Dempsey Lakes Cattle Ranch

Located approximately 14± miles southwest of Deer Lodge, Dempsey Lakes encompasses 5,284± contiguous deeded acres extending from irrigated meadows and riparian bottoms through productive native range and timbered habitat rising toward the Flint Creek Range. The ranch directly adjoins U.S. Forest Service lands along its western boundary, offering a rare combination of meaningful agricultural production, exceptional water resources, a legitimate wild trout fishery, strong elk habitat, and nearly 5,300± acres of diverse deeded land under one ownership.

At its foundation, Dempsey Lakes is a legitimate working cattle ranch. The owner reports carrying approximately 500 cow/calf pairs, plus bulls, supported by 425± acres under two center pivots, approximately 400± additional acres of flood- and sub-irrigated ground, native range, timbered grazing country, and an associated U.S. Forest Service grazing allotment directly out the ranch's back gate. In normal years, the ranch has historically produced enough hay to materially support the resident cattle operation without reliance on outside purchases. Existing residences, corrals, calving facilities, and operational improvements are clustered in the Northeast corner of the ranch and are practical and appropriately scaled to the ranch.

Water is one of Dempsey Lakes' defining assets. Approximately 30 filed irrigation rights include rights dating to the 1860s. More unusually, the ranch holds storage rights associated with three high-mountain lakes solely listed to the ranch, together with an interest in a fourth. This high-elevation storage provides water-management flexibility that is difficult to replicate on ranches dependent solely on direct-flow irrigation.

The recreational component is equally compelling. Approximately 4.5 miles of Racetrack Creek flow through the deeded ranch, with another mile associated with adjoining State land. The upper 3.5± miles support a productive cold-water fishery for west slope cutthroat, brown, rainbow, and brook trout. Recent fishing in late summer and early fall has showcased both the strength of the fishery and the abundance of cold, clear water. A 5± acre still water fishery supporting trophy-sized brown trout adds another dimension.

The elk story is equally legitimate. On the ground experience has shown how the combination of irrigated feed, dependable water, timbered security habitat, and direct Forest Service connectivity consistently attracts elk. The current family has built decades of hunting memories here, with regular success on elk, mule deer, and whitetail deer. FWP counted approximately 2,520± elk in HD 213 in 2025, well above the district objective.

What distinguishes Dempsey Lakes is the breadth of the asset. It is neither a cattle ranch with incidental recreation nor a sporting property with a limited agricultural component. It combines substantial production, exceptional water, trout fishing, strong wildlife habitat, and significant scale. The ranch has no conservation easement and consists of 11 parcels, preserving meaningful flexibility for the next owner.