DOUBLE SPRINGS RANCH

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1 DOUBLE SPRINGS RANCH MAY, IDAHO $3,200, ± ACRES LISTING AGENT: TRENT JONES 560 2ND AVENUE NORTH KETCHUM, IDAHO P: M:

2 Land that s where it all begins. Whether it is ranch land or family retreats, working cattle ranches, plantations, farms, estancias, timber or recreational ranches for sale, it all starts with the land. Since 1946, Hall and Hall has specialized in serving the owners and prospective owners of quality rural real estate by providing mortgage loans, appraisals, land management, auction and brokerage services within a unique, integrated partnership structure. Our business began by cultivating long-term relationships built upon personal service and expert counsel. We have continued to grow today by being client-focused and results-oriented because while it all starts with the land, we know it ends with you. WITH OFFICES IN: DENVER, COLORADO EATON, COLORADO STEAMBOAT SPRINGS, COLORADO SUN VALLEY, IDAHO HUTCHINSON, KANSAS BUFFALO, WYOMING BILLINGS, MONTANA BOZEMAN, MONTANA MISSOULA, MONTANA OWASSO, OK ABILENE, TEXAS COLLEGE STATION, TEXAS LAREDO, TEXAS LUBBOCK, TEXAS SOUTHEASTERN US SALES AUCTIONS FINANCE APPRAISALS MANAGEMENT 2

3 EXECUTIVE SUMMARY The 640± acre Double Springs Ranch is one of central Idaho s premier properties. Located in the upper Pahsimeroi Valley 65 miles northeast of Sun Valley, the ranch is encircled by the majestic peaks of the Lemhi and Lost River ranges and surrounded by federal lands managed by the Bureau of Land Management (BLM). The ranch features a restored three bedroom, two bath ranch house tucked against the adjoining hillside and overlooking the property s four interconnected trout ponds. The covered porch frames an extraordinary view and is a perfect spot to relax and watch the day begin and end. Additional improvements include a restored one bedroom, one bath guest cabin, six stall horse barn with tack room and ranch office on the first floor and four bedroom, two bath caretaker s apartment on the second story, 7,500± sq. ft. shop and machine shed with bunk room, four bay equipment storage building, and four raised and covered big game blinds along the southern property boundary. Buried utilities service the ranch compound. The property features 537± acres of decreed surface water rights that are delivered via gravity flow from the spring source and applied using four center pivot sprinklers. The owner manages the ranch as a private label, grass-fed Angus beef operation and runs between 150 to 200 cows year-round through an intensive pasture rotation system. The ranch lies in the heart of some of Idaho s best big game hunting with a large elk herd residing in the hills next to the ranch and qualifies for landowner preference tags for controlled hunts in unit 37. With high-quality public lands in every direction, the ranch is an excellent base from which to explore the area s unspoiled backcountry and offers excellent hiking and trail riding right from the gate. The ranch is accessible all year and situated between Sun Valley and Jackson Hole, Wyoming, within easy reach of either community. Idaho Falls and its commercial airport lie approximately two hours southeast of the property, while Salt Lake City is located just over four hours to the south. 3

4 LOCATION Double Springs Ranch is located in the upper Pahsimeroi Valley approximately 20 miles south of the old town site of May, Idaho. May represents a loose collection of year-round cattle ranches and is also home to a state-owned 4,950-foot public runway with a turf surface. The town of Challis (population 900) is the county seat for Custer County and situated 50 miles northwest of the ranch. All general amenities and services can be found in Challis, including groceries, fuel, hardware supplies, and sporting goods. In addition, Challis offers a paved, lighted airport that is 4,600 feet in length at an elevation of 5,072 feet. A fixed-based operator, Middle Fork Aviation, serves the field, providing jet fuel and charter service. The well-known, year-round resort community of Ketchum/Sun Valley is 65 miles southwest of the ranch and offers the nearest commercial air service through Delta, United, and Alaska/Horizon Airlines. Principle access to the property is via the Double Springs Pass and Pahsimeroi Valley roads, which are graveled county roads linking the ranch with the greater valley and beyond. Estimated driving distances to major regional communities are as follows: Jackson Hole, 200 miles to the southeast; Idaho Falls, 135 miles to the southeast; Boise, 250 miles to the southwest; Salt Lake City, 310 miles to the south; and Missoula, Montana, 190 miles to the north. 4

