Brasada Ranch, the high desert resort outside Powell Butte, is changing hands in a deal that effectively keeps control in the family. Majority owners of the Central Oregon getaway have agreed to sell the property to William P. Foley II, vice chairman of Cannae Holdings, in a transaction that values the resort at about $40 million. Operations at the ranch are expected to continue as usual while the sale moves toward closing.
Cannae said in a press release posted to StreetInsider that it agreed to sell its roughly 87% ownership stake in Brasada Ranch in exchange for terminating Foley’s put right. The company said the deal carries an enterprise value of about $40 million, which includes the buyer taking on roughly $17 million of debt. According to Cannae, the transaction is expected to free up at least $47 million of capital that can be redeployed or returned to shareholders.
"We heard our shareholders that non-core assets should be monetized and the put right should be eliminated," Cannae Chairman Douglas K. Ammerman said in the release. The company said the transaction was unanimously approved by both the related-person transaction committee and the full board, and it is expected to close on or before July 15, 2026, subject to customary closing conditions.
Brasada's local footprint
Spread across roughly 1,800 acres south of Powell Butte, Brasada Ranch operates as both a destination resort and a residential community. The property features an 18-hole golf course designed by Peter Jacobsen, a spa, equestrian facilities and a mix of cabins and buildable lots, according to Visit Central Oregon. The resort has built a steady following among weekend visitors and second-home buyers from Bend and across Central Oregon, helping bolster the region’s luxury resort scene.
How Cannae got here
Cannae acquired the Brasada assets in 2016 through a subsidiary. Company filings show the operating entity used a credit agreement with roughly $17 million of borrowing capacity to support lot sales and resort development, according to the company’s SEC disclosures. Local reporting notes that Cannae said it recovered its original investment through distributions, but that those payments slowed as the resort entered a more capital intensive development phase. The Portland Business Journal reported the company collected about $13.5 million in distributions during its ownership.
What's next
"The move will help my fund get capital for other endeavors," William P. Foley II said, according to the Portland Business Journal. For guests and existing owners at Brasada Ranch, the near-term experience is expected to stay the same while the deal heads toward closing, although Foley’s ownership could ultimately influence the timing of future lot sales or investments in new amenities.
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