WATER, WATER, WATER - THIS IS A DROUGHT-PROOF PROPERTY. Laughing Sheep Ranch is an excellent, drought-proof 84.65 acre paradise in Lincoln, New Mexico. The ranch/farm has 42 acres under irrigation, almost unlimited water rights and Rio Bonito frontage on both sides of the river for approx. 1 mile. This property not only has papered water but millions of gallons of crystal clear sweet spring water from the Capitan Mountains and Bonito Watershed. The current owner has built 6 quaint cabins and a 4500 sq. ft. farm-to-table restaurant that can easily be converted into another residence. The main residence is a 3 bed, 2 bath ranch classic. Four ponds are stocked with trophy-size trout and one with very large bass. This is a magnificent property, located inside of the Lincoln Historical District. 84.65 acres 42 acres under irrigation Unlimited water rights from reserve well 1 mile of both sides of Rio Bonito 5 ponds, stocked with trophy fish. 4 trout ponds, 1 bass pond 42 acres of deeded water rights Main Home Caretaker home 5 cabins 2 apartments 4500 sq. ft. fully equipped restaurant 2 acre orchard Airstrip 2 greenhouses K-Line irrigation system Barn,tack room, shop, round pen and traps Current taxes $2,365.07/yr.