For more than 116 years, Deanna Davis' family has owned Reynolds Ranch, which spans 7,600 acres in California's Central Coast region. With the heirs in disagreement over the homestead's future, Reynolds Ranch is now on the market for $30.7 million.

"It's so hard to make decisions together as a family about the ranch," Davis told CNBC. "If I had the cash, I would buy the whole thing right now and cash everybody out and start over and take the title in a LLC."

It's a common predicament for family trees that have too many branches, said Davis, who runs the property. Her mother, who died last December, was the last family member who grew up on Reynolds Ranch. Now the family is scattered across the country and some of her relatives live overseas. Some family members who can only visit once or

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