Legendary Texas Ranch Sells for $725 Million
The legendary WT Waggoner ranch in Texas was recently purchased in February. Stan Kroenke — owner of the Los Angeles Rams, and husband to Wal-Mart heiress Ann Walton Kroenke — had bought the ranch for $725 million. The WT Waggoner ranch, distinctive for its massive size, is 800 miles across, and is the highest-priced estate in the world. This is the first time the property has been listed for sale; after its establishment in 1849, the ranch stayed in the family for several generations.
Not surprisingly, such an old property comes with a legacy. Many of the employees on the ranch are now multigenerational — current employees have followed in their parents and even grandparents’ footsteps. While the majority of the immense estate is “untouched,” about 56,000 acres have been developed for oil, and the Waggoner family will retain 12.5% of the site’s mineral rights. The main uses of the ranch today are horse breeding, oil, cattle raising, and crops. There are currently about 14,000 cows on the property, as well as 1,100 producing oil wells.
Kroenke is no newcomer to ranch ownership, and in fact, was ninth on Land Report’s 2015 list of the largest landowners in the United States. With this recent purchase, he’s unlikely to stay in ninth place for long.
“We are honored to assume ownership of the Waggoner – a true Texas and American landmark,” said Kroenke in a released statement regarding the sale.
The typical ranch or farm lot for sale will, of course, not be as expansive as the WT Waggoner ranch. Nor will it be as expensive! There are a few reasons why ranches for sale are seen as investment properties by people like Stan Kroenke though the reasons vary depending on the property. Why invest in Montana luxury ranches, for example? Montana’s population is steadily growing, with a 14.1% projected to increase by 2043. Montana is also becoming a popular spot for activities such as fly fishing — now a $750 million market in the U.S. — and skiing, thanks to its many largely untouched outdoor areas.
If you don’t plan on being a big spender like Kroenke — or even Ted Turner, who purchased the 100,000 acre Flying D Ranch southwest of Bozeman for over $20 million in 1988 — you’d be more than typical. A farm lot for sale is an investment anyone may be interested in.