A 30-acre horse ranch property in Pahrump listed for $1.95 million is under contract.
The property, which has 30 acre feet of water rights, features a horse track with 3,000-seat stadium, 19 horse stalls and a stable with 1,392 square feet of living quarters on the second floor. The property also features multiple outbuildings.
The sales price under contract hasn’t been disclosed by Susan Hunt-Krygiell, owner/broker of Masterpiece Properties in Las Vegas. The sale is expected to close March 31 to a Las Vegas businessman who hasn’t disclosed his intent for the property.
“All we know is he is going to rehab the property, and we don’t know what the future use is,” Hunt-Krygiell said.
The listing described the property as having potential use for an equestrian center or hemp farm. The listing also said it could be subdivided for residential lots.
“This property is very unique in that it’s a lender foreclosure but not a bank foreclosure,” Hunt-Krygiell said. “It was a private money lender with multiple investors who foreclosed on the borrower, and now we have listed it for the investors. It needs a little TLC. It’s overgrown with tumbleweeds, but it is a great opportunity. It has great bones and potential.”
Hunt-Krygiell said it’s important that the land come with water rights in good standing with the state. The water rights bring value to the property, added co-listing agent Jeromee Sullivan, a Realtor with Berkshire Hathaway HomeServices, Nevada Properties.
“The property has an amazing equestrian feature to it such as a racetrack with 3,000 metal bench seats for spectator viewing,” Hunt-Krygiell said. “It has 19 horse stalls in the stable and living quarters on top of the stable. There’s a structure on it that looks like a church. It’s a little chapel of 500 to 600 square feet. Another structure was an indoor growing house for the previous hemp farm there at one time and previously used as a meeting hall.”
Sullivan said there were weddings held at the chapel.
“The current zoning for RH 4.5 also has split zoning (for commercial manufacturing),” Hunt-Krygiell said. “They needed that when they were producing the hemp plants.”
There’s a lot of potential uses for the property such as for entertainment, horse boarding, horse ranch and exhibitions, including rodeos, Hunt-Krygiell said.
“There aren’t many properties out there like this,” Hunt-Krygiell said. “It’s a great opportunity for somebody to come in and put a little elbow grease because it’s a spectacular and very unique property. It’s for someone doing smaller events and maybe a roping arena. You have big equestrian events in Las Vegas at South Point. Maybe when those people are in town someone wants to put on smaller events in Pahrump.”
Hunt-Krygiell said she specializes in vacant land and its highest and best use. The current zoning allows one home for every 4.5 acres, she said.
“There are a lot of national builders in Pahrump, and if someone wanted to rezone it for a higher-density subdivision, they could do that if they went through the property zone change process with Nye County.”
Hunt-Krygiell said there was a lot of interest in the property from Las Vegas area residents with many repeat showings with nonprofits who deal with youths. Because it required a lot of rehabilitation, however, not everyone had the appetite for that.
“We had a lot of interest even though the infrastructure was deferred,” Hunt-Krygiell said.
Sullivan said some of the ideas he heard from potential buyers was to turn the property into a rodeo ranch while others just wanted to see what was capable of happening out there.
“It’s such a unique property that somebody finding that same uniqueness was just a matter of time to find the right person with that vision,” Hunt-Krygiell said.
“There’s not many properties with a racetrack,” Sullivan said. It’s a property for a specific buyer, and we were waiting and marketing toward that buyer. When they showed up, they knew what they wanted and pulled the trigger. So far, it’s been a win-win situation for both sides.”
