STEAMBOAT SPRINGS — The biggest part of the Elk River Ranch, previously owned by John Q. Adams, the pharmaceutical executive who developed Mucinex, has now been sold.

The original ranch of 800 acres was broken up in 2017 when a 105-acre portion was sold for $2.75 million. That’s the portion that included the iconic red-roofed ranch headquarters seen from Routt County Road 129 by drivers heading in and out of North Routt County. It’s located about 20 minutes from downtown Steamboat Springs near the intersection of County Roads 54 and 129.

The rest of the original ranch — 695 acres that includes a mile and a half of the Elk River — recently sold to an NBC executive and his wife for $11.5 million. Listing agent for the property was Pam Vanatta with Steamboat Sotheby’s International Realty.

New owners Matt and Lisa Bond are already familiar with the Yampa Valley.

“We have a place in North Routt County … shockingly beautiful, right on the lake, but it doesn’t have any river access,” Bond said.

Not a problem now, considering the Elk River Ranch boasts one of the premier fly fishing properties in Colorado.

Bond, who grew up in Nevada, fell in love with the Centennial state after attending the University of Denver for undergrad and the University of Colorado for his law degree. He met wife, Lisa, in Denver where she worked as a stockbroker and financial advisor. They eventually left for the East Coast because of jobs.

Not wanting to leave Colorado totally behind, the Bonds bought property at Steamboat Lake 20 years ago and eventually built a vacation home.

They were looking for a ranch with fishing when they realized one of the most amazing ranches in the West was located just down the road from their vacation home.

“This place has the benefit of being on a storied fishing river, close to a major ski area,” Bond said. “It turned out to be a four-season property — a place you could live in and not just go to for a few weeks out of the year.”

Co-listing agent Brian Smith of Hall and Hall said what makes the ranch so unique is the fact that a railroad or highway isn’t within a mile of the river.

“As the West was settled, railway and road builders followed the rivers,” Smith sad. “Oftentimes, a river property will be naturally impacted by a railroad or a highway going through it.”

The property includes a 7,900-square-foot luxury home tucked among trees along the Elk River, a caretaker’s home, equestrian facilities with indoor and outdoor riding arenas, outbuildings and plenty of water rights. Bond said they’ll continue ranch and recreation operations that include hay and cattle leases.

The Bonds hope to retire in a few years when they’ll be able to spend more time in Colorado and his wife’s native Florida. The two are also passionate about dog rescue.

Recently, Matt Bond has been rescuing street dogs from Turkey and finding them new homes. In fact, neighbors in Steamboat Lake might have seen the Bonds with their beloved rescue dog Abby during their visits over the last six years. Though Abby recently passed, people can still go to her Instagram account, and the Bonds will donate a dollar to a Boxer dog rescue for every follower.

The Elk River Ranch is the second big ranch to be sold this year along the Elk River. The Home Ranch, a long-time guest ranch, was sold for $16.4 million to a multi-generational family that plans to live there.

A third ranch south of Hayden is currently under contract and may sell by the end of the year.

Smith said since the 2007 economic crash, buyers of large pieces of ranch land have been more of the “conservation” type and not buyers looking at development opportunities.

“Buyers are looking for amazing property to enjoy with their children, grandchildren, friends and clients,” Smith added.

The Bonds were represented in the transaction by Cody Lujan of Hall and Hall.

Frances Hohl is a contributing writer for Steamboat Pilot & Today.