The Running Elk Ranch: Bozeman’s Record-Setting $79 Million Dollar Listing

Summary: The Running Elk Ranch hit the market in May 2025 for $78,912,000, making it the most expensive property ever listed in Bozeman, MT. After a price reduction several months later, the property was pulled off the market and is no longer active. 

To see what is on the market, check out this list of Farm & Ranch properties currently for sale in Montana. 

Where Is the Running Elk Ranch Located?

The Running Elk Ranch is a 1,940 +/- acre property in the foothills of the Bridger Mountains. The property borders the Gallatin National Forest for 2.5 miles along the eastern edge of the property, and borders state land along part of the western and southern edges of the property.

What Makes the Running Elk Ranch Unique? 

While there have been many impressive ranches listed over the years in Montana, this property is unique in that it is just 11 miles from downtown Bozeman. The Running Elk Ranch features:

• A 3,553 sq ft main home
• A 2,926 sq ft guest cabin
• A 1,000-yard gun range
• One of the largest indoor equestrian facilities in the area, a 30,319 sq ft structure

Additional details on this property include a caretaker residence, an equipment shop, ponds and stables. There is a site prepped for an additional primary home to be built. A portion of the property is operated as a local farm through a farm lease.

How Does Running Elk Ranch Compare to Other Bozeman Listings?

Originally listed for nearly $79 million and later reduced to $69 million, the Running Elk Ranch remains one of the highest-priced properties ever offered in Bozeman.

The nearly 80,000-acre Climbing Arrow Ranch was listed for $136,250,000 in Manhattan, Montana, and sold in 2021. 

But as far as Bozeman-specific properties go, up until the Running Elk Ranch listing, the most expensive property the Bozeman market had seen was a 22,500+/- sq.ft home on 23.5+/- acres for $39,950,000 listed back in 2021.

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The Running Elk Ranch was listed by Mike Schlauch at PureWest Christie’s Int’l Real Estate – Bozeman. Photos courtesy of the Big Sky Country MLS