This article traces the history of estate landholding in the Andean valley of Antapampa over the first half of the twentieth century. It challenges a long-held and widely accepted belief that highland haciendas concentrated vast tracts of land in just a few hands. Rather, by the middle of the last century, many properties had fragmented into numerous more modest holdings. Others either held very little land at all, found themselves severely restricted by the mountainous terrain, or ceded most, sometimes all, of their possessions to a rapidly growing number of tenant farmers. The relative absence of mass land concentration, then, forces us to reconsider the role of a key institution in the countryside, in Peru, in Latin America and even beyond. To do so, this study draws upon extensive and original archival materials from roughly 300 Ministry of Agriculture case files, rarely, if ever, used before.