Flying Dog Ranch in Woody Creek, Colo. is on the market for $46 million, down from its original asking price of $54 million. Located in the Roaring Fork Valley, the ranch was previously owned by George Stranahan, co-founder of Flying Dog Brewery and namesake of Stranahan's Colorado Whiskey.
Originally homesteaded in the late 1800's, the Flying Dog features nine bedrooms and seven bathrooms on 245 acres. It was a popular hangout for Stranahan's famous buddies, Hunter S. Thompson and Ralph Steadman.
Earlier this year, the Bootjack Ranch in Southwest Colorado briefly claimed the title of "most expensive residential transaction in 2010" when it sold for $46.5 million.