Yes, quite a few variations of the definition, but according to Oxford.... “noun
1.
a large farm, especially in the western US and Canada, where cattle or other animals are bred and raised.
“a beef cattle ranch”. I’m guessing in Selleck’s case it’s a sprawling estate which real estate agents sell as a “ranch”. Maybe has a couple horses.
A friend of mine owns a 600 acre ranch near Orlando FL that he bought when the orange groves froze out in the early 1980’s. He keeps about 100 cattle free range just to get the savings on real estate taxes for farms. He couldn’t afford it otherwise.
Like many farmers, land rich, cash poor.