$725 Million Waggoner Ranch Sells
By Kirsten Niper
The renowned W.T. Waggoner Ranch sold in February to Stan Kroenke, owner of the Los Angeles Rams and Denver Nuggets. This is the first ever sale of the ranch, which was established in 1849 and spans approximately 535,000 acres, six Texas counties, and almost 800 square miles, making it the largest ranch in the United States within a single fence. It also includes 30,000 acres of farmland, in addition to thousands of cattle, hundreds of horses, and oil wells.
Dallas real estate broker Bernard Uechtritz, one of the seller’s representatives, arrived at the list price of $725 million by beginning with the per-acre value of other ranch sales in the area. Then, he counted the five operations on the ranch — cattle, horses, oil, farming, and water — as separate businesses.
Urechritz and real estate broker Sam Middleton, principal of Chas. S. Middleton, advertised across the globe, and soon pre-qualified buyers from the Middle East, China, Russia, United Kingdom, Germany, and Australia came to visit. One of the interested parties was Kroenke. “When it became listed, Stan and I talked about it, and he decided he wanted to look closely at it,” says Joel Leadbetter, Kroenke’s broker at Hall and Hall.
After touring the ranch by land and air, Leadbetter says, “Stan was intrigued with the land, its enterprises, its history and legacy in Texas.” The shareholders and trustees of the ranch moved forward with Kroenke in part due to his conservationist mindset and respectful treatment of his other ranches.
California Dreaming: A $500 million (Under Construction) Mansion
Expected to be finished in 2017, this mansion in the hills of Bel Air will enjoy 360-degree views encompassing the San Gabriel Mountains and the Pacific Ocean. The mansion, when completed, will span 100,000 square feet and will be twice the size of the White House. According to GQ magazine, the home will have “five swimming pools, a casino, a nightclub with a VIP area, a lounge with jellyfish tanks in lieu of walls and ceilings,” plus an entire temperature-controlled room to store fresh flowers.
Nile Niami is developing the home, and broker Drew Fenton of Hilton & Hyland holds the listing.
Often referred to as “The One,” the mansion will be surrounded on three sides by a moat and other water features; a separate area with monitors, plus a guard gate for security; a 5,000-square-foot guesthouse with an infinity pool; and a “sky deck,” which will have a putting green, bar, a lounge area, and covered loggias, according to GQ.