5 LOCALE Double Springs Ranch lies within the upper Salmon River basin, an area renowned for its rugged mountain scenery, abundant fish and wildlife, exceptional public lands, and almost endless outdoor recreation opportunities. Three of Idaho s high country landmarks are within striking distance of the ranch the 2.3 million-acre Frank Church River of No Return Wilderness (the largest federally designated wilderness in the lower 48 states), the 756,000-acre Sawtooth National Recreation Area (considered by many as the crown jewel of the USFS s National Recreation Area system), and the recently created 275,000-acre Boulder-White Cloud Wilderness complex. Not to be outdone, the two mountain ranges flanking the Pahsimeroi Valley and dominating the views from the ranch the Lemhi and Lost River Ranges are Idaho s highest and among the state s most visually stunning. The Pahsimeroi River is one of the upper Salmon s principle tributaries and home to some of the region s most important spawning grounds for wild salmon and steelhead. The Pahsimeroi also provides vital irrigation water for the valley s farms and ranches, many of which have been under family ownership for generations. The ranch lies in Custer County, which is among the state s largest counties totaling nearly 5,000 square miles. Over 95 percent of the county is in federal and state ownership. Despite its size, Custer County is one of Idaho s least populated counties with a current population of just over 4,200 residents. The recorded history of Custer County begins with fur traders and pathfinders traveling through the region as early as 1824, with prospectors and miners arriving in the 1860 s and 1870 s. Named for the General Custer mine, Custer County was established in The county s principle industry is cattle ranching with livestock operations often stretching back multiple generations. The mining and timber industries have also played an important role over time. More recently, tourism and outdoor recreation have emerged as important components to the local economy by capitalizing on the area s rich recreational resources. 5

6 GENERAL DESCRIPTION Double Springs Ranch comprises a contiguous, square tract of land one mile in length from north to south and one mile east to west. The property is fully surrounded by federal lands managed by the BLM and lies just over a mile from the BLM s boundary with the Salmon- Challis National Forest. The property is mostly level with elevations ranging from 6,634 feet at the main entrance on the north side of the ranch to 6,940 feet at the property s southwest corner. The east side of the property is tucked against a long ridgeline that rises sharply from the valley floor and creates a protected pocket at the foot of the adjoining Lost River Range. As a result of this location, the ranch provides a sense of extreme privacy and seclusion. Building improvements along with the ranch s four trout and wildlife ponds are thoughtfully located at the base of the ridgeline in the northeast corner of the property. From here, there are unobstructed views south and west across the ranch s irrigated fields to an almost endless array of jagged granite peaks, including Mt. Borah, Idaho s highest at 12,667 feet. These vistas are nothing less than awe-inspiring. CLIMATE The climate for the Pahsimeroi Valley can be best described as semi-arid with an average humidity of only 30 percent and annual precipitation of less than 15 inches. Summers are warm with the temperatures occasionally reaching into the low 90s and cooling to the 50s at night. Winters are generally cold, with an average maximum daily temperature from November through March of 38 degrees and an average minimum temperature during the same period of 13 degrees. 6

7 GENERAL OPERATION Double Springs Ranch offers significant management flexibility and can be operated in a variety of ways based on one s goals and objectives. The current owner, who purchased the ranch in 2002, manages the ranch as a private label, grass-fed Angus beef operation and runs between 150 to 200 cows year-round through an intensive pasture rotation system. In a typical year, the ranch puts up its own winter feed. The property is perimeter fenced as well as configured into multiple fenced pastures, each with stock water. There are two sets of steel post working corrals. The ranch features 557± acres of decreed surface water rights that are delivered to the property by gravity through a buried mainline from Double Springs, a year-round spring system located on adjacent BLM land. Irrigation water is applied using four Valley center pivot sprinklers. Hand lines are also used to irrigate pivot corners. 7

8 ACREAGE Double Springs Ranch consists of 640± deeded acres. 8

9 IMPROVEMENTS The ranch is wonderfully improved and set up for year-round mountain living. A restored three bedroom, two bath ranch house is tucked against the adjoining hillside and overlooks the property s four interconnected trout ponds. The covered porch frames an extraordinary view and is a perfect spot to relax and watch the day begin and end. Additional improvements include a restored one bedroom, one bath guest cabin, six stall horse barn with tack room and ranch office on the first floor and four bedroom, two bath caretaker s apartment on the second story, 7,500+/- sq. ft. shop and machine shed with bunk room, four bay equipment storage building, and four raised and covered big game blinds along the southern property boundary. Buried utilities service the ranch compound. 9

