A Wyoming ranch that welcomed Queen Elizabeth II is looking for its next owner after generations in the same family. The asking price: $24.5 million.
Quarter Circle Lazy B Ranch, near Big Horn, spans approximately 1,542 acres beneath the Bighorn Mountains. The Wallop family’s connection stretches back to 1889, making this an unusually long chapter of private ownership coming toward a possible close.
The listing is real, but the sale offering is not brand new. Although Mansion Global highlighted it in October, Cowboy State Daily reported the property was available in August. Buyers are looking at an existing offering receiving fresh attention.
The royal connection gives the property an unmistakable marketing advantage. Mansion Global reports that Queen Elizabeth II and Prince Philip spent four days there in 1984 during a private family visit, according to owner Paul Wallop.
The relationship was personal. Wallop’s aunt married Henry Herbert, later the Earl of Carnarvon, who served as the queen’s racing manager. This was a family retreat with extraordinary guests, rather than a residence owned by the British monarchy.
Its American story is equally distinctive. Oliver H. Wallop established the family’s presence in Big Horn in 1889 and later inherited the title of Earl of Portsmouth. Another generation produced Malcolm Wallop, who represented Wyoming in the United States Senate.
Today, Paul and Sandra Wallop are considering what comes next.
Cowboy State Daily reported that their children were not interested in taking over the ranch. The couple wanted to make decisions about its future while they could still participate actively in the transition. Mansion Global reports they intend to retain some property and remain nearby.
That makes this more than a luxury listing. It illustrates a familiar challenge for families holding substantial real estate: keeping a property for generations does not guarantee another generation wants to operate it.
The physical offering includes a log lodge built in 1993 with 3,006 square feet, two bedrooms, a sleeping loft and four bathrooms. A separate foreman’s house measures 1,444 square feet. Johnnie’s Cabin provides another 1,377 square feet in a more secluded setting.
Horse facilities include a modern barn and an outdoor riding arena measuring 100 by 200 feet. Four mountain ponds and approximately 600 feet of Little Goose Creek add recreational appeal. The listing also describes grazing capacity and an existing conservation easement.
That last feature deserves as much attention as the royal history.
A buyer should examine the actual easement before assuming what can be built, subdivided or changed. Open land can carry substantial value precisely because development is limited, but the permitted uses must match the purchaser’s plans.
The property’s accommodations have operated as vacation rentals, according to the brokerage. That provides an operating history worth investigating, without establishing that rental revenue will cover ownership costs or justify the asking price.
Prospective buyers would need financial records, maintenance budgets and a clear understanding of staffing requirements before treating hospitality as an investment thesis.
They should also separate the property’s historical appeal from its market valuation. Famous visitors make a compelling story. Comparable ranch transactions, usable acreage, improvements, access and operating expenses provide a stronger foundation for negotiating a purchase.
Paul Wallop, an owner and licensed Wyoming real estate agent, is marketing the property through Century 21 BHJ Realty.
For the eventual buyer, the attraction is a combination that cannot simply be reproduced: a large landscape, established buildings and a family history stretching across centuries.
But $24.5 million remains an asking price, not a completed sale. The next owner will ultimately be buying responsibility for the land along with the privilege of living on it. Its eventual sale could establish a useful local market benchmark.
