‘One of the most beautiful spots in the state’: Iconic NV ranch lists for $15M

A rich piece of Nevada history is on the market for $15 million.

The iconic Jack Valley Ranch, owned by the late gaming mogul John Ascuaga, dates to the late 1800s. The historic compound became a working cattle ranch before Nevada achieved statehood.

“The ranch was founded in 1860, a year before the state of Nevada,” said Mike Dunn of Chase International Luxury Real Estate. “There is a tremendous amount of history with the property.”

Remnants of the ranch’s colorful past remain on the grounds, including a sheepherder’s camp with a small wood cabin and stone dugout, a Native American grinding bedrock mortar and a cemetery with graves of pioneer families. The gorgeous natural setting was the opening shot to John Wayne’s final film, “The Shootist.”

“It’s one of the most beautiful spots in the state,” said co-owner Stephen Ascuaga, John Ascuaga’s son. “Basically, at the base of the Sierras and over the ridge is Lake Tahoe.”

The ranch transports guests back to a simpler time. The tranquil, open, diverse landscape comprises a mixed conifer forest, sage and bitterbrush, providing a natural habitat for wildlife. Two miles of frontage along three streams — Water Canyon, Jacks Valley Creek and Chedic Creek — enhance the idyllic surroundings. The immense acreage boasts 6 acres of ponds and wetlands fed by 4,112 acre-feet of deeded water rights and natural springs for domestic water with a dedicated water tank.

“When you pull in behind the private gates, it feels unlike any property I’ve ever seen,” Dunn said. “Once you’re there, you never want to leave.”

Within 24 hours of listing, the exclusive property received numerous offers and went under contract for an undisclosed sum.

“We had an overwhelming response,” Dunn said. “We received multiple offers within a couple of days, largely attributed to the press exposure and the legacy of John Ascuaga and the Ascuaga family.”

Owned for over 50 years by John Ascuaga and his late wife, Rose, the 1,230-acre working cattle ranch is a striking one-of-a-kind compound. The ranch offers four distinct residences, including a 5,428-square-foot single-story primary residence, multiple barns, garages and outbuildings and a commercial cattle operation.

John Ascuaga is most known for turning a small Sparks coffee shop with a handful of slot machines into the successful Nugget Casino, which he sold in 2013.

“I don’t think the odds were great of them making it,” said Stephen Ascuaga, who followed his dad’s footsteps into the gaming industry. “But they were very successful. My dad loved people. He always wanted to offer his guests great value and experience.”

John Ascuaga purchased the property to pursue his second passion, cattle ranching.

“It was his true roots,” Ascuaga said. “He grew up on a farm in Idaho. He was continually looking for something to put his passion into, and he came across Jack Valley Ranch.”

After the Ascuagas acquired the ranch, they began an extensive property renovation. They updated equipment, cleaned up and performed deferred maintenance, replaced fencing, improved the landscaping and preserved the 160-year-old white barns and other dwellings.

“There was a lot of work getting the property up to standards,” Ascuaga said. “The structures were run down and he toiled over it for the next 50 years.”

He recalled growing up on the ranch, spending long days enjoying the year-round outdoor amenities with his four siblings.

“You’d leave the house in the morning and be back for dinner,” he said. “We had the run of the ranch, and looking back as adults, I realize it was a simpler time. We have a lot of good memories.”

One of his favorite memories is the family’s annual four-day cattle drive, during which the summer cattle were moved 50 miles from their ranch in Bridgeport, California, to the Smith Valley operation. Every November, the migration was part of the Ascuaga Cattle Co. operation, the family’s fully functioning cattle ranch.

“It was a special time,” Ascuaga said. “We would get out and ride horseback in the backcountry. We always had a cook from the Nugget prepare meals so we would eat great.”

The Ascuaga Cattle Co. still operates on a separate ranch section from the residential area. There are 737 acres of irrigated pasture with five agriculture wells. At its peak, the family owned more than 2,200 head of cattle and a couple hundred sheep and horses.

“It was a much larger operation,” Ascuaga said. “The three operations were going simultaneously, working in conjunction.”

In 2017, John Ascuaga had the foresight to place 1,169 acres into a conservation easement to preserve the rich, diverse habitat. The easement prohibits future development and ensures that the designated ranch lands remain a treasured part of Nevada’s natural landscape. The U.S. Forest Service holds the easement, ensuring the land’s protection.

“I think my dad felt that for the community, it should remain intact,” Ascuaga said. “It will remain an open space.”

In addition to the easement, Ascuaga allocated four vacant land parcels, known as heritage parcels. The unimproved sections are intended for future growth.

John Ascuaga died in 2021 at the age of 96. He was preceded by his wife. The property had its share of notable owners, including the seventh governor of Nevada, Richard Kirman, the Nevada State Penitentiary warden William Lewis and millionaire philanthropist Max Fleischmann.

Jacks Valley Ranch is only minutes from the region’s amenities, including a private airport. It is 40 minutes from Reno, and only 30 minutes from the sandy shores of Lake Tahoe and the Heavenly Ski Resort.