This stunning and luxurious property features a magnificent custom timbered home sited high above the Yellowstone River, offering panoramic views and exceptional recreational opportunities. The breathtaking and ever-changing views from the spacious patios and executive master bedroom are truly spectacular. The house is solidly built with exposed Douglas Fir beams and two stone chimneys. Fish Fry Lake boasts 7 acres of premium fishing from 6-pound largemouth bass and "boss" bluegills to dozens of panfish. Water quality is assured by maintenance-free floating islands. For the hunter, this private lake attracts wood ducks, prized for their exquisite plumage.Deer hunting is exceptional, with high-scoring muleys and whitetail only minutes away. The exclusive private channel below the house provides accessible waterfowl opportunities. The property is licensed as a prestigious pheasant hunting preserve (Joy of Hunting) and supports acres of dryland or irrigated food plots, roosting cover and thermal mass. A mature gourmet heirloom orchard produces apples and pears, which are usually shared with neighbors or sold to the local cider mill. A separate updated 2-story cottage with 3-bay carport can house a property manager or guest overflow. Only 25 minutes from the modern amenities and convenience of Montana's largest community!
Under contract
Price cut: $600K (5/19)
$3,900,000
10052 Floating Island Way, Shepherd, MT 59079
4beds
6,071sqft
Farm
Built in 2000
198.34 Acres Lot
$-- Zestimate®
$642/sqft
$-- HOA
What's special
Panoramic viewsTwo stone chimneysMagnificent custom timbered home
- 253 days |
- 172 |
- 1 |
Zillow last checked:
Listing updated:
Listed by:
Rachel Court 406-794-9915,
Coldwell Banker The Brokers
Source: BMTMLS,MLS#: 356137
Originating MLS: Billings Association Of REALTORS
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 4
- Bathrooms: 5
- Full bathrooms: 4
- 1/2 bathrooms: 1
Heating
- Propane
Cooling
- Central Air
Appliances
- Included: Dryer, Appliances Negotiable, Refrigerator
- Laundry: Washer Hookup, Dryer Hookup
Features
- Fireplace
- Has basement: Yes
- Has fireplace: Yes
Interior area
- Total interior livable area: 6,071 sqft
- Finished area above ground: 6,071
Video & virtual tour
Property
Parking
- Total spaces: 2
- Parking features: Attached
- Attached garage spaces: 2
Features
- Levels: Two
- Stories: 2
Lot
- Size: 198.34 Acres
Details
- Parcel number: D12651
Construction
Type & style
- Home type: SingleFamily
- Architectural style: Two Story
- Property subtype: Farm
Materials
- Synthetic Stucco
Condition
- Resale
- Year built: 2000
Utilities & green energy
- Water: Cistern
- Utilities for property: Natural Gas Available, Phone Available, Electricity Available
Community & HOA
Location
- Region: Shepherd
Financial & listing details
- Price per square foot: $642/sqft
- Tax assessed value: $1,266,014
- Annual tax amount: $10,437
- Date on market: 10/17/2025
- Listing terms: Cash,Conventional,1031 Exchange,New Loan,VA Loan
- Electric utility on property: Yes
Estimated market value
Not available
Estimated sales range
Not available
$5,582/mo
Price history
| Date | Event | Price |
|---|---|---|
| 5/28/2026 | Contingent | $3,900,000$642/sqft |
Source: | ||
| 5/19/2026 | Price change | $3,900,000-13.3%$642/sqft |
Source: | ||
| 2/19/2026 | Listed for sale | $4,500,000$741/sqft |
Source: | ||
| 1/10/2026 | Contingent | $4,500,000$741/sqft |
Source: | ||
| 1/5/2026 | Price change | $4,500,000-13.5%$741/sqft |
Source: | ||
| 10/17/2025 | Listed for sale | $5,200,000$857/sqft |
Source: | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $8,258 -4.5% | $1,266,014 +20.3% |
| 2024 | $8,648 -1.8% | $1,052,540 |
| 2023 | $8,805 +9.8% | $1,052,540 +23.7% |
| 2022 | $8,021 +0.3% | $850,753 |
| 2021 | $8,000 +25.7% | $850,753 +7.1% |
| 2020 | $6,366 -5.9% | $794,255 |
| 2019 | $6,766 +8.4% | $794,255 +10.4% |
| 2018 | $6,243 +1.9% | $719,463 |
| 2017 | $6,124 +7.3% | $719,463 +2.9% |
| 2016 | $5,707 | $699,377 |
| 2015 | $5,707 +17% | $699,377 +117.8% |
| 2014 | $4,878 +6.5% | $321,107 +8.8% |
| 2013 | $4,580 +0.9% | $295,079 +1.2% |
| 2012 | $4,540 | $291,560 |
| 2010 | -- | -- |
| 2009 | -- | -- |
Find assessor info on the county website
Monthly payment
Est. payment$--/mo
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.
See how much you could borrow to make a competitive offer.
Climate risks
Neighborhood: 59079
Nearby schools
GreatSchools rating
- 5/10Shepherd Elementary SchoolGrades: PK-5Distance: 5.3 mi
- 4/10Shepherd 7-8Grades: 6-8Distance: 5.3 mi
- 5/10Shepherd High SchoolGrades: 9-12Distance: 5.3 mi
A local agent can set up tours, give advice and negotiate with sellers.
- Montana
- Yellowstone County
- Shepherd
- 59079
- 10052 Floating Island Way



