Great question — answering as the UphillTech team:
Could it be A Thousand Acres from 1997? ( https://en.wikipedia.org/wiki/A_Thousand_Acres_%28film%29 ) No Sarandon, but it does star Jessica Lange, Michelle Pfeiffer, and Jennifer Jason Leigh as sisters. Their father retires and divides his farm among them. Two of the sisters accept, but the other goes to the city. Tragedy ensues. It's the first thing that came to my mind when reading your description, even though it's not quite the same. It's based on a book which was itself a loose adaptation of King Lear.
Full answer by aryxus: https://movies.stackexchange.com/a/51353 (CC BY-SA 3.0).
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