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Headshot of Cowboy State Daily's business and tourism reporter, Renée Jean

Renée Jean

Business

For nearly 30 years, Jackson Hole has grown up around a picturesque 5.43-acre parcel of wooded land along the west bank of the Snake River.

[{"type":"text","marks":[{"type":"textStyle"}],"text":"In 1997, that parcel sold for $275,000. "}]

Not much on the land has changed in the 30 years since. Sure, the trees have grown a little taller, but the grass is as verdant as ever. 

What’s really changed about this pristine piece of unimproved land is its price.

In 2025, the 5.43 acres with its Snake River frontage sold for $5.45 million — despite never having any improvements other than what Mother Nature provided in sunshine, rain and time.

That makes the appreciation of this parcel a whopping 1,981%, according to figures from the real estate team Viehman Group, which has examined the 30-year trend for luxury properties in Jackson Hole. 

That’s an annualized return of 10.65%, which is slightly better than the overall stock market return of the S&P 500, which averaged 10.4% from January 1996 through December 2025, according to calculations by the financial services company Fidelity. 

Though not many properties in Jackson Hole have outpaced the stock market, their appreciation is still eye-catching, ranging from 6.6 times higher on average for luxury single-family homes to 14 times higher for luxury residential vacant land. 

[{"type":"text","marks":[{"type":"textStyle"},{"type":"bold"}],"text":"Defining A Luxury Property"}]

The report focused on appreciation in just the luxury category.

Nationally, the benchmark set for defining a “luxury” real estate property is the top 10% slice of any market. 

In Jackson Hole, based on the 186 homes sold in 2025, that would put luxury homes starting at $13.5 million.

For its analysis, Viehman Group used a value of $10 million for single-family homes and $5 million for condominiums, townhomes and vacant land.

Luxury land prices in Jackson Hole are driven by factors such as scarcity, extreme privacy and protected natural beauty, all while maintaining a reasonable distance to Jackson for amenities. 

Unobstructed Teton views and vistas add to the premium. Water frontage along the Snake River and Fish Creek, or private trout ponds, can double the baseline value of a piece of land.

Bordering national forests, the National Elk Refuge, or lands secured by conservation easements that ensure seclusion and zero intrusive development also add to the bottom-line value.

West Bank is one of the micro-locations particularly prized for its mature trees and proximity to ski resorts as well as the lush, river-adjacent microclimate. 

The East and West Gros Ventre Buttes, meanwhile, offer sweeping valley lookouts. 

Private sporting enclaves such as the Snake River Sporting Club or 3-Creek Ranch, with integrated amenities, can also add value.

Across the valley, luxury vacant land appreciated an average of 1,384% over 30 years, or about 14 times what buyers originally paid. 

Luxury condos and townhomes rose on average 858%, about 8.6 times higher than their 1990 values, while luxury single-family homes climbed 657%, or about 6.6 times.

The lowest appreciation for residential land was still a 913% gain for a 3.53-acre parcel in the West Bank John Dodge neighborhood, which is a nine-fold increase over 26 years. 

Similar patterns showed up in other luxury categories. 

The weakest performer in the single-family group still more than tripled, rising from $3.6 million in 1999 to $10.45 million in 2024. The best performer, a residence in Schofield Patent on the West Bank, gained 1,522%, going from $1.1 million in 1999 to $16.75 million in 2025.

In the luxury condo and townhome segment, the top appreciation was 1,235% for an original-section Teton Village condo that went from $425,000 in 1995 to $5.25 million in 2026. 

The common thread across all these asset classes is that while not every property beat the S&P 500, almost all delivered long-term returns most investors would envy.

The 30-year report traces the valley’s gains to policy as much as its postcard scenery, according to the Viehman Group’s Devon Viehman.

“It’s not all just the COVID numbers that bumped it up,” she told Cowboy State Daily. “We’ve seen a steady progression over the last 30 years, and every time we see this, we go back and look at this historical data. Every time, more stringent land development regulations have been put on our valley, like in the '90s when they made it so you couldn’t ... our minimum lot size was 3 acres and they made it 35 acres. Property values went up.”

