’s drive southeast of the ranch, is a regional center for shopping, commerce, and medical care, with Alta Vista Regional Hospital providing a range of services, including cardiac and surgical care.

The Las Vegas Municipal Airport, a public general aviation airport, is an hour from the ranch. The Albuquerque International Sunport offers numerous nonstop flights daily on major airlines to cities throughout the United States, and is about three hours’ driving time southwest of the ranch. The Rick Husband Amarillo International Airport, about three hours southeast of the ranch in the Texas Panhandle, has nonstop commercial flights daily to Dallas-Fort Worth, Houston, and Denver.


Northeastern New Mexico is a place of stark and awe-inspiring beauty with rolling grasslands, mesas, and buttes. Extinct volcanic cones rise abruptly from the prairie, including the famed Capulin Volcano, the largest of the cones in the Raton-Clayton volcanic field. Nineteenth century pioneers traversed the volcanic fields and grasslands along the Santa Fe Trail, which is today part of the Santa Fe Scenic Byway. The Kiowa National Grasslands spread across much of Mora and Harding counties, and up to the northern-most acreage of Dos Caballos Ranch.

Most of northeastern New Mexico is sparsely populated. Santa Fe, however, is an easy drive south on Interstate I-25, about 2.5 hours from the ranch. Founded by the Spanish in 1610, Santa Fe famously retains its old-world charm with the 400-year-old Palace of the Governors and Spanish Pueblo Revival-style buildings throughout the city center. As one of the most interesting and eclectic art centers in the United States, the city draws painters, photographers, musicians, and performing artists from around the word.


Northeastern New Mexico enjoys a semi-arid, high desert climate with about 300 sunny days a year and comfortably low humidity. Summers days are warm with high temperatures averaging in the 80s, while nights cool off into the 60s. Winter lows are in the 20s and 30s. Thirty- to forty-degree temperature swings in a day are common. Snowfalls of 1 to 18 inches occur from October through March. (Harding County receives considerably less snow, about 20 inches a year.) Annual rainfall averages about 15 inches on the ranch, with most of that in July and August during the American Southwest monsoon season.

The ranch rises in elevation from 4,900 to 5,600 feet above sea level.

Learn more about the property

Acreage (Deeded & Leased)

Deeded Acres: 6,980±
State Leased Acres: 3,110±
Total Leased Acres: 3,110±
Total Acres: 10,090±

Additional Information

Area Attractions
Taos Ski Valley Resort, Taos, NM 
Taos Ski Valley Resort offers a variety of runs for skiers of all levels. The resort village is in the Sangre De Cristo Mountains, about 18 miles northeast of the town of Taos, and is open year round for hiking, horseback riding, and tubing in the summer.

Capulin Volcano National Monument, Capulin, NM
Visitors can hike to the top of the Capulin Volcano at the Capulin Volcano National Monument or linger in the visitor’s center to learn about the region’s rich geological and archeological history. Located near the tiny town of Capulin, NM, and only eight miles from the Folsom Man site, where the famed Folsom Points (9500 to 8000 BCE) were discovered, the volcano sits at what was once the crossroads of an ancient culture.

Ute Lake State Park, Logan, NM
Ute Lake State Park surrounds an 8,200-acre reservoir, formed by damming the Canadian River. The reservoir, located two miles west of Logan, is home to large-mouth bass, crappie, catfish, and walleye.

Conchas Lake State Park, Conchas Dam, NM
The Conchas Lake State Park in San Miguel County, northwest of Tucumcari, has secluded coves and sandy beaches with excellent camping, boating, and fishing.

Santa Fe, NM
Santa Fe, NM, long a favorite of artists and musicians, needs no introduction. New Mexico’s state capital celebrates its 400-year-old Spanish colonial heritage and rightful place as a heralded center for fine arts and cuisine. The Santa Fe Opera, a fixture since 1957, has earned an international reputation, drawing thousands of operaphiles to the stunning open-air Crosby Theatre in July and August.


The homes and facilities on Dos Caballos Ranch were built with privacy and security in mind and are situated near the center of the ranch well beyond the view of Hwy 120. Private roads secured by motor-powered, electronic gates lead to the Main House and the River House.

Owner’s Home
Secluded but inviting, the 4,000± square-foot Owner’s Home sits high on a mesa overlooking both the Alamito and Canadian River canyons. The house faces east to take advantage of the rising sun and has spectacular views to the west of the Sangre de Cristo Mountains.

The architecture blends classic Mediterranean style with the charm of a Northern New Mexican hacienda, and the result is exquisite. The home lives larger than it is, with public rooms designed to bring the outdoors inside.

The house was custom built in 2000, using Rastra Insulated Concrete Forms (ICF) for the exterior walls. The forms, filled with concrete, lock in place and remain in the structure for strength and insulation. The concrete construction inhibits fire and smoke damage and resists mildew, fungus, and frost damage. Copper gutters and copper-clad window trim and doors accent the exterior. Hand-made antique farmhouse tiles imported from Italy cover the colorful roof. Stones gathered on the ranch were used for the exterior stonework.

