LF Ranch Offering Brochure

LF RANCH
AUGUSTA, MONTANA | LEWIS & CLARK COUNTY
LISTED EXCLUSIVELY BY

TABLE OF CONTENTS
INTRODUCTION1
THE CROWN OF THE CONTINENT 2
LOCATION & ACCESS3-4
RANCH FISHING & HUNTING5-9
AREA RECREATION 10
ACREAGE11
CATTLE OPERATION 13-14
IMPROVEMENTS 15-17
UTILITIES & SERVICES 18
REAL ESTATE TAXES 18
FENCES & BOUNDARY LINES 18
WATER RIGHTS 19
MINERAL RIGHTS 19
ELEVATION & CLIMATE 20
RANCH HISTORY 21
AREA HISTORY22
SUMMARY STATEMENT24
OFFERING PRICE & CONDITIONS OF SALE 25
CONTACT INFORMATION26
AREA & RANCH MAPS 27

INTRODUCTION
“Complementing the big-fish experience are the awesome scenery and the sense of timeless
remoteness; there is no place quite like this. Close your eyes and think of Montana 150 years ago.”
Charles F. Gauvin, President and CEO Emeritus, Trout Unlimited
— 1 —
The historic LF Ranch is, simply put, one of the most magnificent
Montana ranches to become available in decades. The Ranch
encompasses almost 42,215 deeded and leased acres, a sizable
property even by Montana standards. But it is the astounding
diversity of this wild and pristine acreage – almost all of which is
enclosed within ranch boundaries that makes the LF so spectacular
and unique. The Ranch rises from lush prairie grasses through
riparian zones along its many creeks, past the iconic Haystack
Butte, and up the Rocky Mountain Front to the Lewis and Clark
National Forest, with which it shares a boundary for almost eight
miles. The Rocky Mountain Front wraps around the Ranch on
the south and west, forming what is, in effect, a privately-owned
preserve with all the attributes of a national park.
This is the heart of the Crown of the Continent, one of only two
intact ecosystems remaining in the lower 48 states, and home to
possibly the richest collection of wildlife in North America. The
LF Ranch is a jewel in that crown.
Five spring-fed streams, offering over 37 miles of trophy trout
fisheries, and over 113 miles of riparian habitat serpentine
through the Ranch creating private fisheries that yield large, healthy populations of rainbow and brown trout. Virtually every mammal known to the
American Rockies – elk, mule deer, white tail deer, antelope, moose, bighorn sheep, grizzly bear, wolves, mountain lion – lives here, as well as grouse
and Hungarian partridge. The plethora of wildlife coupled with the diverse terrain, running waters and the protected boundaries makes for unmatched
outdoor experiences, whether fishing, hunting, hiking or horseback riding.
The Ranch currently runs about 1,300 head of cattle and produces about 700 tons of hay annually. This is a low-overhead operation that, under present
ownership, has consistently operated in the black. Facilities, including barns, chutes, docks and pens, are well maintained and efficient. The residential
improvements, including a charming owner’s cabin, are modest but comfortable and designed for recreational use and utilitarian staff housing.
The LF has had only two owners since famed Montana rancher J.B. Long first assembled the property in the early 1900s. Over the last 30 years, the
current owners have enhanced the holding with strategic acquisitions and careful stewardship of the land and native habitat. The result is a legacy ranch
of unsurpassed beauty and biodiversity that also presents an attractive land and conservation investment.

