Jason Spaeth broke the first commandment of ranch-buying when he came across a 7,000-acre cattle ranch with miles of flowing streams and deer habitat in western Wyoming.
“The number one rule is don’t get emotional, but I did,” says the retired financial services executive, who paid about $10.5m for the property in June. “I really fell in love with the place.”
Spaeth, who lives in Minneapolis, plans to operate the property as a cattle ranch and spend summers there with his wife and three sons. But he realises it will be difficult to make money in the cow business.
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