Record-breaking deals in rural real estate
For a number of reasons, the sale of the fabled W.T. Waggoner Ranch, one of the largest contiguous ranches in the U.S., was known as the deal that couldn't get done.
First, there were the courts. Heirs to the orginial rough-and-tumble cowboys founders Don Waggoner and W.T. Waggoner had sparred for years over the property. Then there was the price tag. To keep the property off the auction block, Bernie Uechtritz from Icon Global Properties and Sam Middleton of Chas Middleton and Associates put the number at a cool $725 million. For this land was more than just farmland. It was a land imbued with a legendary history, filled with the Lone Star's tradition and folklore, prosperity and ruin. Word had it W.T. Waggoner had discovered oil there while looking for water. He had been displeased with what he had found - the oil-slick ground water was unsuitable for his cattle. [read more]