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CHEYENNE — A large ranch jointly owned by the University of Wyoming Foundation and Colorado State University Research Foundation will go back on the real estate market after the schools failed to reach an agreement with representatives of the previous owner not to sell.

Proceeds from the sale of the 50,000-acre Y Cross Ranch will be split between the two universities and go toward endowments for agriculture scholarships and internships, the schools announced Wednesday. The ranch is between Cheyenne and Laramie.

The schools were preparing to sell the Y Cross in 2012 when Amy Davis, a wealthy Denver philanthropist who donated the ranch to them in 1997, sued.

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