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13 WILDLIFE AND RECREATIONAL CONSIDERATIONS The ranch lies in the heart of some of Idaho s best big game hunting with a large elk herd residing in the hills next to the ranch and qualifies for landowner preference tags for controlled hunts in unit 37 as well as annual elk depredation hunts in the area. Ponds on the ranch hold rainbow trout eager to take a fly, while expanded trout fishing opportunities exist on nearby rivers and streams, including the Pahsimeroi River, Big Lost River, Salmon River, Summit Creek, Sawmill Creek and Wet Creek. In addition to stream fishing, the area offers over 100 alpine lakes, many of which are home to wild trout. Most of these mountain lakes are found at elevations between 9,000 and 10,500 feet and provide exceptional views as well as hiking and horse packing opportunities. PROPERTY TAXES Annual Custer County property taxes are approximately $2,630. WATER RIGHTS One of the ranch s strongest attributes is the quality and quantity of its water rights. The ranch holds five exclusive irrigation rights from Double Springs Creek, a year-round spring system located on BLM lands approximately one mile west of the property, to irrigate up to 557 acres. Water is fed by gravity and delivered to the property by a buried mainline. A single booster pump assists with pressurizing water for the southwest center pivot which operates at the ranch s high point. The ranch also holds exclusive recreational water rights from Double Springs Creek for the purpose of filling and maintaining the four ponds on the property. A complete list of associated water rights is available from the Broker upon request. 13

14 MINERAL RIGHTS All mineral and subsurface rights owned by the Seller will transfer to the new owner at closing. ADDITIONAL INFORMATION In 2005, the current owner donated a conservation easement to Wood River Land Trust over the property. The purpose of the easement is to protect habitat for elk, deer, pronghorn, sage grouse, raptors, wading birds, and waterfowl while offering flexibility to carry out agricultural activities and build additional dwellings and infrastructure improvements. A copy of the easement, along with a complete list of permitted and prohibited uses of the property, is available from Hall and Hall upon request. BROKER S COMMENTS Double Springs Ranch is one of central Idaho s finest ranches and represents a marvelous blend of agricultural productivity and recreational appeal in a true Big Sky setting. The property features excellent residential and ranch improvements, high quality water resources, abundant big game, privacy and seclusion, and mountain views that are second to none. 14

15 Click on map above for link to Google Earth map of property. PRICE $3,200,000 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, building measurements, 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. 15

16 ADDITIONAL SERVICES OFFERED BY HALL AND HALL 1. 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 and Jerome Chvilicek at (406) or Justin Bryan at (325) are available to describe and discuss these services in detail and welcome your call. 2. 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 or Dan Bergstrom at (406) or Justin Bryan in our Abilene office at (325) are available to describe and discuss these services in detail and welcome your call. 3. 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) 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) 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 Dave Roddy (406) Mike Hall or Judy Chirila (303) Monte Lyons (806) J.T. Holt (806)

