Sprawling Colorado Ranch With 3 Homes and ‘Old West’ Charm Hits the Market for $21.9 Million

If you've got "Yellowstone" fever and $22 million to spare, a 229-acre working cattle ranch in Carbondale, CO, could bring your cowboy dreams to life.

The Flying Dog Ranch West at 1625 Prince Creek Road, 30 miles from Aspen, was established in 1888 and has changed hands about eight times since then.

"I'm the longest owner and proud of it," Richard McIntyre, who has worked the land for 51 years, tells Realtor.com®.

"It's secluded here. You can't see the ranch from the surrounding roads. The views are spectacular—it has one of the best views in the Rocky Mountains."

But true ranching—not hobby ranching—isn't necessarily an easy life, and McIntyre and his wife and co-owner, Lydia, are looking to downsize and travel.

McIntyre says the ideal buyer will be someone wanting a family compound—the land comes with three homes—and who loves the outdoors.

The cattle portion of the ranch is run by a longtime manager who leases the land with his own 300 head of cows and equipment.

"The work to keep the ranch running is extremely minimal," says McIntyre, who spent decades getting the ranch from "deplorable" conditions to the smooth income-producing machine it is today.

"It's like if you own a building and there's a business in it that rents out the space," explains Gabe Molnar of Douglas Elliman, who is handling the sale along with Michael Latousek of Douglas Elliman and Mike Shook and Joe Risi of Home Waters Real Estate.

Becoming a ranch owner

McIntyre was a 21-year-old in his last semester of college when he received a call from George Stranahan, an entrepreneur and heir to the Champion spark plugs fortune.

Stranahan had a ranch that needed a manager.

McIntyre had grown up on a dairy farm near the Finger Lakes in Western New York. His older brother, who was out West doing odd jobs for Stranahan, suggested McIntyre for the position despite his youth and inexperience.

Within a few days, McIntyre was living in a teepee and earning $240 a week to get the ranch in working order.

In 1981, he was able to purchase the ranch at a major discount thanks to a conservation easement bestowed by the Aspen Valley Land Trust. Stranahan acted as private lender.

Hunter S. Thompson connection

Stranahan, who had another ranch nearby in Woody Creek, happened to have a friend living on it, none other than Gonzo journalist Hunter S. Thompson.

"He was a literary genius," McIntyre recalls.

In 1990, when McIntyre, Stranahan, and their friend Ralph Steadman, a graphic artist, tired of drinking nothing but Coors, they started a craft brewery named after the ranch. Thompson penned some edgy copy for the labels. (The brewery was sold in 2023.)

But McIntyre remains mum on the journalist's non-writerly exploits while at the ranch.

"You know the old saying 'What happens in Vegas, stays in Vegas'?" he asks. "I'm not allowed to tell any stories, I'm afraid. That's for somebody else to tell you. I'm sure his ex-wife, for example, could tell you stories."

The ranch amenities

The ranch comes with senior water rights dating to the 1880s—a crucial factor if you're going to farm in what is essentially a high desert.

"If you don't have water rights, your ground will be parched," warns McIntyre. "It will turn to dust."

He says that water rights from the East Mesa Ditch, which pulls water from the Crystal River, mean the farm has never gone without irrigation, not even in the driest seasons.

The land is also full of wildlife—elk, mule deer, black bears, wild turkeys, bald eagles, golden eagles, badgers, and the occasional mountain lion.

It's a major migration route for birds, and there's a quarter-mile of Crystal River frontage for fly-fishing.

The property comes with a 3,650-square-foot, four-bedroom main house; a three-bedroom, 19th-century cabin; and a three-bedroom guesthouse. A 5,000-square-foot barn is currently used for events and as a gym.

Recent zoning approval will allow a new residence of up to 7,500 square feet and another barn of up to 5,000 square feet.

For someone seeking a family compound that's less than an hour from the world-class slopes of Aspen, and a "Yellowstone" lifestyle on unspoiled land, the ranch fits the bill.

"Our setting is equivalent to what you watch on 'Yellowstone,'" says McIntyre. "It's a bit of the Old West."