The home has three levels: the main living area, a tower with a den designed for entertaining and enjoying the views, and a lower level with two garages, one a two-car, the other a single Jeep size.

Reclaimed materials are used throughout to create a warm ambience.  The living room floors are reclaimed pine.  Hand-hewn square antique beams salvaged from East Coast barns support the kitchen ceiling. The floors in the bedrooms are solid cherry. Hand-plastered interior walls are tinted in soft earth tones to complement the surrounding landscape. The family room has a wood-burning Mumford fireplace with stone facing and mantel.

The groin-vaulted and gilded foyer ceiling features custom-made mosaic tiles commissioned from a noted artist to depict flora and fauna found on the ranch.

The kitchen is a chef’s dream, outfitted with commercial-grade, stainless steel Viking appliances, including a gas and electric range, warming drawer, refrigerator, and ventilation system. Countertops are granite, as is the top of a 5’x12’ island. Floor tiles in the kitchen were reclaimed from a French country house. A combination pantry and laundry room also has a refrigerator, freezer, and trash compactor.

Each of the three bedrooms has a private bath with marble vanities, tub, and separate shower. The master suite has large walk-in closets and a stacked washer and dryer. There is a fourth bathroom with a shower off the foyer.

The Main House has hydronic floor heat, a solar hot-water heating system, and a 1,000-gallon propane tank, which is hidden from view. Additional features include a dumb waiter from the house to the garage, which also has in-floor heat. 

The River House
Ideal for guests or a resident manager, the 1,900± square-foot River House is secluded in the heart of the Canadian River Canyon. The home has three bedrooms, each with a walk-in closet; two baths with alabaster countertops; solid hickory floors in the main living areas; and tile floors in the kitchen and baths. The home has forced-air heat and air conditioning, propane, and electricity.

The ranch is on the grid with electricity provided by the Springer Electric Co-op. Water to the Owner’s Home is supplied and metered by the town of Roy via a 10-mile pipeline, with shut-off valves at 1.5-mile intervals. A river well with a terminal faucet located about 100 feet from the Main House supplies water for the horse barn and two storage tanks with a combined capacity of 25,000 gallons, which the current owners fill two to three times a year. Water to the River House is supplied by three connected wells, which fill a large holding tank. A booster pump in the well house pressurizes the water. All the wells on the property are permitted.

Horse Barn and Paddock
The three-stall horse barn of solid Pumice-Crete® construction was designed to match the style of the Owner’s Home. The 28’ x 30’ barn has water and electricity. There is a steel-fenced paddock and an 80’ x 120’ outdoor arena with turnout and moveable panel pen.

Learn about the recreational amenities

Fishery Resources

The Canadian River is a wild river (no upstream dams) and diverse fishery, teaming with a variety of native species that live at different altitudes along its course, including chub, minnows, and catfish.

Two large reservoirs on the Canadian River, the Ute Lake Reservoir and the Conchas Lake Reservoir, each about 80 miles from Dos Caballos, offer recreational opportunities and sport fishing for large-mouth bass, catfish, crappie, and walleye.

Wildlife Resources

With its abundant water and varied terrain, Dos Caballos is an ideal wildlife habitat and is, in fact, home to a wide array of large and small game animals. Elk, Barbary sheep, pronghorn antelope, mule deer, black bear, and mountain lions can be found throughout the ranch, along with bobcats, ringtail cats, foxes, Merriam’s turkey, and a host of birds, including ravens, hawks, ducks, geese, and herons. The ranch has not been hunted or grazed in several years, which has improved the native grasses and forage, habitat, and wildlife count. 

The ranch is in Game Unit 47, outside the core elk range. Elk tags are available on an individual basis through arrangements with surrounding land owners and the New Mexico Game and Fish division.

Recreational Considerations

With about 35 miles of dirt tracks and roads throughout the property, Dos Caballos is the perfect place for horseback riding, four-wheeling, hiking, and mountain biking.

Beyond the ranch, there are excellent opportunities for winter snow skiing and outdoor recreation. The Taos Ski Valley Resort, about two-and-one-half hours northwest, is known for its challenging runs with chutes and bowls. Hiking, camping, and fishing is fantastic in the Carson National Forest, about two hours west, and in the storied Pecos Wilderness, about two hours south of the ranch.

Back to Overview

Other Properties

More Like This

Cañon Blanco Ranch’s 62,395± deeded acres span canyons, arroyos, grasslands, and old-growth ponderosa pine hillsides. This property features exceptional wildlife habitat, livestock grazing, and big game hunting, just 30 minutes from Santa Fe.

62,395± Deeded Acres
View Property Details

Outstanding angling on 1.25± private miles of Chama River and five trout ponds. Big views, tasteful Southwestern improvements, elk, deer, and hay production – all within five miles of Chama, New Mexico.

518± Deeded Acres
View Property Details

Quinlan Ranch

Chama, NM

Offering a superlative combination of big game hunting and privacy, this 16,706± deeded acre holding controls a contiguous block of diverse terrain with quality improvements, stocked reservoirs, and excellent access.

16,706± Deeded Acres
View Property Details