'Yellowstone' Creator Taylor Sheridan Buys Wyoming Ranch for $4.95 Million

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Taylor Sheridan made a famous show about life on a ranch ... and now the "Yellowstone" creator is buying one in real life ... and it's massive.

Real estate sources in Wyoming tells TMZ ... Taylor bought a 179-acre ranch in the state for $4.95 million.

The property is known as Papa's Creek Ranch and it's got not one but two trout streams winding through the landscape ... and the ranch also offers waterfowl hunting.

There are minimal structures on the land, so Taylor's got a bit of a blank canvas to work with here. Unclear if Taylor is going to live there eventually, or if he's planning to use it for filming a new project.

The ranch is in the middle of nowhere -- 65 miles away from Jackson Hole -- but it caught the attention of a few folks in Hollywood when it hit the market.

Our sources tell us Michael Keaton toured the property over the summer and was interested ... but Taylor ultimately scooped the place up. According to property records Taylor bought the property through an LLC.

Matt MacMillan and Latham Jenkins were the brokers for the listing. We reached out and they would not confirm the buyer and had no comment.