THE CROWN OF THE CONTINENT
The Crown – aptly named for its majestic geology – forms the spine of the Rocky Mountain Front and the eastern edge of the Continental Divide. It
extends from the northern Canadian Rockies in British Columbia and Alberta southward into Montana through Glacier National Park to Rogers Pass.
Rugged limestone peaks, sheer walls, protrusive reefs and deeply cut canyons provide a view scape like nothing else in North America. Some of the
nation’s most important protected wilderness areas are here: The Crown is 10 million acres including the Lewis and Clark National Forest, which
spans 2,912 square miles; the Bob Marshall Wilderness Complex, the fifth largest wilderness area in the lower 48 states at over 1 million acres; and the
Scapegoat and Great Bear Wilderness Areas are more than a half-million acres within the national forest – all adjoining the LF.
Here, in the wildest part of Montana's Rocky Mountains, are the headwaters of many major North American rivers and the origins of the Pacific and
Atlantic Oceans and Hudson Bay.
This special corner of Montana has a tangible, yet undefinable quality of
life and land; much of it remains the way that Lewis and Clark experienced
it over 200 years ago.
“I’ve been fortunate to fish, hunt, and photograph all over
the world. To this day, the LF Ranch remains one of the
most enclosed, impressive, and untouched ecosystems I’ve
seen. Big fish in small water, paired with endless views of
undeveloped land is hard to find in any part of the world.”
Nick Kelley, Photographer, Outside Magazine
The LF is one with the Crown and possesses its own special geological
features. Haystack Butte, an ancient volcanic plug, stands sentinel in
the midst of the LF. At 6,800 feet above sea level, the peak is an iconic
regional landmark, first remarked upon by Meriwether Lewis.
The topography of the LF ranges from the rugged peaks along the western
and southern boundaries that transition to mountain valleys, grassy benches to productive riparian bottoms. The backdrop of The Front to the west is
captivating with snow-capped peaks and timbered hill sides to the rolling hills and pastures that contain healthy stands of native grass species.
The Lewis & Clark National Forest, which borders the Ranch on the south and west for approximately eight miles, protects it from encroachment
and shares the same marvelous biodiversity of the region. The Nilan Reservoir borders the Ranch on the northeast corner, with a finger of the lake
extending into the Ranch. Five significant spring-influenced creeks – Ford, Smith, Goss, Blubber and Elk – flow from west to east through the various
drainages within the Ranch.
“The Front’s rich mosaic of glaciated wetlands, riparian corridors, mixed-grass prairie and coniferous
forests is formed by the dramatic collision between mountain and prairie ecosystems.”
The Nature Conservancy Annual Report 2015
— 2 —

LOCATION & ACCESS
The Headquarters of LF Ranch is located off Smith Creek Road, 12 miles west of Augusta. This quaint western town, population 315, boasts restaurants,
a gas station, grocery store, post office and local watering holes, including the popular Buckhorn Bar for great dining, refreshments and local color, or
stop for an espresso drink at Latigo and Lace.
The Augusta public school system serves the surrounding area and features small, multi-grade classrooms. Augusta High School, a Montana High
School Association Class C school (fewer than 160 students), offers competitive interscholastic athletic programs. School bus service provides roundtrip
transportation for elementary and high school students in the area. The Augusta community has been supportive of the school system and has
historically supported school bonds for capital improvements and upgrades.
Choteau, the Teton County seat, is about 20 minutes north of Augusta and provides a range of services including banking, health care and a jet capable
runway.
— 3 —

LOCATION & ACCESS
GREAT FALLS
The Ranch is about 69 miles – or just over an hour’s drive – from Great Falls, the third largest city in Montana. Known as the “Electric City” for its
hydroelectric dams, Great Falls is the commercial and banking hub of north central Montana. With a population of approximately 60,000, Great Falls
offers a complete and diverse array of retail, dining and supply and equipment services. Great Falls Clinic Medical Center and Benifis Health System
both provide quality health care and surgical services.
UNIVERSITY OF PROVIDENCE
Founded in 1932, the University of Providence, formerly University of Great Falls, is a private, Roman Catholic liberal-arts university located in
Great Falls on 44 pristine acres. UP, which serves approximately 1,117 undergraduate and graduate students, offers about 60 certificate, associate,
undergraduate and graduate programs in traditional liberal arts and sciences and in healthcare fields. In addition to its campus offerings, UP serves 31
sites in Montana, Southern Alberta and Wyoming through its Telecom Distance Learning Program.
For those interested in athletics, the University of Providence ‒ nickname: the Argonauts ‒ participates in a variety of men’s and women’s sports in
National Association of Intercollegiate Athletics (NAIA) Region I and is a respected member of the Frontier and Cascade Conferences.
AIRPORTS
The Great Falls International Airport serves Alaska, Allegiant Air, Delta and United Airlines. Currently, direct flights are available to Denver, Las
Vegas, Minneapolis, Phoenix, Salt Lake City and Seattle. For up-to-date flight schedules and airport information, please refer to the airport website:
www.gtfairport.com.
There is a well-maintained paved public airstrip situated on the northeast edge of Choteau, 38 miles from the Ranch. Located at an elevation of 3,942',
the 75' x 5,000' asphalt runway is in good condition. Communications for this facility are available through Salt Lake City at Frequency 133.4/285.4
(Great Falls RCAG).
Augusta Airport (3U5) has a 3,650' x 75' turf runway at 4,145' elevation that is in fair condition. For additional information, contact manager Tim
Connley at 406-444-2506.
The Ranch also has a grass airstrip that is maintained and suited for single-engine aircraft, such as a Cessna 182 or 206. The strip could easily be
extended for larger aircraft.
Approximate distances to area cities and towns from the LF Headquarters are as follows:
Augusta....................................................................12 miles
Choteau...................................................................38 miles
Great Falls................................................................69 miles
Helena......................................................................88 miles
Missoula.................................................................145 miles
Bozeman................................................................183 miles
— 4 —

