Funding a much better use of the land

[KAMAS, UTAH] From the road skirting its property line, Freestone River Ranch looks like a flat, cattle-trodden pasture flanked by rolling hills.

But Jay Ellis, founder of the private equity firm Sporting Ranch Capital Management, sees something sparkling in the distance.

He jumps out of his rented SUV to get a closer look at one of the dozens of natural springs spilling out from small aqueducts.