I listed a house for sale and the owner of the house has no idea what this thing is that sticks out of the ground. I have never seen it before either. It looks like it has a valve to turn it on and off. Can anyone shed some light for us? I'm surprised the previous owners did not pass the information along.

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Is this property in a city borough? Perhaps contacting local officials would be a good idea.
Looks like a gas line with a pressure gauge measuring the psi or pounds per square inch. If the home does not have gas then it must be an air line. These are the only two things I can think of that would be used with a pressure gauge.
The home is in a residential neighborhood. I thought the same thing about it either being a gas guage or air pressure guage.
Is there a buried propane tank on the property? That could be the access point for filling it. A natural gas line would only have a couple of PSI... that gauge looks like it is set to go pretty high...
Well, I thought the owners would have to disclose if there were any old buried tanks on the property. However, I think the current owner bought the house in an estate sale, so that would make sense that there were no disclosures.
Among the previous examples it could be a water pressure guage as well. Perhaps a sprinkler system etc. But if it is water then they are using to high of a guage.
The Ball Check valve in this photo is off. You could hire a contractor and have them remove the guage and crack the valve open to see what the results are.
My guess would be a water pressure gauge for outdoor water like Herb mentioned
I agree with Renee, I think it's a water pressure gage. Your city engineer should know.