RANCH FISHING & HUNTING
“While I’ve had the good fortune of hunting and fishing a lot of properties in the Rocky Mountain West, I
can say the privilege of pursuing upland birds and casting to trout on the LF Ranch is singular.”
Whitney Tilt, Director, Land and Wildlife Conservation, The Arthur M. Blank Family Foundation
The big game hunting, wing shooting and trout fishing on the LF are truly world class and have been enjoyed for decades by a select and notable group
of sportsmen, including leading environmentalists, conservationists and chief executives of sporting companies. The private small stream and spring
creek fishing on the LF is simply astounding. It is not an overstatement to say that the LF is the finest fishing ranch to hit the Rocky Mountain market
in a generation.
“I have been fortunate to guide anglers all across the world in the world’s best fisheries, and there is
no place I would rather fish for trout in Montana than the LF. It offers New Zealand, Argentina and
Montana on one piece of property.”
Dan Vermillion, Owner, Sweetwater Travel Company, Livingston, Montana
— 5 —

RANCH FISHING & HUNTING
The LF is laced with springs, creeks, seeps, still ponds and lakes. The largest of the fishing creeks – Ford, Smith, Goss, Blubber and Elk Creeks – flow
through the Ranch for approximately 37 stream miles.
Ford Creek
Smith Creek
Elk Creek
Goss Creek
Blubber Creek
— 6 —
10.6 miles
11.8 miles
3.0 miles
9.4 miles
2.7 miles

RANCH FISHING & HUNTING
“With its 30+ miles of private spring creeks, the LF is truly a unique fishing experience…I fished the LF
during hopper season and was amazed at the brown trout. Complementing the big-fish experience are the
awesome scenery and sense of timeless remoteness. There is no place quite like this.”
Charles F. Gauvin, President and CEO Emeritus, Trout Unlimited
All of these fisheries hold remarkable numbers of trout, including some very large brown trout that regularly exceed 20 inches; several ponds, including
the sizeable Smith Pond, offer exceptional still water fishing. The creeks rise from springs on the Ranch and from the adjoining wilderness areas and
flow through the heart of the Ranch, thus creating a private fishing reserve that is unrivaled. It has often been said that an angler never steps in the same
water twice and the diversity of the riffles, pools and grassy banks with deep corners that course through the Ranch will challenge and captivate anglers
for a week, a season and a lifetime.
— 7 —

RANCH FISHING & HUNTING
“For the lucky few that have stalked their banks, the LF waterways offer an intricate labyrinth of
adventure. Coupled with a well-placed cast – every bend, riffle and rock hold the promise of connecting
with a large wild trout. The pure variability of angling opportunities is astounding.”
Should the day come that an angler wants to venture off the
Ranch, the famed nearby waters of the Dearborn, Sun and
Missouri Rivers are all within an easy hour drive. Many
consider the stretch of the Missouri River from Holter Dam
near Wolf Creek downstream to Cascade the finest river in the
State. The Sun and Dearborn Rivers originate in the renowned
Bob Marshall Wilderness and offer less traveled fishing
experiences. Local reservoirs including Nilan, which borders
the northeast corner of the Ranch, Pishkun and Willow Creek
offer additional still-water angling opportunities and in the heat
of the summer are popular local boating destinations.
As the summer fishing season transitions into fall, and sporting
pursuits turn to the field, the big-game and wing-shooting
opportunities on the LF are simply spectacular. The LF is home
to moose, elk, bighorn sheep, mule and white-tailed deer and
antelope. In September and October, the spectacular bugling
and rutting displays of mature bull elk that occur throughout the
LF etch permanent memories. Trophy record-book bulls are
taken annually during archery and rifle season. With historical
knowledge and many days in the field, ranch managers have
defined nine distinct elk hunting zones that provide exceptional,
unique and incredibly private experiences. The Ranch is located
in hunting District 442, which is a general ‘over the counter’
tag for elk and deer. With the burgeoning elk population in
the area, the hunting season is generous and extends from
September through February. For details on purchasing nonresident
tags, specific regulations and additional information
please refer to the Montana Fish, Wildlife and Parks website at
www.fwp.mt.gov.
Connor Flanigan, Fly Fishing Community Manager, Simms Fly Fishing
— 8 —

