A ranch property at 8950 Chevallier Drive in Helena has come to market at $40 million, making it one of the highest-priced residential listings in the state. The property is a five-bedroom, two-bath ranch house of 2,663 square feet built in 1890 — a structure that has stood in the Helena Valley for more than 130 years.

The $40 million asking price is striking given the modest footprint of the house itself. At that price point, the value is almost certainly in the land — acreage, water rights, and location in the Helena Valley carry significant weight in Montana's ranch real estate market, where buyers increasingly include out-of-state investors and conservation-minded purchasers looking to secure large tracts.

Chevallier Drive sits in the Helena Valley east of the city, an area that has seen growing interest from buyers seeking properties with agricultural history and proximity to the capital. The 1890 construction date places the original structure in Helena's early boom era, when the city was flush with mining wealth and surrounding agricultural operations were being established across the valley.

No buyer or seller was identified in available listing information. At $40 million, the property will draw interest from a national pool of buyers — a reminder that Helena's real estate market, particularly at the high end, is no longer priced just for Montanans.