DENVER – The Colorado State Board of Land Commissioners (State Land Board) has approved the acquisition of the approximately 800-acre Lake Fork Ranch, located just west of Leadville in Lake County. The purchase represents a strategic reinvestment of trust land proceeds into a high-quality property with strong natural and agricultural values, diverse income potential, and long-term value-appreciation prospects. Through this acquisition, continued agricultural use and carefully planned recreation access will ensure that the ranch remains an active and productive part of the local economy.
“With this acquisition, we are protecting a special and amazing outdoor space in Lake County, expanding recreational opportunities, investing in Colorado students, and supporting economic success in our rural communities. Today's announcement highlights our work to bolster local communities, protect Colorado’s natural resources and lands, and ensure long-term funding and preservation for the next generation and in Lake County,” said Governor Polis.
“I’m proud of the work the State Land Board is continuing to do to preserve agricultural use and to thoughtfully plan recreation activities,” said Dan Gibbs, Executive Director of the Colorado Department of Natural Resources.
“Lake Fork Ranch exemplifies how we’re building a more resilient and forward-looking land portfolio for Colorado’s public schools,” said Dr. Nicole Rosmarino, Director of the State Land Board. “It’s an investment in both the economic and ecological future of our trust lands—balancing water, recreation, and natural-capital assets that will generate returns for generations to come.”
A Strategic Investment
The acquisition aligns with the agency’s current strategic plan—to grow recurring, diversified revenue through entrepreneurial, non-extractive ventures.
Located three miles west of Leadville and framed by dramatic views of Mt. Elbert and Mt. Massive, Lake Fork Ranch includes irrigated meadows, creek bottomland, and forested uplands served by numerous water rights. The property is one of the last large, intact, non-eased ranches near Leadville and offers year-round access via state and county roads.
The purchase was funded through Non-Simultaneous Exchange (NSE) proceeds—funds generated from prior trust-land dispositions that must be reinvested into new properties within two years. If NSE proceeds are not invested in real property within this timeframe, the funds are transferred to the Permanent Fund—an inviolate fund invested in financial instruments.
Building a Modern Land-Use Portfolio
The State Land Board will implement a phased business plan for Lake Fork Ranch through 2028, designed to engage multiple lines of business and with the goal of achieving recurring annual yields of 2 percent or greater, with the potential for outsized one-time returns through ecosystem-services projects. "This acquisition reflects the significant collaboration and analysis by our dedicated team working group that looked closely at how Lake Fork Ranch could strengthen our portfolio as a long-term asset," said Matt LaFontaine, Acquisition and Disposition Manager for the State Land Board. "Our staff will continue to meet and develop the business plan for this property. I’m particularly proud to add a property that not only fits our investment strategy, but will also generate future opportunities for the schoolchildren of Colorado—the ultimate beneficiaries of every decision we make."
Potential future initiatives on the property include:
Mitigation Banking: Lake Fork Ranch has strong potential for ecosystem services projects and associated revenue. In particular, the west side of the property contains significant riparian area and wetland soils.
Soil Carbon Sequestration: Staff believes that implementing a soil management carbon protocol can provide a reasonable income stream.
Biodiversity Voluntary Market Project: The property has the potential to generate biodiversity credits and soil carbon credits, due in part to the property’s two fens and several areas of high priority wildlife habitat.
Agritourism-Ecotourism and Short-term Rentals: Agritourism/ecotourism is an increasingly desirable recreation opportunity. The existing residential structures can provide a nucleus, and select development of a few small cabins and a two-unit bathhouse would ideally position the property for this use.
Traditional Recreation: One of the property’s greatest natural resources is Lake Fork Creek. A rod-fee based fishing lease on the creek to outfitters would be easy to implement in the Board’s first year of ownership. In addition, Staff believes that a small campground could be ideally located on the north side of the property.
Water Development: Lake Fork Ranch benefits from numerous water rights. There are potential leasing opportunities for the rights including for the irrigation of the property to produce hay.
Cultural Resource Preservation: The property’s historic ranch structures, including improvements dating to the 19th century, add cultural depth to its natural and financial value. Their restoration could support heritage tourism, interpretive programming, or similar offerings, complementing recreation and agritourism uses. Staff will assess the feasibility of these efforts.
Initial capital improvements—estimated at $2 to $3 million—could address infrastructure needs and position the property for these new revenue streams. Staff will return to the Board in the future to request expenditure authorization once project scopes are finalized.
A Smart Investment in Colorado’s Future
Through thoughtful management, Lake Fork Ranch will serve as an example of how working lands can produce income for Colorado’s public schools while simultaneously advancing the State’s broader goals for recreation, biodiversity, and water conservation.
“From wetland restoration to fishing access, Lake Fork Ranch gives us a living laboratory for nature-based enterprise,” said Eliot Hoyt, Assistant Director for Sustainability and Working Lands. “It’s part of our commitment to generate dependable revenue while protecting the landscapes that define Colorado.”
Future investments in habitat restoration and wetland protection will not only enhance the property’s long-term value, but also position the State Land Board for participation in emerging conservation markets that reward landowners for measurable ecological outcomes. Meanwhile, continued agricultural use and carefully planned recreation access will ensure that the ranch remains an active and productive part of the local economy.
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