Every restriction has acted as a curb to supply, Viehman added. In a place where supply is already restricted to 3% by surrounding federal lands, the significance of such rules has carried outsized weight.

“We have so much conservation in the valley and so little land,” she said. “It’s just supply and demand. And those regulations made it worse starting in the ‘90s. That’s kind of the big takeaway.”

One recent deal that shows just how far Jackson Hole’s luxury market has come — and how outsized some of its biggest transactions are — was the sale of the Four Seasons Resort and Residences in Teton Village.

That was the largest real estate deal in Jackson Hole history, Viehman said, with a price tag so high the Viehman Group team decided to leave it out of the 30-year analysis. 

“If you add in the Four Seasons sale, we did have a record year,” Viehman said. “But if you take that out, it’s pretty on par from last year. So we didn’t add it to our numbers, because it would have skewed everything so much.”

The landmark transaction for $1.1 billion included two properties: The Four Seasons Resort in Orlando at Walt Disney and the Four Seasons Resort and Residences in Jackson Hole. 

The exact distribution between the two properties has not been disclosed. But Viehman said industry sources estimate the value of the Teton Village asset alone at about $650 million. 

That pushes the total real estate transaction volume in Jackson Hole for the first three months of the year past $1 billion. 

For the “lower” end of Jackson Hole’s market — where values are under $2 million — there’s been little turnover, Viehman said. 

“People have these great interest rates that they don’t want to leave,” she said. “And then, also, people don’t want to go get a 6% loan right now, so those are really tough to sell.”

On the other hand, a well-priced home in that range sometimes sells quickly. 

“The Aspen Reserve on the cover our report went under contract in less than 24 hours,” she said. “It had multiple offers because it’s new, it’s beautiful, and the upper end buyers didn’t want to deal with waiting to build. So if there’s a nice new product, it’s getting multiple offers at the high end of the market, which is really interesting.”

Jackson Hole real estate 8 5 26

Cowboy State Daily is Wyoming’s largest newspaper with Wyoming’s most experienced journalists. 

<title>Value Of Jackson Luxury Property Grew 1,981% Since 1995, Beat Stock Market Gains | Cowboy State Daily</title>

A new 30-year analysis shows longtime Jackson Hole luxury property values matched — and in some cases beat — stock market gains. One 5.43-acre property increased in value from $275,000 in 1995 to $5.45 million in 2025, a 1,981% gain.

Value Of Jackson Luxury Property Grew 1,981% Since 1995, Beat Stock Market Gains

Kolby fedore

Kolby Fedore

For much of the summer, residents in Pinedale watched smoke drift into western Wyoming from fires burning hundreds of miles away.

[{"type":"text","text":"Tuesday night, the smoke finally came from their own backyard."}]

"It was our first plume of the summer," longtime Pinedale wildlife photographer Dave Bell told Cowboy State Daily. "We've had smoke off and on, and the smoke's been thicker lately from other places, but this is the first smoke plume we've had in our surrounding mountain ranges all summer long. That's always a sad sight to see." 

The Bare Fire, burning north of Bare Pass and east of Bare Creek on the Big Piney Ranger District of the Bridger-Teton National Forest, grew to an estimated 431 acres Tuesday after exhibiting active fire behavior that included torching and spotting.

The wildfire also spread from national forest land onto adjacent Bureau of Land Management property before moderating during the early evening, says the U.S. Forest Service.

[{"type":"text","text":"The cause remains under investigation."}]

[{"type":"text","marks":[{"type":"bold"}],"text":"Response Escalates"}]

[{"type":"text","text":"As the fire grew, the firefighting response expanded with it."}]

Resources assigned to the fire include one Type 1 helicopter, two Type 3 helicopters, smokejumpers, a suppression module, one water tender, one Type 3 engine, three Type 6 engines and additional firefighting personnel.

The U.S. Forest Service has also ordered a Type 3 Incident Management Team, a multi-agency organization of wildfire specialists used when a fire becomes more complex than local forest personnel can manage alone.

