After passing hands from generation to generation of the same family for 167 years, the W.T. Waggoner Ranch in Texas has been sold to a new owner for $725 million. According to Commercial Property Executive, this marks the largest transaction in history for Sotheby's International Realty.
The largest ranch in the United States has been acquired by Stan Kroenke, a billionaire businessman and sports entrepreneur, who already owns other ranches. Kroenke is said to be the ninth biggest owner of land in the country amounting to about 850,000 acres. Ranching operations under his name are amounting to 2 million acres in North America.
"This is an incredible opportunity and an even greater responsibility," said Kroenke, who promised to continue the legacy of W.T. Waggoner and his descendants and protect the landmark property.
Established in 1849, OPP.Today reported that the ranch spans 535,000 acres in six counties in North Texas. It includes ranch office headquarters covering 65,000 acres of space, 20 cowboy camps, about 1,200 oil wells, 30,000 acres of farmland. There are also thousands of cattle and hundreds of horses. About 454,000 acres remain undeveloped for oil.
"There's nothing like it in the world. A piece of land so big, so storied and so steeped in family legacy that no title report or even a complete survey existed until recently," said Briggs Freeman SIR.
Bernard Uechtritz of Briggs Freeman Sotheby's International Realty shared, "Our promise was to market the W.T. Waggoner Ranch to the four corners of the world - we did that. The sale of the ranch was the result of a strategic and robust global marketing campaign, which I believe to be unprecedented. Moreover, this successful consummation is the result of extraordinary efforts, teamwork and good faith by all parties involved."
Robbie Briggs, President and Chief Executive Officer of Briggs Freeman Sotheby's International Realty, added, "The reach and the connections available through the Sotheby's International Realty network were instrumental in the sale of the legendary W.T. Waggoner Ranch. The listing generated a far-reaching, international interest and became the most-viewed property on the brand's global platform, sothebysrealty.com in 2015."
