BEND, Ore. (CNN/Money) – Cowboy is cool.

The Dallas boutique, "Cowboy Cool" draws such celebs as Madonna and Billy Bob Thornton, who pay up for handmade boots and private label western wear. The magazine "Cowboys & Indians" is a popular read. The Blacksmith Restaurant in Bend, Ore., has even coined the term "new ranch cuisine" to describe its menu of haute comfort food.

"There is a real fantasy with the American West," said Billy Long, a third generation rancher and partner Ranch Marketing Associates, one of several firms that specialize in ranches. "When you really make it big in Hollywood or on Wall Street, you want to fulfill that fantasy."

Of course, the ultimate icon of the West is the ranch. And among those who can afford it, there has been an all-out land grab.

Ralph Lauren, Ted Turner, Julia Roberts, Tom Brokaw, Steven Seagal, and President Bush are among the growing number of rich and famous ranch owners.

Many buyers, including cable tycoon John Malone and investment banker Paul Tudor Jones, are buying with conservation in mind. Others, said Long, are hoping to leave a legacy for their children. For some, it's pure fancy.

Legacy or fantasy, buying a ranch is serious business. With land in prime areas selling between $1,500 and $3,000 an acre, a true trophy ranch could easily add up to between $10 million and $20 million – and most buyers pay cash.

How much time do owners actually spend on their ranches? "Not much," Long chuckled. "Generally three to four weeks a year."

Shopping for a ranch can be an ordeal. Would-be ranchers tour entire states via private jet and SUV to find the perfect plot of land.

The house, if there is one, is often the least important factor, said David Mossler, a Beverly Hills real estate broker and Ranch Marketing Associates partner. "What they really want is topography, water, proximity to national forests, good fishing and hunting," he said.

Being near a town with good restaurants, shops and other amenities is also a major factor.

"Many of these people don't want to be more than half an hour from cappuccino," he added. As such, ranches around Aspen, Vail, Telluride, Jackson Hole, Santa Fe and other boutique-y towns sell for a premium.

Travis: great views, bad coffee

Some ranchers are looking to emerging areas, such as northern California and Oregon, said Long.

"The Travis Ranch in Ruth, Calif., is less than $1,000 an acre," said Long, of a $10.5 million ranch that spans 100,000 acres. The same plot would cost three times as much in Colorado.

There's just one problem with Ruth: "It's more than 30 minutes to cappuccino," Long said. "The really remote ranches are really for a special kind of person."

When shopping for a ranch, buyers need to look beyond the views and location and also consider whether the ranch is financially feasible. After all, there's more to a ranch than just a lot of land.

Most ranches are businesses, albeit not usually profitable ones.

As such, ranch owners need to hire real ranchers to oversee the property. A typical trophy ranch with 4,000 acres, 300 head of cattle, two year-round employees and at least two more seasonal ones, according to Long, is lucky if it produces enough beef to break even.

For those who don't want to spend that kind of cash or don't want the hassle of owning a true ranch, there are "ranchettes," ranch-like resort communities and private ranch clubs.

Ranch refined: Cabins at Spanish Peaks in Montana start at $1.4 million.

"The trend is toward recreational conservation ranch properties with amenities and a high level of management," said Tim Casey, the developer of Grand River Ranch, near Kremmling, Colo., which has parcels ranging from 150 acres to 6,000 acres.

Homesteads at the Silver Bow Club in Montana, meanwhile, start at $1.75 million and include access to worldclass fly-fishing, game hunting, equestrian center, riding trails, lap pool, billiard room and other amenities.

Another such development, Spanish Peaks in Big Sky, Mont., broke ground this summer. When the project is completed, there will be 850 homes, ranging from two- to six-acre mini ranches to million-dollar cabins. All will benefit from lift service to the Big Sky ski area, a Tom Weiskopf signature golf course, spa, stables, restaurants and plenty of (sophisticated) down-home spirit.

Buyers, said Spanish Peaks' president Peter Forsch, are younger baby boomers from Montana, California, Minnesota and Florida who are in the market for second and third homes and dream of owning a piece of the West.

"They want fishing, hiking, horseback riding but they also want some civility comfort and elegance," he said.

In other words, they want land by day and really fluffy pillows by night.