"Well that land could also be an investment and double it's value in 5 years. Just throwing out random numbers."

True, but that hasn't been the case over the last 5. Currently you would get less for land you bought 5 years ago in CO. But, it has to come back up some day! And for me personally, if I bought a "ranch" to hunt elk, etc on, it would not be to sell in the future, it would be to hand down to my kids.

Of course, he may not have the $500K to invest, he may just be able to afford payments on that much. But if he does, his options are buy a piece of land and hunt public along with the rest of us or pay for a hunt with the chance of getting a really nice elk every year.