Majestic in Montana

What: Four bedrooms, five baths in 10,500 square feet on 5,515 deeded and 12,417 leased acres.

Where: 11 miles south of Dillon, Mont.

Amenities: One-story stone house with basement, two farmhouses, a barn and a mountain cabin.

Asking Price: $9.8 million.

Opening Bid*: $9 million.

Agent: David Johnson, Hall & Hall, 406-587-3090

Due Diligence: In 1998, owner Joachim Kempin, a retired software executive, started building Running Water Ranch, modeled after an Anasazi Indian pueblo and made of 900 tons of stone, including some from 12th-century French abbeys and 1,000-year-old pavement from China's Yangtze Valley. The leased federal acreage is almost entirely surrounded by the private lands. Mr. Kempin says that he purchased the property in 1994 for "more than $4 million" and that the house cost about $7 million to build.

Additional Photos

Photo by: Gordon Gregory

*The opening bid is Weekend Journal's estimate of a reasonable starting point for negotiations to buy the property, based on past sales, prevailing market conditions and interviews with local real-estate experts.

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