RANCH FISHING & HUNTING
“The LF is among the most amazing hunting properties in America.”
Grayson Shaffer, Editor at Large, Outside Magazine
Significant populations of Hungarian partridge and sharp-tailed grouse are observed throughout the Ranch. The seasonal grain fields through the core
of the Ranch provide a readily accessible food source, which combines with an extensive riparian habitat along the creeks to greatly enhance the quality
and numbers of wildlife. This habitat is apparent through the abundant numbers of elk, whitetail, mule deer and antelope scattered throughout.
“I’ve enjoyed outstanding hopper fishing for big browns; I’ve followed pointers riveted to the scent of 30+
sharptails. I’ve done nothing for timeless spells mesmerized by the back drop of the Rocky Mountain Front.
I’ve watched 80 elk grazing high on Haystack. These are the daily treats that the LF doles out to its guests.”
Perk Perkins, CEO, The Orvis Company
— 9 —

AREA RECREATION
North Central Montana offers endless opportunities for outdoor recreation from hunting, fishing, hiking and camping to golfing in the shadow
of the Rocky Mountains.
BOB MARSHALL WILDERNESS COMPLEX
Located just west of the Ranch, “the Bob,” with 1.5 million acres, is the fifth largest
wilderness area in the United States. Protected by the Wilderness Act of 1964,
which prevents the construction of roads or structures and prohibits motorized
vehicles and mechanical equipment, the Bob Marshall Wilderness area is accessible
by foot or horseback via an extensive trail system. Hunting, fishing and camping
are allowed with the proper permits. Grizzly and black bears, moose, elk, mountain
goat, bighorn sheep, wolverine, wildcats, and lynx live here. Its vast, pristine beauty
and magnificent wildlife make the Bob Marshall a bucket-list trip for outdoor
enthusiasts worldwide.
FREEZEOUT LAKE
Northeast of the Ranch, near the town of Fairfield, lies Freezeout Lake. While this
Wildlife Management Area offers hunting, wildlife viewing and iceboating in winter,
it is also the primary staging area for snow geese in their spring migration from the
Gulf States. In early March as many as 300,000 snow geese and 10,000 tundra
swans gather at the lake to rest before continuing to the extreme northwest Arctic
Coast of Canada. The LF lies along and under this major flyway and the sounds of
thousands of migrating birds are heard for days each fall and spring from overhead.
GOLF
The Harvest Hills Golf Course in Fairfield, features a “challenging but friendly”
9-hole public course against the beautiful backdrop of the Rocky Mountain Front.
Golfing is available at the public Choteau Country Club, as well as a new course at
the Eagle Falls Golf Club in Great Falls.
MISSOURI RIVER
For many decades, travelers have journeyed down the Missouri River to see the
inspirational rock formations and limestone cliffs. Scenic boat tours are available to
enjoy the beauty that has not changed since the days of Lewis and Clark. To gain
additional knowledge of the “Corps of Discovery” Expedition and the history of the
area, it is well worth visiting the Lewis and Clark Interpretive Center in Great Falls,
which offers lecture series, films and exhibits.
— 10 —

ACREAGE
LF Ranch encompasses approximately 42,215 total acres, including:
• 22,220± Deeded Acres
• 10,700± United States Forest Service Grazing Allotments
• 9,315± State of Montana Leased Acres
Based on Ranch tax records the deeded land includes:
• 18,133± Acres of Agriculture (Range, Pasture and Crop)
• 581± Acres of Flood Irrigated Hay Ground
• 3,486± Acres of Forest
• 22,220± Total Estimated Deeded Acres
The leased land includes:
United States Forest Service
• 10,700± Acres Mountain Pasture (403 AUMs)
• 2017 Cost: $570
State of Montana Lease Land
• 9,315± Acres of Native Range and Pasture (2,986 AUMs)
• 2017 Cost: $37,855
— 11 —

