[Ben Ficklin]

Whatever the increment of land was, or how they got it has some relevance. But, the grazing lease associated with that land also has greater relevance. If it takes a 100 acres per cow......................

So when a ranch(however big or small) sells, the associated grazing lease adds to the price of the land that I being sold, even tho the lease is not owned by the seller or the buyer. Because the lease has been in place for so long, the lease has become semi-perpetual, or as Bundy has said, ancestral.

[Fuzz]

Ancestral leases?