Prominent sports owner and billionaire Stan Kroenke, who just moved the NFL's Rams to Los Angeles, will purchase the W.T. Waggoner Estate Ranch in Texas, which is listed at a whopping $725 million.
Bloomberg's Bryan Gruley reported on the real estate transaction Tuesday and included a statement from Kroenke.
"This is an incredible opportunity and an even greater responsibility," said Kroenke. "We are honored to assume ownership of the Waggoner—a true Texas and American landmark."
The 520,527-acre ranch is by far the most expensive plot of its kind in the United States. A Colorado ranch was listed for $175 million when it sold in 2007. Specific terms of Kroenke's purchase weren't revealed.
Kroenke moved the Rams from St. Louis to an even bigger city, Los Angeles, but the Waggoner is larger than the City of Angels itself. In fact, according to Gruley, the Waggoner covers more area than L.A. and New York City combined.
District Judge Dan Mike Bird for Vernon, Texas, approved the sale of the Waggoner Ranch between the family and Kroenke. W.T. Waggoner, a cattle and horse man, began developing the ranch in approximately 1850.
Waggoner Ranch has 30,000 acres of cropland and plenty of wildlife—U.S. President Teddy Roosevelt used to frequent the property to hunt wolves—in addition to 1,000 oil wells, per Gruley.
In addition to owning the Rams, Kroenke owns the Denver Nuggets, the Colorado Avalanche, two-thirds of English Premier League club Arsenal and MLS's Colorado Rapids. Bloomberg estimates the owner's worth at $6.2 billion—plenty of purchasing power for the Waggoner.
The report also mentions the fact that Kroenke owns ranches in Arizona, Montana, Wyoming and British Columbia.