— 12 —

CATTLE OPERATION
This low-overhead cattle operation runs with only two full-time men during the entire year. There is minimal farming and irrigation. The cattle are hardy
and primarily calve on their own. The operation currently calves in early April, primarily to minimize stress on cattle, lower labor costs, and reduce the
amount of hay fed annually. The Ranch utilizes three major pasture grazing programs — a calving block, a summer pasture and winter pasture — with
the goal of reserving a third of the Ranch untouched going into the winter months. On a typical year, the Ranch feeds about a quarter ton of hay per
cow. With rotational grazing of the spring and summer pastures, the Ranch is able to take advantage of native grasses at different times of the year and
maximize forage production and usage. The abundance of spring and summer pastures, furthermore, facilitates rotationally grazed and regular rest
for these areas. The private USFS Grazing Permit for 203 animal units is used annually from early July to early September. Natural boundaries serve
as borders for much of the allotment with only about
a mile of fencing that requires annual maintenance.
The “mob grazing” practice utilized by the Ranch has
proven to be successful for efficient forage usage.
— 13 —
Coming out of the high country in the fall, cattle are
grazed around Haystack Butte and gradually moved
along the lower reaches of the Ford Creek and Ellis
Meadows where most of the hay meadows are located.
Small groups of cattle are gathered, brought into the
working facilities at Headquarters, and calves are given
their preconditioning shots as the Ranch prepares to
ship the first week of November. Steers will ship at
around 515 lbs. and 460 lbs. for the heifers.
Cows remaining on the Ranch are immediately
pregnancy tested with the pregnant cows sent back out
on the hay meadows prior to going to winter pasture
and the open cows sent to market.
Bulls are put in with the running-age cows in early
July. Cattle are divided into three groups with aged
cows running as one group, replacement heifers as a second group, and the herd bulls as a third group. Annually, the Ranch typically runs around 200
replacement heifers, 1,000 running-age cows, and about 80 head of herd bulls.
The summer haying season produces about 700 tons of hay from the flood-irrigated meadows to sustain the herd through the dead of winter. The Ranch
has historically budgeted to have on hand between a quarter and a half ton of hay per cow for the feeding season. During the winter months, the cows
are also provided a 37% protein block as a supplement to grazing the native pastures and the supplemental hay. The hay crop is typically harvested in
late June; cattle graze the aftermath and regrowth in the fall.
The Ranch efficiently rotates grazing on 35 pastures that have excellent stock water with natural waterways, springs, ponds and reservoirs.

CATTLE OPERATION
The cattle-handling facilities are well laid out and very functional with an efficient network of corrals, capable of working and sorting more than 1,000
head of cow/calf pairs. The cattle-handling facilities include a hydraulic Silencer chute with DigiStar scale set on concrete and contained within a
covered structure fed by a circular crowding tub and alley system. There is also a 25,000-pound certified digital platform scale with concrete approach
and wood deck.
The Red Calving Shed is currently used for storage. This structure has 18 calving jugs and a veterinary room with a hot box. The calving facilities are
utilized infrequently under current management, as the cows calve out naturally in the surrounding meadows. During the fall shipping season, large
semi-trucks can easily access the loading chute for calves going to market.
An additional working facility is located near the ranch home on lower Smith Creek. The calving barn is approximately 30' x 60' and contains thirteen
calving jugs and a head catch area. The corrals are in good repair and could comfortably handle 100 to 150 head of cattle at a time.
— 14 —

IMPROVEMENTS
The LF is comfortably improved with four functional ranch homes, four simple sleeping/hunting cabins, a historic ranch compound with a horse barn,
and efficient cattle handling facilities capable of working more than 1,000 cows. Improvements are appropriate, functional and comfortable, and
include modern amenities such as fiber optic internet access.
Main Cabin – Nestled in a stunning setting along Smith Creek, the home has spectacular views of the iconic Haystack Butte. The ranch-style, squarecut
timber home, built in the late 1980s, features an open floor plan with a vaulted ceiling, two inviting river rock fireplaces, large picture windows
that beautifully frame Haystack Butte, and an inviting outdoor deck. This single-story home has a comfortable, naturally flowing floor plan, excellent
for entertaining. The main family room
transitions seamlessly into the kitchen and
dining areas. There are three bedrooms and
two shared bathrooms. The home is modest
in scope, but very welcoming and nicely
appointed with fir-wood floors throughout and
carpet in the bedrooms. The kitchen includes
a commercial-grade Garland gas stove and
a commercial-grade True refrigerator in the
spacious pantry. The home is heated with
propane gas-forced air and propane hot water
heater.
— 15 —
Fishing Cabins – There are two off-the-grid
fishing cabins situated a short walk downstream
from the Main Cabin. These one-room cabins
are about 300 square feet each and include a
covered porch, wood burning stove and modest
furnishings. The setting along Smith Creek
could not be more perfect for short-term guests
ready to experience the LF.
The Ranch includes three Boise Cascade
manufactured homes moved to the property
in the 1970s. These have been used for ranch
employees, storage and offices. They are all in
good, livable and operating condition, though
could use some maintenance. Fiber optic cable
runs to each of the ranch homes.

