Kroenke Spends Estimated $725M on 520K-acre Texas Ranch

[RamBill]

LA Rams owner spends estimated $725M on 520K-acre Texas ranch
By Ross Jones

http://www.foxsports.com/nfl/story/...e-waggoner-ranch-spends-estimated-725m-020916

Business is boomin' for Los Angeles Rams owner Stan Kroenke.

Kroenke, who is now the owner of the largest ranch in the U.S. within a single fence, purchased the historic W.T. Waggoner Estate Ranch in Texas on Tuesday. While the terms for the deal weren't disclosed, it had been listed with an asking price of $725 million

"This is an incredible opportunity and an even greater responsibility," Kroenke said in a statement released by the Waggoner family and its representatives. "We are honored to assume ownership of the Waggoner -- a true Texas and American landmark."

The Waggoner, located about 175 miles northwest of Dallas, covers over six counties and is bigger than Los Angeles and New York City combined.

Included with the ranch are more than 1,000 oil wells, nearly 7,000 cattle, 500 horses and 30,000 acres of cropland.

In 2015, a district judge ordered that the property be sold after more than 20 years of family.

Kroenke recently moved the Rams from St. Louis to a privately financed $1.8 billion stadium in Inglewood, Calif.

 

[Mojo Ram]

In 2015, a district judge ordered that the property be sold after more than 20 years of family.

Why?

 

[OnceARam]

Why?

The heirs were fighting over it.

 

[Mojo Ram]

The heirs were fighting over it.

I see. I should probably read further into this before i comment but....
So splitting the land up to go to those who should rightfully own it wasn't an option. No other options either i guess. Order to sell it to a billionaire instead.

!%

 

[FrantikRam]

I see. I should probably read further into this before i comment but....
So splitting the land up to go to those who should rightfully own it wasn't an option. No other options either i guess. Order to sell it to a billionaire instead.

!%

If he paid them $725 million, and they are heirs....

You're talking about a billionaire buying from billionaires. Who cares? It's not like he forced two woebegone citizens out onto the street.

 

[jrry32]

I see. I should probably read further into this before i comment but....
So splitting the land up to go to those who should rightfully own it wasn't an option. No other options either i guess. Order to sell it to a billionaire instead.

!%

Partition by sale is the most likely outcome in cases like this because it's often difficult to divide property, can significantly lower the value of the collective property, and is difficult to make equitable. In this case, I bet it would have significantly devalued the property if they tried to divide it among the heirs.

 

[Mojo Ram]

If he paid them $725 million, and they are heirs....

You're talking about a billionaire buying from billionaires. Who cares? It's not like he forced two woebegone citizens out onto the street.

I will get more informed before commenting further.

 

[LosAngelesRams]

Damn, Stans got so much bread.

 

[den-the-coach]

Future home of the Oakland Raiders.

 

[Ken]

Damn, Stans got so much bread.

He calls it Jack

 

[Roman Snow]

:argue: The Rams are moving to Texas!!

No they're not!
Yes they are!....

 

[-X-]

Gotta suck to be that guy...

 

[VilleDeal]

I will be writing in my application to take care of that ranch since i live in Texas.... immediately. I will do it for much less than a first round draft pick.

 

[RaminExile]

That's a lot of land...

 

[kurtfaulk]

.

It's 2 billion square metres.

Or 2000 square kms.

Or say 40km by 50km.

Do you guys know what m and km mean?

.

 

[bluecoconuts]

That's a lot of land, I wonder if he'll pay me to take care of some of it.

 

[Ram65]

Here is a quote from a detailed article about the ranch. It's a very good article worth reading but this quote made wonder more than I was before reading it.

http://www.bloomberg.com/graphics/2015-famous-texas-waggoner-ranch-for-sale/

"Uechtritz acknowledges a new owner might sell the property off in pieces, fire its 120 employees, and let the Waggoner brand fade away. “That would be a tragedy,” he says. “The challenge is not finding the money; it’s finding the steward. Who is going to put the money up, keep putting the money in, keep the brand alive? I think you owe it to the families who build ranches like the Waggoner."

Stan sure can buy what he wants. I will be interesting to see what happens to the Waggoner.

 

[fearsomefour]

Future home of the Oakland Raiders.

Yeah, I hear Stan is going to move the ranch to Oakland though....

 

[Angry Ram]

 

[HeiseNBerg]

Do you guys know what m and km mean?

Sure we do.

It's just that most of us still haven't trained our brains to do the automatic km-to-mile conversion. That hard drive space has been re-allocated to memorizing movie quotes and bar/pub trivia.