Vernon, Texas (September 16, 2015) — Michael Baskerville, Court appointed receiver for the W.T. Waggoner Ranch Estate, announced Wednesday that the prospective new owner of the Ranch was very likely already in the existing pool of interested qualified buyers currently completing due diligence on the mega ranch, while preparing to make their best offers.
Baskerville said he was confident that the estate’s brokers, Bernard Uechtritz and Sam Middleton, had fulfilled the job they had been asked to do. Uechtritz and Middleton were selected and unanimously approved by W.T. Waggoner Estate Shareholder directors Wharton and Willingham in 2014, and further approved and appointed by the Receiver and 46th district court of Wilbarger County to market and sell the ranch.
“The worldwide marketing of the Ranch has been unprecedented and has resulted in a tremendous level of expressed interest, offers and in person visits from an abundance of well qualified national and international prospects that are ready, willing and able to buy and own the W.T. Waggoner Ranch,” Baskerville said. “The brokers have done a first-rate job at exposing this ranch to the world, and have left no stone unturned. We are on schedule marketing wise and as a result have recently issued an official call for offers to be presented in October in the final phase of this process.”
Middleton said, “There had been 6 to 700 inquiries since the court approved our selection last year by the shareholders to have Bernie and I market the estate internationally. That number has been filtered down to a dozen or so real contenders, but these last few have done the work, seen the ranch and are for real and ready to buy the ranch”.
Uechtritz stated “Pursuant to our listing and marketing agreement, I have recommended to the receiver that since we had reached such a fever pitch and peak of interest through our marketing, and in parallel, such a high level of legitimate expressed interest in the ranch, that we should make a call for offers as required, and Sam and Mike agreed with me, so those offers are due in October.”
Baskerville said things could move quickly on closing a deal. “From the offers received, we will negotiate final terms and conditions and proceed to petition the Court for a confirmation hearing and final acceptance of the best offer and subsequently we expect to proceed into what will essentially be a short closing period thereafter,” he said.
The winning offer when presented to the judge has to be contingent-free — meaning there are no remaining inspections needed, there are no issues with financing or money, and it can’t be subject to any remaining due diligence issues such as title reports or surveys; the estate will convey title to all assets under the power of the receivership.
“All of the due diligence and investigative things relative to moving forward with purchasing the property have been done. Qualified buyers have already been doing that or are in the last phases of doing so. They’ve had various teams of people from accountants and lawyers and due-diligence specialist teams coming in and investigating the condition of the property,” Uechtritz said in a telephone interview. “At this point, we are only dealing with the dozen or so real contenders, that are truly qualified, verifiable and whom are genuinely interested. These range from state, national and international identities.”
It is possible that the confirmation hearing could be held by the last week of October or first week of November. If that offer is acceptable to the receiver, then they will move to a contingent-free closing period which would be a 30 to 45-day period. “Hypothetically, the deal could close in December this year,” said Baskerville.