If another player owns THAT Stud Ram, you need to pay the STUD FEE to that player. The stud fee is shown on the Stud Ram square.
If nobody owns that Stud Ram you have the option to buy that particular Stud Ram for $500 from the Bank and you will receive a “Bill of Sale” card to indicate ownership.
If you decide NOT to buy the Stud Ram it is auctioned by the bank to the highest bidder. All players (including you) may participate in the auction.
More Information:
Each Stud Ram you own increases the value of your wool cheque by $25 per pen.
Stud Rams can be purchased if you are in drought and do not need to be sold if you land on drought after you buy one.
Stud Rams can be sold to the bank during any turn for $400.