Located on the north shore of Ennis Lake in McAllister, Montana, this legacy property presents a rare opportunity to acquire just over 2,700+/- acres in one of Montana’s most desirable valleys. The offering combines lake frontage, agricultural production, equestrian infrastructure, conservation or development potential, and a fully operational commercial component. Showing by appointment only.
A working ranch with residential, livestock, and infrastructure elements in place, Lost Heart Ranch anchors the entire offering. It is subdivided into 45 legal parcels, making if a great candidate for a conservation easement, possible development, and generational use. Includes 2,500± SF 4BD/3BA main residence (1994), 2,400± SF equipment shop with attached 2BD/1BA residence (2004), 3,100± SF livestock barn, and 1400± feet of lake frontage.
A rare, turnkey 23.18 acre equestrian facility located on the lake, this component of the offering includes a 6,344+/- SF luxury home with a pool, lake frontage, and full horse infrastructure.
The commercial asset of this property, Lake Shore Lodge offers a strong base for hospitality, storage, and lakefront access with expansion potential. Features 42 full-service RV sites (50 amp), office/store and bathhouse with laundry, 3 dry cabins and 3 additional 4 season rental cabins, room for employee housing, marina with 10 docks and seawall. 2 drain fields and 7 holding tanks with room for expansion. Excellent potential for income generation or private estate repurposing.
With panoramic views in every direction—Lone Peak to the east, the Centennial Mountains to the south, and the rugged Tobacco Root Mountains to the west—the property features diverse topography including productive pasture, riparian corridors, and juniper-covered hillsides. Comprising three primary components—Lost Heart Ranch, Lake Shore Equestrian Estate, and Lake Shore Lodge—this property supports year-round ranching, recreation, and income generation, all just minutes from Ennis and under an hour to Bozeman.
For sale
$23,500,000
Lost Heart Ranch Ennis Lake Rd, Mc Allister, MT 59740
4beds
13,842sqft
Est.:
Farm, Single Family Residence
Built in 1972
2,725.16 Acres Lot
$-- Zestimate®
$1,698/sqft
$-- HOA
What's special
Diverse topographyPanoramic viewsEquestrian infrastructureProductive pastureLake frontageAgricultural productionRiparian corridors
- 215 days |
- 2,451 |
- 70 |
Zillow last checked: 7 hours ago
Listing updated: November 06, 2025 at 11:18am
Listed by:
Chris Murphy 406-570-1555,
Benchmark Real Estate Brokers,
Dawn Myrvik 406-579-1298,
PureWest Real Estate Ennis
Source: Big Sky Country MLS,MLS#: 404797Originating MLS: Big Sky Country MLS
Tour with a local agent
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 4
- Bathrooms: 4
- Full bathrooms: 4
Appliances
- Included: Built-In Oven, Dishwasher, Freezer, Disposal, Microwave, Range, Refrigerator, Washer
Interior area
- Total structure area: 13,842
- Total interior livable area: 13,842 sqft
- Finished area above ground: 0
Video & virtual tour
Property
Parking
- Total spaces: 4
- Parking features: Attached, Garage
- Attached garage spaces: 4
Features
- Levels: Two
- Stories: 2
- On waterfront: Yes
- Waterfront features: Lake
Lot
- Size: 2,725.16 Acres
- Features: Adjacent To Public Land, Level, Rolling Slope, Ranch
- Topography: Level,Mountainous,Rolling,Sloping
Details
- Additional structures: Arena, Barn(s), Corral(s), Stable(s), Shed(s), Storage, Workshop
- Additional parcels included: Legal Description * lengthy call Listing Agent for full legal
- Parcel number: 0027075400
- Zoning description: NONE - None/Unknown
- Special conditions: None
- Horse amenities: Arena, Corral(s), Hay Storage, Livestock Barn, Loafing Shed, Stock Pen(s), Stable(s), Tack Room
Construction
Type & style
- Home type: SingleFamily
- Property subtype: Farm, Single Family Residence
Condition
- Year built: 1972
Utilities & green energy
- Sewer: Septic Tank
- Water: Well
- Utilities for property: Electricity Connected, Fiber Optic Available, Propane, Septic Available
Community & HOA
HOA
- Has HOA: No
Location
- Region: Mc Allister
Financial & listing details
- Price per square foot: $1,698/sqft
- Annual tax amount: $17,645
- Date on market: 8/8/2025
- Cumulative days on market: 211 days
- Listing terms: Cash,3rd Party Financing
- Electric utility on property: Yes
- Road surface type: Gravel
Estimated market value
Not available
Estimated sales range
Not available
Not available
Price history
Price history
| Date | Event | Price |
|---|---|---|
| 9/19/2025 | Listed for sale | $23,500,000$1,698/sqft |
Source: Big Sky Country MLS #404797 Report a problem | ||
| 8/8/2025 | Pending sale | $23,500,000$1,698/sqft |
Source: Big Sky Country MLS #404797 Report a problem | ||
| 8/8/2025 | Listed for sale | $23,500,000$1,698/sqft |
Source: Big Sky Country MLS #404797 Report a problem | ||
Public tax history
Public tax history
Tax history is unavailable.BuyAbility℠ payment
Est. payment
$129,217/mo
Principal & interest
$121188
Property taxes
$8029
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Climate risks
Neighborhood: 59740
Nearby schools
GreatSchools rating
- 7/10Ennis SchoolGrades: PK-6Distance: 7.3 mi
- 8/10Ennis 7-8Grades: 7-8Distance: 7.3 mi
- 8/10Ennis High SchoolGrades: 9-12Distance: 7.3 mi