[{"type":"text","text":"Fire managers are using both direct and indirect suppression tactics."}]

Direct attack involves engaging the fire's active edge to stop its spread, while indirect confinement means firefighters work farther away from the flames to steer or contain the fire using terrain and firelines.

Wednesday, crews planned to strengthen an established anchor point before constructing a direct fireline along the north and south flanks of the blaze. Helicopters will continue dropping water to slow the fire's spread along its eastern edge.

The public is being asked to avoid Bare Creek Road (Forest Service Road 10046) and South Cottonwood Road (Forest Service Road 10050) while firefighters work. A forest closure order is expected.

Stage 1 fire restrictions remain in effect throughout the Teton Interagency Dispatch area, including the Bridger-Teton National Forest, Grand Teton National Park and the National Elk Refuge. 

Fire danger remains rated High, meaning new fires can start easily and spread quickly.

[{"type":"text","marks":[{"type":"bold"}],"text":"Double-Edged Sword"}]

Bell, who has spent decades photographing Wyoming wildlife and landscapes, said the fire is burning in one of his favorite corners of the state.

"The Wyoming Range is sort of Wyoming's best-kept secret," he said. "It's just a beautiful, beautiful area." 

Unlike the neighboring Wind River Range, the Wyoming Range receives fewer backpackers because it lacks a federally designated wilderness area, Bell said.

[{"type":"text","text":"The thick timber also provides abundant fuel."}]

"You can tell the healthy forest from the old forest," Bell said, noting that previously logged areas have generally regenerated well. "A lot of fuel over there, as there is everywhere, and once they start, they're hard to put out." f

Although watching smoke rise over the Wyoming Range is difficult, Bell said wildfire also plays an important ecological role.

"Fire is a tragic event when it occurs, and it's kind of ugly for a while, but the net result is good for everything," he said. 

He said fire clears dead and downed timber, opens wildlife migration corridors and encourages new vegetation, including aspens, to sprout.

"Fire's ugly. It's dangerous, but you see some of these old burn scars with the kinds of vegetation that's coming up in them. It's kind of just how it works," he said.

[{"type":"text","text":"Bell quickly added that he wasn't cheering for the fire."}]

"I'm not saying I'm welcoming this. Don't get me wrong," he said. "It's not all bad either." 

[{"type":"text","marks":[{"type":"bold"}],"text":"Watching The Mountains"}]

The Bridger-Teton National Forest and the U.S. Forest Service did not return Cowboy State Daily's requests for additional information before publication.

Based on the fire's location, Bell said he is not especially concerned about homes but noted ranchers with cattle grazing allotments in the area are likely watching developments closely.

Otherwise, he described the surrounding landscape as "just timber pretty much." 

Tuesday night, Bell drove out to photograph the fire beneath a clear Wyoming sky. While changing lenses to capture the growing blaze, he noticed something else.

"The Milky Way sort of dominates the sky," he said. "Then I got a meteor in the middle of it." 

[{"type":"text","text":"By Wednesday morning, the mountains themselves had disappeared from view."}]

"I can't see the Wyoming Range from my house this morning," Bell said. "It's completely gone."

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<title>Wildfire In Timber West Of Pinedale Expected To Bring National Forest Closures | Cowboy State Daily</title>

A wildfire burning in timber west of Pinedale in the Wyoming Range has grown to nearly 450 acres and is expected to bring forest closures. "I can't see the Wyoming Range from my house," said a Pinedale photographer Wednesday about smoke in the area.

Wildfire In Timber West Of Pinedale Expected To Bring National Forest Closures

Employee kate meadows cropped

Kate Meadows

Editor's note: This story has been corrected to reflect the proposed development isn't in a residential area, but in an area that was previously zoned for Industrial use and has been rezoned as Highway Business. Those representing Wyoming Downs at the meeting have also been added.

