Owned and operated by the family since the 1920's, the 101 Bar Ranch was thick with South Texas brush and prickly pear when Rip Wallace's grandfather, Frank Wilson Jones purchased it. The 101 brand was on some of the cattle when Frank Wilson Jones purchased the ranch. In the 1940's Frank and Gladys Jones gave the ranch to their daughter and son-in-law, Ruth Jones Wallace and Harold H. Wallace. Ruth and Harold moved to the ranch in the 1950's and ran cattle and goats as well as farmed corn, milo, & cotton. Ruth and Harold were responsible for placing the 'bar' under the 101 and formally registering the cattle brand in Austin as the 101 BAR.

On the 3500 acres Ruth and Harold made considerable improvements by clearing some of the Black Brush, Huisache, Cat Claw and Mesquite Brush, building several tanks and terracing the land.

Their son, Harold H. "Rip" Wallace, Jr., continued improvements on the ranch, sectioning pastures, planting improved grasses and food plots for birds and game, and cutting strips to improve the natural habitat for wildlife.

Since the 1960's the Wallaces have been leasing the ranch for deer and dove hunting. but in 1998 Rip started high fencing the ranch and purchasing exotic game animals to enhance the hunting of the native game. Today sportsmen come from all over the world to visit well run game ranches like the 101 Bar Ranch in Texas.