Once a stagecoach stop along the Bozeman Trail, the P.K. Ranch ownsan iconic spot in Sheridan, Wyoming, history as host of a huge 1928 rodeo that was ultimately the precursor of the Sheridan WYO Rodeo.
The 7,447-acre property, now known as the Cato Ranch on Soldier Creek, has just been listed as “coming soon” by real estate marketing firm Icon Global, which designs marketing campaigns for high-end properties around the world.
No price has yet been listed for the Western retreat, which is also a prominent Black Angus cattle ranch and known for its sustainable and regenerative ranching approach.
Bernard Uechtritz, founder and chief marketing officer of Icon Global, told Cowboy State Daily that a list price is coming within the next 30 days or so. Potential buyers or interested parties may, in the meantime, request pricing and additional information about the ranch by contacting Icon Global directly.
“It’s an amazing place, and it has an amazing history and legacy,” Uechtritz told Cowboy State Daily. “There’s been a terrific market response so far.”
The working ranch comes with significant water rights, which provide substantial irrigation for hay and other forage to sustain the cattle ranch. That includes 6,440 deeded acres and 1,000 acres of adjacent state and privately leased ground.
The property also includes several historical buildings, Uechtritz said, including homes and ranch facilities, all of which have been meticulously restored by the owner, the late Wayland Henry Cato Jr.
It is a tranquil summer retreat for family and friends who want to enjoy western culture and recreation, including the polo lifestyle, Uechtritz added.
“Not only is the Cato Ranch a prized and coveted piece of history of the American West, it is also a testament to the stewardship of Wayland Henry Cato Jr., as a beloved modern-day pioneer and entrepreneur,” Uechtritz said in a statement. “The successful and respected cattle operation is a testament to the integrity and professional management by longtime ranch manager, Dennis Elchlinger.
“The combination of soil fertility, water irrigation, rotational grazing systems and superb ranch management all provide the Cato Ranch with an above average carrying capacity.”
Carrying capacity refers to the maximum number of animals that a given tract of land can support on a long-term basis without significant degradation.
The historic Cato Ranch on Soldier Creek near Sheridan, Wyoming, was once known as the P.K. Ranch. (Courtesy Icon Global) 
The Historic Cato Ranch is a working Black Angus cattle ranch. (Courtesy Icon Global) 
Inside one of the ranch homes at the historic Cato Ranch near Sheridan, Wyoming. (Courtesy Icon Global)
History Of The P.K. Ranch
First homesteaded in 1878 by the Patrick brothers, the ranch had become known as the P.K. Ranch by at least 1890, according to historical records, and served as a stop along the Bozeman Trail.
P.J. and Mary Morgan bought the ranch for $200,000 in 1921, the equivalent of $3.7 million today, and named it the Morgan Ranch.
It wasn’t long after buying the property on Soldier Creek that the couple decided to put on a huge rodeo to promote the Big Horn area and inject a little Wild West vigor back into the region.
Their rodeo, held July 28, 1928, proved wildly popular, drawing 17,000 spectators from 28 states — twice Sheridan’s population at the time. It was even more remarkable because that same date was also the final day of Cheyenne Frontier Days.
There were several cowboy skill events during the P.K. Ranch Rodeo, ranging from calf and steer roping to bulldogging, wild cow milking and a wild horse race.
The prizes also were remarkable.
A thousand dollars for third place (equivalent to $18,799 dollars today), a silver-mounted saddle for second, and a Hupmobile Roadster for the best all-around cowboy.
Curly Wetzel of Wolf, Montana, won third place and the $1,000 purse, while Burton Brewster of Birney, Montana, took home a beautiful silver-mounted saddle.
But it was a Wyoming cowboy named Billy Kingman from Cheyenne who took home the bragging rights for best all-around cowboy and the Hupmobile Roadster.
The P.K. Rodeo would ultimately go down in history as the precursor of the Sheridan WYO Rodeo, established in 1931. It is still held annually and still draws large crowds and visitors from around the world.
Photos of the P.K. Rodeo, which show cars and people sprawled around a grassy arena, are not an uncommon site in Sheridan bars and restaurants, as a piece of important cultural history.
Becoming The Cato Ranch
Wayland Henry Cato Jr. acquired the historic P.K. Ranch on Soldier Creek in 2001.
A World War II veteran, the co-founder of the women’s fashion chain The Cato Corp. had grown up on a ranch and had always dreamed of owning a cattle ranch in the West.
The philanthropist already had a reputation for meticulous historical restoration, and he behaved no differently when it came to the P.K. Ranch.
All of the historic buildings on the ranch have been restored to a pristine state, Uechtritz said.
The legacy ranch also continues to run as a working cattle ranch, with intensively managed grazing and irrigation systems that not only increase land productivity and optimize livestock production but also enhance wildlife populations.
Lying at the foothills of the Bighorn Mountains, the incredible viewshed of the ranch looks out over 1 million acres of the Bighorn National Forest.
That makes the ranch seem very secluded, but it is only about 20 minutes from downtown Sheridan and all the amenities the town has to offer, including museums, restaurants, shopping and a nearby airport and hospital.
“Like so many storied spreads, (the ranch) occupies a special place in the history of the West,” Uechtritz said. “Tales of legendary rodeos, midnight cattle drives, and encounters with wildlife, wild cowboys and Indians have become part of local lore, passed down from one generation to the next.
“The story of The Cato Ranch is ultimately the story of the American West itself — family and land, tradition and transformation.”
Renée Jean can be reached at renee@cowboystatedaily.com.