A proposed horse betting and bar facility on the north side of Interstate 80 in Evanston has cleared a key hurdle after the city's Planning and Zoning Commission approved a conditional-use permit for the project this week, but not without some vocal opposition from nearby residents.

They argue the development would bring casino-style gambling into the middle of a residential neighborhood, although the property is zoned Highway Business.

Supporters counter that the proposal meets all zoning requirements and would expand an established commercial corridor that has hosted off-track betting operations for decades.

The recommendation now moves to the Evanston City Council, which will decide whether to grant final approval.

If approved, Wyoming Downs LLC would build on undeveloped lots at 27 and 29 Allegiance Circle and 283 Wasatch Road, across the interstate from the existing Horse Palace Gateway near Exit 3.

The project has drawn sharp opposition from nearby residents. Supporters counter that the proposal meets all zoning requirements and would expand an established commercial corridor that has hosted off-track betting operations for decades.

According to a staff report obtained by Cowboy State Daily, the project would be built in two phases inside a single commercial building totaling 52,938 square feet.

At full buildout, it would include 520 gaming seats, 68 bar seats and 49 lounge seats, for a capacity of 637. The proposed bar would seat 27 customers.

Developers estimate the business would employ about 25 people during the first phase and roughly 125 employees once construction is complete. Customer traffic is projected to average about 400 people per day, although that would fluctuate depending on the season and time of day.

The plans also include on-site parking and lighting. No perimeter fencing or screening is currently proposed.

[{"type":"text","marks":[{"type":"bold"}],"text":"Long Road To Approval"}]

Monday's vote represents the latest step in a process that began last year.

In November, the Planning and Zoning Commission recommended changing the property's zoning designation from Industrial to Highway Business and amending the city's comprehensive plan to accommodate an off-track betting facility. 

The Evanston City Council later approved those changes, paving the way for Wyoming Downs to apply for a conditional-use permit.

Michael Brown of Inberg-Miller Engineers and Wyoming Downs general counsel Traci Lacock represented the company during Monday's hearing.

The meeting was not livestreamed, and Evanston Senior Planner DuWayne Johnson declined to discuss the public comments presented during the meeting.

Calls and emails seeking comment from Evanston Mayor Kent Williams were not returned before publication.

[{"type":"text","marks":[{"type":"bold"}],"text":"'Same Thing On The North Side'"}]

City Councilman Evan Perkes said the proposed business would largely mirror the existing Horse Palace Gateway across the freeway.

"It's going to be the same thing, on the north side of the freeway," Perkes told Cowboy State Daily.

He said Wyoming Downs hopes to attract visitors from Utah's Wasatch Front. Gambling is prohibited in the Beehive State.

"They're trying to appeal to the millions of people in Utah that can make the 70-mile drive and gamble," Perkes said.

Perkes noted that the property has remained vacant for years and said the proposal complies with the property's zoning.

"This meets all the zoning requirements," he said. "So, it's hard to turn something down when they meet all the requirements."

He added that if the project proceeds, the city and developer intend to orient lighting toward Interstate 80 rather than nearby homes.

Perkes also pointed to the success of Horse Palace Gateway, saying it has created jobs and remained busy since opening. The Horse Palace Gateway previously kept both its original, smaller betting facility and the its larger facility open simultaneously.

"The older one is a nice little, quaint little place for the locals," Perkes said. "They can go in there and sit at a machine and B.S. with their neighbors."

[{"type":"text","marks":[{"type":"bold"}],"text":"Nearby Residents Remain Opposed"}]

[{"type":"text","text":"Not everyone is convinced the project is a good idea."}]

Wendy Kelly, who lives near the proposed site, said neighbors remain concerned about increased traffic, noise and diesel exhaust from trucks that may idle in the parking lot.

[{"type":"text","text":"\"Needless to say, we're not happy,\" Kelly said."}]

She also questioned whether Evanston needs another gambling facility so close to the existing Horse Palace Gateway.

[{"type":"text","text":"\"We can't foresee that the town needs this,\" she said."}]

Kelly acknowledged she always expected the long-vacant property would eventually be developed.

