Expansive and Untamed $115 Million Ranch Owned by Family Behind Homebuilding Giant D.R. Horton Finds a New Owner

One of the largest ranches in America, where elk and wild deer roam free, has found a new owner.

The 504,000-acre ranch in New Mexico was owned by the family behind D.R. Horton—the homebuilding giant in the Dallas–Fort Worth region. The ranch originally listed for $115 million, despite the absence of a home on the massive property.

“They want to preserve it. They want to make it better for the next end user,” Jeff Buerger, real estate agent with Hall and Hall, tells Realtor.com®.

Known as the Great Western Ranch, the property—located just north of Quemado, a mile east of the Arizona state line and approximately 87 miles southwest of Grants, NM—went on the market last year.

The ranch itself spans roughly 787 square miles, and is strategically positioned in the heart of one of the most prolific big game and optimal livestock grazing areas of the Western U.S.

“Land as a commodity or a finite resource at the end of the day—there’s an importance of maintaining these type of legacy assets. It’s more important than it’s ever been,” says Buerger.

Buerger tells Realtor.com that he was part of the transaction—representing the Horton family—when they first bought the property and now selling it.

“I sold this ranch 10 years ago to the current owners, and over that period of time, I think that they have, the Horton family, along with Jason, the ranch manager, has absolutely done a phenomenal job,” he adds.

“I think of really taking a ranch and making it better during their tenure of ownership in a host of ways: ecologically, biodiversity, and the right balance of livestock and wildlife is integral.”

The Great Western Ranch is located in Quemado, a community in Catron County that is home to a population of 228, according to the 2010 Census. The area claims Quemado Lake, which lies 13 miles south of U.S. 60 and is one of the best trout lakes in the state.

Buerger says the ranch has an abundance of wildlife, including bull elk, mule deer, and antelope. He says the animals are sacred to the land and its historical significance “cannot be overstated.”

As per the property’s listing, “This area of New Mexico is notorious and renowned for its massive and natural growth of bull elk, mule deer, antelope, and mountain lions, which attract hunters from all over the world. The ranch participates in a lucrative lease arrangement with Black Mountain Outfitters.”

In addition to the wildlife, the ranch is surrounded by hundreds of dirt tanks, catch ponds, seasonal playas, ponds, small lakes, and stock tanks for livestock and wildlife watering. Approximately 134 pastures were placed around the property, as well as 2,230 miles of fence, so that the livestock can graze freely.

The median listing home price in Quemado, NM, (ZIP code 87829) is $385,000. There are currently 79 homes for sale in the area, with prices ranging from $12,000 to $4.2 million, according to Realtor.com. In 2023, property taxes for Great Western Ranch were $39,791.35.

Buerger won’t disclose how much the ranch sold for—citing New Mexico’s nondisclosure agreement laws—but says maintaining and preserving the beauty of the land will be passed on.

The allure of luxury ranch living

In the luxury market, sprawling ranch properties like New Mexico’s Great Western Ranch take that idea to the next level, offering thousands of acres of unspoiled land, high-end amenities, and total privacy.

And, those that do have homes on them offer retreats for buyers craving space, solitude, and a deep connection to the land.

For fans of bold and unique properties, the real “Dutton Ranch” from “Yellowstone” offers that iconic mountain-and-river charm—so much so that it’s become a hot ticket for guests wanting to live out their Western dreams.

Meanwhile, California’s high-octane desert ranch is a standout with its own racetrack and private hangars. This property was built for thrill seekers who call aviation and fast lanes home.

And nestled in the Sierra Nevada foothills, the Heart Rock Ranch blends Gold Rush history with expansive luxury. It’s that rare property where nature and nostalgia coexist in style.

Even on a smaller scale, ranch homes are practical. Maintenance is usually a breeze, and energy efficiency tends to be better than in multistory homes since you’re only heating or cooling one floor. Plus, the simple architecture of a ranch offers tons of flexibility if you’re thinking about remodeling or expanding later on.

Sure, they take up more space and can mean giving up a bit of backyard, but for many buyers, the trade-off is worth it. Ranch-style homes combine comfort, charm, and functionality—and that timeless curb appeal doesn’t hurt either.