17 IDAHO BROKERAGE DISCLOSURE The law requires all real estate licensees to perform certain basic duties when dealing with any real estate buyer or seller. You can expect any real estate licensee you deal with to provide the following customer-level services: To perform necessary and customary acts to assist you in the purchase or sale of real estate; To perform these acts in good faith and with reasonable care; To properly account for money or other property you place in his or her care; and To disclose adverse material facts which are, or should be, within that licensee s knowledge. These include facts that would significantly affect the desirability or value of the property to a reasonable person, and facts that would indicate to a reasonable person that one of the parties cannot, or will not, complete his obligations under the contract. (Note: Idaho law exempts psychological impacts from this disclosure requirement. See Section , Idaho Code) Unless or until you enter a written agreement with the brokerage for agency representation, you are considered a Customer of the brokerage, and the brokerage will not act as your agent. As a Customer, you should not expect the brokerage or its licensees to promote your best interest, or to keep your bargaining information confidential. Whenever you speak to a licensee who represents a party on the other side of the transaction, (e.g., you are seeking to buy the property, and the licensee represents the seller), you should assume that any information you provide will be shared with the other party. If offered by the real estate brokerage, you may enter a written agreement for Agency Representation, requiring that the brokerage and its licensees act as an Agent on your behalf and promote your best interests as their Client. Idaho law authorizes three types of Agency Representation. Single Agency: If you enter a written agreement for Agency Representation, you, as a Client, can expect the real estate brokerage to provide the following services, in addition to the basic duties and obligations required of all licensees: To perform the terms of your written agreement with skill and care; To promote your best interest, in good faith, honest and fair dealing; If you are the seller, this includes seeking a buyer to purchase your property at a price and under terms and conditions acceptable to you, and assisting in the negotiation thereof; and, upon your written request, asking for reasonable proof of a prospective buyer s financial ability to purchase your property; If you are the buyer, this includes seeking a property to purchase at an acceptable price, terms and conditions, and assisting in the negotiation thereof; and, when appropriate, advising you to obtain professional inspections of the property, or to seek appropriate tax, legal and other professional advice or counsel. To maintain the confidentiality of specific client information, including bargaining information, even after the representation has ended. Limited Dual Agency: At a time you enter an agreement for Agency Representation, you may be asked to give written consent allowing the brokerage to represent both you and the other party in a transaction. This dual agency situation can arise when, for example, the brokerage that represents you, the seller, also represents buyers who may be interested in purchasing your property. When this occurs, it is necessary that the brokerage s representation duties be limited because a buyer and seller have built-in conflicts of interest. Most significantly, the buyer typically wants the property at the lowest price, while the seller wants top dollar. As a limited dual agent, the brokerage and its licensees cannot advocate on behalf of one client over the other, and cannot disclose confidential client information concerning price negotiations, terms or factors motivation the client/buyer to buy or the client/seller to sell. However, the brokerage must otherwise promote the best interests of both parties, perform the terms of the 17

18 written representation agreement with skill and care, and perform all other duties required by law. Buyers and sellers alike often find it desirable to consent to limited dual agency: buyers do not want the brokerage to be restricted in the search for suitable properties, and sellers do not want the brokerage to be restricted in the search for suitable buyers. Thus, when all parties agree in writing, a brokerage may legally represent both the buyer and the seller in the same transaction, but only as a limited dual agent. Limited Dual Agency with Assigned Agents: In some situations, a brokerage that has obtained consent to represent both parties as a limited dual agent may assign individual licensees ( sales associates ) to act soley on behalf of each party. (The brokerage must have an office policy that ensures client confidences are protected.) Where this is the case, the sales associate, or assigned agent, is not limited by the brokerage s agency relationship with the other party, but instead has a duty to promote the best interest of the client that he or she is assigned to represent, including negotiating a price. The designated broker (the licensee who supervises the sales associates in the brokerage firm) remains a limited dual agent for both clients, and ensures the assigned agents fulfill their duties to their respective clients. What to Look For in Any Agreement for Agency Representation: Whatever type of representation you choose, your written Agency Representation Agreement should answer these questions: How will the brokerage be paid? When will this Agreement expire? What happens when a transaction is completed? Can I cancel the Agreement, and if so, how? Can I work with other brokerages during the time of the Agreement? And what happens if I sell or buy on my own? Am I willing to allow this brokerage to represent me and the other party in the same transaction? Real Estate Licensees Are Not Inspectors: Even if you have a written agreement for agency representation, you should not expect the brokerage or its licensees to conduct an independent inspection of the property, or to independently verify any statement or representation made by any party to the transaction or other reasonably reliable sources (such as a licensed appraiser, home inspector, or the county assessor s office). Real estate licensees are entitled to reasonably rely on the statements of their clients and other third-party sources. If the condition of the property is important to you, you should hire an appropriate professional, such as a home inspector, surveyor, or engineer. Idaho Real Estate Brokerage Representation Act: The specific duties owed by the real estate brokerage and its licensees to a customer or client are defined by the Idaho Real Estate Brokerage Representation Act, located at Idaho Code Section , et seq. When you sign a real estate Purchase and Sale Agreement as a buyer or seller, you will be asked to confirm: 1. that this disclosure was given to you and that you have read and understand its contents; and 2. the agency relationship, if any, between you and the brokerage working with you. Trent Jones of Hall and Hall is the exclusive agent of the Seller. 18

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