IMPROVEMENTS
Ranch Home 1 – This family home has a full kitchen, living area, two bedrooms and full bathroom on the main level and three bedrooms, full
bathroom and additional living room in the walkout, daylight basement. There is a detached two-car garage with concrete floor and small brick patio
space inside the fenced yard. The home is heated with electric baseboard heat and a wood burning stove on the lower level. A mud room was added
to the home, which also includes a wash sink and the washer and dryer.
Ranch Home 2 – This home includes an open kitchen, dining and living space, and three bedrooms and full bathroom on the main level. A full walkout
basement has additional bedrooms, which have been used for storage, the Ranch office and a mudroom area with a washroom and bathroom. The
walkout level allows easy driving access and parking for the Ranch office. The home is heated with electric baseboard heat and propane heat.
Ranch Home 3 – This home consists of three bedrooms and one and a half bathrooms all on one floor. The home has a mud room upon entering the
house where the washer and dryer are located, an open kitchen, living room and dining room area. This 1940s house was originally located at the
Headquarters before it was moved to its present location along lower Smith Creek, just downstream from the Headquarters. The house is heated with
a wood-burning stove insert and electric heat as a backup. It also uses an electric hot-water heater and electric stove.
— 16 —

IMPROVEMENTS
Ranch Compound – The LF has retained many historic and authentic structures. The horse barn and smaller outbuildings both date back to the early
1900s, as well as the original Ford and Duval homestead cabins that were assembled into the LF during the J.B. Long ownership.
Horse Barn – With eight large horse stalls, tack room and hay loft, the historic horse barn is one of the original ranch structures. The barn, with its
tang of horse sweat and leather, is in very good repair.
Tool Shed – Used for storing fencing materials, supplies and yard tools, the shed is also an original ranch structure and is in very good condition.
Shop – The main ranch shop is about 40' x 60' with roll-up doors on both ends, post-and-beam construction and a tin roof. About half of the floor is
concrete. The building is not insulated or heated but does have 220-volt power and newer wiring throughout.
— 17 —

UTILITIES & SERVICES
Electricity is provided by Sun River Electric Cooperative based in Fairfield. Telephone and fiber-optic internet service are provided by Three Rivers
Communications. Propane and ranch fuel are delivered by Breen Oil based in Choteau. Domestic water for the homes and corrals is provided by
individual wells. All residences are on individual septic systems.
Annual electric, phone and internet costs $ 9,672
Annual propane and fuel costs $12,035
REAL ESTATE TAXES
The real estate taxes for 2017 for the LF Ranch were approximately $27,167.
FENCES & BOUNDARY LINES
The Sellers hereby make known that there may be variations between the deeded property lines and the location of the existing fence boundary lines
on the LF Ranch. The Sellers make no warranties with regard to the location of the fence lines in relationship to the deeded property lines, nor do the
Sellers make any warranties or representations with regard to specific acreage within the fenced property lines.
The Sellers are selling the LF Ranch in its “as is-where is” condition which includes the location of the fences as they now exist. Boundaries shown on
any accompanying maps are approximate. The maps are not to scale and are for visual aid only. The accuracy of the maps and information portrayed
thereon is not guaranteed nor warranted.
— 18 —

WATER RIGHTS
The LF Ranch controls an extensive number of irrigation and stock water rights on streams and stock ponds with very good priority dates. A complete
list of water rights and water right claims controlled by the Ranch is available upon request through our Bozeman Office. In this document, water rights
refer to post-1973 rights for stock, domestic, or other uses that have been issued permits or certificates for use. Water-right claims refer to pre-1973
rights, including decreed rights made by the Ranch that have not been fully adjudicated by the Montana Water Court.
According to the Montana Department of Natural
Resources and Conservation’s (DNRC) Water
Rights Division, the LF owns the following water
rights and water right claims:
WATER RIGHT CLAIMS
• 61.66 CFS flow rate for 10 decreed water right
claims out of the Ford Creek, Goss Creek and
Smith Creek. The priority dates of water rights
on the LF Ranch start as early as 1872.
CFS = cubic feet per second
CONTRACT WATER
• 210 Acre Feet of Nilan Reservoir Water
STOCK WATER CLAIMS
• 52 Stock Water Claims from numerous
creeks, springs and wells.
MINERAL RIGHTS
The Sellers will convey with the Ranch 100% of whatever mineral, oil, gas, geo-thermal, hydro-carbon and gravel rights they actually own, subject to
reservations by previous owners. The Sellers make no representation as to the quantity or quality of any mineral or other sub-surface rights appurtenant
to the LF Ranch.
— 19 —