[{"type":"text","text":"\"But another casino, opposite the other one?\" she said."}]

[{"type":"text","marks":[{"type":"bold"}],"text":"A Familiar Use"}]

City planners noted that off-track betting has operated near Exit 3 for decades.

According to the staff report, the Planning and Zoning Commission approved a conditional use permit in 1989 allowing Ladbroke Racing Wyoming Inc. to offer simulcast wagering at what was then the Weston Super Budget Inn on Harrison Drive, now the High Country Inn.

Several other off-track betting permits have been approved in the commercial corridor since then.

The city's Engineering and Planning Department reported receiving no complaints regarding off-track betting uses within the Highway Business district.

The City Council will have the final say on whether Wyoming Downs receives permission to move forward with construction.

Evanston and Wyoming downs inset 8 5 26

<title>Some In Evanston ‘Not Happy’ With Plan For Another Horse-Betting Parlor In Town | Cowboy State Daily</title>

A proposal for another horse betting and bar facility in an area zoned Highway Business in Evanston has cleared a key hurdle this week, but not without some vocal opposition from locals. "Needless to say, we're not happy," said one angry resident.

Some In Evanston ‘Not Happy’ With Plan For Another Horse-Betting Parlor In Town

Crime & Courts

Nearly two months after Wyoming prosecutors accused a Utah car dealer of 

 to resell hundreds of hail-damaged Wyoming vehicles using fraudulent titles, the criminal case has advanced to district court.

After a preliminary hearing Monday, Scott Keith Pryor, 50, owner of The Good Car Dealer in Salt Lake City, was bound over on 15 felony counts of altering, forging or counterfeiting a certificate of title.

Laramie County Circuit Court Judge Antoinette Williams found prosecutors presented enough evidence for the case to proceed.

Each felony count alleges a violation of Wyoming's title fraud statute, which carries a maximum penalty of two years in prison.

The charges stem from what investigators describe as an elaborate title scheme involving vehicles damaged during the historic August 2025 hailstorm that battered Cheyenne.

[{"type":"text","text":"Pryor has remained free throughout the case on a $5,000 signature bond."}]

[{"type":"text","marks":[{"type":"bold"}],"text":"Nearly $2 Million In Vehicles"}]

The affidavit filed by Wyoming investigators alleges Pryor purchased 292 hail-damaged vehicles with an estimated value of nearly $2 million after insurers declared them total losses.

[{"type":"text","text":"Many were purchased through online salvage auctions operated by Copart."}]

Normally, vehicles sold through those auctions receive titles reflecting their salvage status or other branding intended to alert buyers that the vehicles sustained significant damage.

Investigators say Pryor instead sought duplicate Wyoming titles that removed those brands, allowing some vehicles to be sold for substantially more money than they otherwise could have commanded.

The criminal case centers on 15 vehicles investigators say were fraudulently retitled.

The Wyoming Department of Transportation ultimately identified numerous irregularities in title applications connected to the vehicles.

Among them, investigators allege, were forged signatures, counterfeit notary seals and fraudulent paperwork submitted in the names of previous owners.

Perhaps the most startling allegation involved paperwork purportedly signed by a Wyoming woman who had died weeks before the August 2025 hailstorm occurred.

Investigators allege another application listed a notary whose commission had expired years earlier.

[{"type":"text","marks":[{"type":"bold"}],"text":"'Tennessee Titles'"}]

During an interview with investigators, Pryor acknowledged using a company he identified as "Tennessee Titles," according to the affidavit.

He told investigators he found the business through Facebook and paid approximately $150 for each title application.

According to investigators, Pryor identified the people he worked with only as "Rashard" and "Miss Catherine."

The affidavit says Pryor told investigators he simply submitted vehicle information and received paperwork back.

Investigators, however, allege the documents contained forged signatures and counterfeit notarizations that allowed duplicate Wyoming titles to be issued.

Those allegations remain unproven and will now be considered in district court.

At the time charges were filed in June, Cheyenne auto dealer Dallas Tyrrell said dealers were still dealing with the storm's aftermath.

