DALLAS, Feb. 9, 2016 /PRNewswire/ -- Stan Kroenke has been approved by a Texas court to purchase the 535,000-acre Waggoner Ranch. The historic transaction will be the first-ever sale of the Waggoner Ranch, which was established in 1849, spans six Texas counties, and covers almost 800 square miles. The ranch's asking price was $725 million; no terms were disclosed. The acquisition will vault Kroenke from the country's ninth-largest private landowner to the fifth largest in the nation with total ownership of more than 2,000 square miles (1.38 million acres).
"This is an incredible opportunity and an even greater responsibility," Kroenke said in a press release. "We are honored to assume ownership of the Waggoner — a true Texas and American landmark — and are deeply committed to continuing the proud legacy of W.T. "Tom" Waggoner, his family, and his descendants. Our gratitude to them and to the many parties involved in this process is immense. We will continue to preserve and protect this uniquely American treasure."
Bernard Uechtritz, international real estate advisor to Briggs Freeman Sotheby's International Realty in Dallas, and Sam Middleton of Chas. S. Middleton & Son in Lubbock represented the owners in marketing and securing the buyer for the Waggoner. Joel Leadbetter of Hall & Hall in Bozeman and Sam Connolly, General Manager of Kroenke Ranches, represented Stan Kroenke.
"The selection of Mr. Kroenke and potential sale bring to a close an unprecedented global marketing effort," said Bernard Uechtritz, one of the seller's representatives. "The sale of the Waggoner was an extraordinarily complex and multi-faceted process, and its successful culmination is a tribute to the many people, teams and layers of teams representing all sides behind the process."
"Working with Stan Kroenke and his team at Kroenke Land and Cattle to help him build such an extraordinary multi-faceted agribusiness operation has been a high point for all of us at Hall & Hall," said Joel Leadbetter. "Knowing that incredible history of the Waggoner will be shepherded by such a dedicated steward brings all of us tremendous satisfaction."
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SOURCE The Land Report