Sotheby's International Realty Affiliates LLC today announced that its affiliate company in Texas has completed the largest transaction in the brand's history. Briggs Freeman Sotheby's International Realty has closed on the sale of the W.T. Waggoner Ranch in Vernon, Texas, which was listed for $725 million.
"The sale of the W.T. Waggoner Ranch is the largest transaction in the history of the Sotheby's International Realty® brand and is a true testament to the impressive power of our network," said Philip White, president and chief executive officer of Sotheby's International Realty Affiliates LLC. "We are proud to celebrate this monumental achievement with our affiliate Briggs Freeman Sotheby's International Realty, Bernard Uechtritz, who led the deal, and everyone involved."
This was the first time in 165 years of ownership that the ranch was offered for sale by the property's heirs and shareholders. It was sold to American businessman, professional sports team owner and rancher Stan Kroenke. Terms of the transaction were not disclosed.
"Our promise was to market the W.T. Waggoner Ranch to the four corners of the world – we did that," said Uechtritz. "The sale of the ranch was the result of a strategic and robust global marketing campaign, which I believe to be unprecedented. Moreover, this successful consummation is the result of extraordinary efforts, teamwork and good faith by all parties involved."
The W.T. Waggoner Ranch was established in 1849 and spans more than 535,000 acres across six North Texas counties. The property includes two main compounds, a 65,000-square-foot ranch office headquarters, 20 cowboy camps, approximately 1,200 existing oil wells, 30,000 acres of cultivated farmland, thousands of cattle, hundreds of horses, lakes, waterways and creeks with approximately 454,000 acres of land remaining undeveloped for oil.
"The reach and the connections available through the Sotheby's International Realty network were instrumental in the sale of the legendary W.T. Waggoner Ranch," said Robbie Briggs, president and chief executive officer of Briggs Freeman Sotheby's International Realty. "The listing generated a far-reaching, international interest and became the most-viewed property on the brand's global platform, sothebysrealty.com in 2015."
The Sotheby's International Realty network currently has more than 18,800 affiliated independent sales associates located in approximately 835 offices in 63 countries and territories worldwide. Sotheby's International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, brokers and clients benefit from an association with the Sotheby's auction house and worldwide Sotheby's International Realty marketing programs. Each office is independently owned and operated.