"We see victims to scams like this all the time," Tyrrell told Cowboy State Daily. 

A vehicle's title history can be every bit as important as its mechanical condition, he said, because it affects its value, financing and insurability. 

"It's so important to use somebody that has a license and is reputable," Tyrrell said.

[{"type":"text","marks":[{"type":"bold"}],"text":"Customer Speaks Out"}]

After Cowboy State Daily first reported Pryor's arrest in June, a woman named Brooklyn Arthur reached out to say she believed her own experience mirrored some of the allegations now playing out in court.

"I wanted to reach out because I was a customer of his too," Arthur wrote.

Arthur said she purchased a hail-damaged vehicle from Pryor in approximately September 2024, nearly a year before the Wyoming hailstorm at the center of the criminal case.

"He was very reassuring in the beginning, and there were no issues at first," she said.

[{"type":"text","text":"\"But once I never received the title, things got very sketchy.\""}]

[{"type":"text","text":"Arthur said months passed without the paperwork arriving."}]

"I never received the title after 11 months of having the car," she said. "There was a duplicate title involved in the process,. He also mentioned getting the title from Tennessee, similar to what your article mentions."

Arthur's vehicle purchase is not part of the Wyoming criminal case, and prosecutors have not alleged her transaction was criminal.

Still, she said reading the charging documents immediately reminded her of her own experience.

Cowboy State Daily reached out Tuesday to Pryor’s attorney Thomas Garvie seeking comment on Monday's hearing as well as Arthur's account. He did not immediately respond.

Pryor has not yet entered a plea in district court. He will next appear for an arraignment. 

Court records show the case is being prosecuted by William Joseph Edelman.

Good car dealer 6 12 26

<title>Case Advances Against Dealer Charged With Forging Wyoming Titles For Hail-Damaged Cars | Cowboy State Daily</title>

A Utah auto dealer accused of using forged Wyoming titles to turn hail-battered cars into clean-title bargains is now facing 15 felony counts and up to 30 years in prison. Prosecutors say the scheme involved nearly $2 million worth of damaged vehicles.

Case Advances Against Dealer Charged With Forging Wyoming Titles For Hail-Damaged Cars

Headshot of Cowboy State Daily's general assignment reporter, Clair McFarland.

Clair McFarland

Energy

Wildlife

The Montana judge who threw out more than 1.5 million acres of Wyoming oil and gas leases in June over sage-grouse habitat concerns has declined to let the Trump administration and the state take a newer environmental challenge to a Wyoming judge instead. 

In a case environmental groups filed against the U.S. Bureau of Land Management this year — again in Montana — the state of Wyoming asked U.S. District Court Judge Brian Morris to dismiss the issues pertaining to the case or send them to a federal court in Wyoming. 

The Montana Wildlife Federation, The Wilderness Society and the Defenders of Wildlife argue in their lawsuit against the BLM, which Wyoming has joined in opposition, that the BLM’s “permissive approach” to oil and gas development is out of step with sage-grouse environmental science. 

The BLM asked Morris in a hearing last month to send the whole case to Wyoming. The federal agency argued, in part, that the more southerly state’s federal courts are less congested, and the agency manages between two to three times more sage-grouse habitat in Wyoming than Montana. 

The Wyoming Attorney General’s office also argued that Montana wasn’t the proper venue for decisions pertaining to the Cowboy State’s oil and gas leasing. 

“The Court recognizes that Wyoming has a strong interest in having its localized controversies decided at home,” wrote Morris in a July 29 order. 

He acknowledged the state’s keen interest in the oil and gas economy, and its efforts to conserve sage-grouse.

[{"type":"text","text":"But that’s not enough to switch the case southward, Morris wrote. "}]

A Montana U.S. District Court Judge who threw out 1.5 million acres of Wyoming oil and gas leases due to sage-grouse concerns has declined a request to send a newer case to Wyoming. "Wyoming provides no authority” for its argument, he wrote.

Vickie Rene Bohnenkamp, 64