ELEVATION & CLIMATE
The LF has the notable distinction of holding several mountain peaks on deeded ground. The elevation rises about 3,400 feet on the property from
the plains to the mountain peaks. The highest point along the western edge of the Ranch at the peak of Crown Mountain is about 7,600 feet above sea
level. The eastern edge along Highway 435 is at approximately 4,300 feet. The Ranch Headquarters on the LF Ranch Road is about 4,440 feet above
sea level as is the airstrip.
Because of the surrounding mountains, the massive acreage and the diverse terrain, along with the variations in elevation, there are many microclimates
within the confines of the Ranch.
The average annual precipitation in the area is 12 to 13 inches with a typical growing season of approximately 129 days. The long hours of summer
sunshine combined with the majority of the rainfall in May and June provide a favorable climate for dryland farming.
Average high temperatures in June, July and August range from 72° to 81° Fahrenheit. In December, January and February average high temperatures
are between 32° and 41°. Summer average minimum temperatures range from 45° to 51°. Winter average minimum temperatures are typically
between 11° and 16°. There is plenty of sunshine throughout the year.
— 20 —

RANCH HISTORY
Montana rancher J.B. Long assembled the LF from five homesteads he acquired in
the early 1900s, drawn to the property by the exceptional fishing resource, stunning
landscape, and productive livestock operation. Long, who began his ranching career
buying and feeding range sheep, left his native Cambridge, Massachusetts, when he
was 20 years old and headed west, eventually landing in Montana. After some hard
times in the early 1890s, Long developed one of the greatest livestock enterprises
Montana has ever seen, owning, with his associates, at one time up to 175,000 sheep.
Ballie Buck, a legendary Indian Cowboy who was instrumental in the start of the
Calgary Stampede, was JB Long’s foreman. Ballie made his mark by engraving his
name on the barn door, which can still be seen today. According to local lore, famed
western artist Charles M. Russell was friends with a ranch foreman on the LF and
would visit and camp along Smith Creek.
Cal Johnston, who was married to Sarah Long – JB’s daughter, took over the Ranch
in the 1930s. When Cal passed away, in the late 1960s or early 70s, the Ranch was
inherited by JB Long’s grandsons. Fred Johnson, one of the grandsons who was
an attorney from California, opted for the
ranching life and took pride in his portion of
the Ranch. He kept impeccable records of the
cattle and ran a cook house for the cowboys
to gather for supper. Fred passed away in
1988. Being disconnected from his family
and with no children of his own, Fred willed
the Ranch to the respective foundations at
Yale and Stanford Universities where he had
attended. These Foundations held onto the
Ranch for a year before selling it to the Pierce
Family in 1989.
— 21 —
The Pierce Family, being only the second
owner in more than a century, expanded the
Ranch with the strategic acquisition of five
neighboring ranches to compile the present
day offering. The focus of their ownership
has been to enhance the natural resources of
this wonderful holding.

