The 5,328-acre ranch includes a 10-bedroom, 10-bathroom, 11,573-square-foot house. Located about 22 miles southeast of Santa Fe, it went on the market in early 2009 for $33 million, but a Craigslist ad last week lowered the price to $23 million.
Neither Darlene Streit of Santa Fe Realty Partners, who posted the new ad, nor ranch manger Pam Sawyer responded to messages from The Santa Fe New Mexican asking about the price cut.
Real estate agents say the market for high-end ranches, like other housing, remains soft.
The advertisement describes the ranch as having two miles of direct frontage on the Pecos River and phenomenal fishing.