AREA HISTORY
Camping near present-day Augusta in 1806, Captain Meriwether Lewis made several references in his journal to “Shishequaw,” the peak known today
as Haystack Butte, and rightly noted the “extensive, beautiful and level bottom” of the prairie surrounding the area. The iconic butte has served as a
sentinel and landmark to travelers, hunters and trappers since before the area was settled. In one of the cliffs on Haystack Butte there is a resemblance
to a human head, and legend states it was likely the object of worship and ceremony with beads and offerings found next to rock piles at its base.
“The Rocky Mountain Front is a land that has changed very little
since Lewis and Clark hunted there during the summer of 1805.”
The Wilderness Society
Rich grasslands enticed many settlers to the
West. In the 1860s, cattlemen were arriving in
this area to take advantage of the prairie grasses
to feed their herds. Around this time, it is said
there were more than a half a million cattle in
the immediate vicinity. In May 1893, a town site
was surveyed and dedicated near the confluence
of Elk Creek and the Sun River and soon named
Augusta after Augusta Hogan, the daughter of
rancher D.J. Hogan and first child born in the
town. Serving as a supply center for the cattleand
sheep-raising regions along the Sun River
Valley, Augusta has remained a historically intact
and excellent example of a small Montana town
of a century ago. Located on the prairie east of
the Rocky Mountain Front, Augusta enjoys one of
the nation's most spectacular backdrops.
The Front has long been sacred country to the
Blackfeet Nation and served as the hunting grounds
for the Blackfeet for generations. The great herds
of bison, which sustained the Blackfeet, roamed by
the millions across the plains and in the shadows
of these mountains. The Blackfeet referred to The
Front as "the Backbone of the World."
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SUMMARY STATEMENT
The scale, recreational amenities, and overall diversity make the LF one of the most unique offerings we may ever see in the Northern Rockies. The
remarkable condition of the abundant fisheries, wildlife habitat and range land are a product of almost 30 years of careful stewardship and direction
under the Pierce Family.
The protection of private lands along The Front has been at the forefront of many regional and national conservation organizations for decades. The
opportunity to place a conservation easement on a ranch influencing a footprint of more than 40,000 acres in an ecologically-significant region, such
as the LF, would be a pinnacle accomplishment for a multitude of conservation organizations. Buyers should first consult with their accountants and
financial advisors, but the conservation and tax benefits to a high net worth buyer are compelling.
The magnificence and profile of the LF remain pale unless personally witnessed. The grandeur goes beyond the breathtaking views of the Rocky
Mountain Front and the abundance of pastoral stream corridors meandering through the heart of the Ranch. The LF embodies the essence of the
Northern Rockies and its rugged majesty – the ultimate jewel in the Crown of the Continent.
“The western skyline before us was filled high with a steel-blue army of mountains, drawn in battalions
of peaks and reefs and gorges and crags as far along the entire rim of the earth as could be seen.
Summit after summit bladed up thousands of feet as if charging into the air to strike first at storm and
lightning, valleys and clefts chasmed wide as if split and hollowed by thunderblast upon thunderblast.”
Ivan Doig, “This House of Sky”- Page. 180
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OFFERING PRICE & CONDITIONS OF SALE
LF Ranch, as previously described herein, is offered at US $52,500,000.00 Cash or Terms acceptable solely at the discretion of the Sellers. The
conditions of sale are as follows:
1. All offers to purchase or letters of intent must be in writing and accompanied by a wire transfer of 5.0% of the purchase price to the
escrow account at Helena Abstract & Title Company in Helena, Montana;
2. Earnest money deposits will be placed in escrow with Helena Abstract & Title Company;
3. All Prospective Buyers must demonstrate to the satisfaction of the Sellers absolute financial capability to purchase the Ranch prior to
scheduling an inspection of the Ranch;
4. The Sellers will provide and pay for a standard owner’s title insurance policy. Any endorsements requested by the Buyer or any
lender will be at Buyer’s expense. Title to the real property will be conveyed by a deed;
5. All of the water right claims controlled by the Ranch will be transferred to the Buyer at Closing, and all of the mineral rights which
the Sellers actually own will be conveyed to the Buyer at Closing;
6. Buyers’ Brokers are welcomed and invited to contact Tim Anderson or Mike Swan in our Bozeman Office for information regarding
Cooperation Policies.
The Sellers reserve the right to effect a tax-deferred exchange for other real property in accordance with provisions in Section 1031 of the
Internal Revenue Code. The Buyer will not be required to incur any additional expenses nor to step into the chain of title on any property
which the Sellers may acquire.
This entire Offering is subject to errors, omissions, prior sale, change or withdrawal without notice and approval of purchase by the Sellers.
Information regarding land classifications, acreages, carrying capacities, crop yields, potential profits, etc., are intended only as general
guidelines and have been obtained from sources deemed reliable; however, accuracy is not warranted or guaranteed by the Sellers or Swan
Land Company. Prospective Buyers should verify all information to their sole and complete satisfaction.
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Swan Land Company has been authorized by the Seller to act as their Exclusive Real Estate Broker on the sale
of LF Ranch. Since 2002, we have focused on the brokerage of significant ranches, farms and recreational
properties throughout the Rocky Mountain West.
This Offering is based on information believed to be correct; however, it is subject to errors, omissions,
prior sale and change or withdrawal without notice. Information contained herein has been provided by the
Sellers or obtained from other sources deemed reliable. The Agent does not, however, guarantee accuracy
and recommends that any Prospective Buyer conduct an independent investigation.
For more information or to make an appointment to inspect the Ranch, please call:
Swan Land Company
1185 North 14th Avenue – Suite One
Bozeman, Montana 59715
Office 406.522.7342
Toll Free 866.999.7342
www.swanlandco.com
Mike Swan
Tim Anderson
Managing Broker/Owner
Broker
Mobile 406.570.4897 Mobile 406.580.2229
mike@swanlandco.com
tim@swanlandco.com
A 48-hour notice is requested to make proper arrangements for an inspection of LF Ranch.
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Glacier
National
Park
Great Falls
Augusta
Helena

Genuine. Devoted. Proven.
866.999.7342 | WWW.SWANLANDCO.COM | INFO@SWANLANDCO.COM