Farm & Ranch
LARGEST ONE-OF-A-KIND RANCH IN NORTH AMERICA GAINS STRONG INTERNATIONAL INTEREST WHILE YET TO “OFFICIALLY” HIT MARKETPLACE
Listing brokers report early international interest in the 800-square mile
Texas ranch and oil estate of famed oil & cattle baron legend W.T. Waggoner
VERNON, TEXAS, OCTOBER 7, 2014 – It’s a Texas-sized story that Hollywood could never write, yet this story is destined for the history books. The iconic Waggoner Ranch will be sold.
The seller’s brokers, who will likely “officially” go to the open market in the next 30 to 45 days, report an early surge of interest from potential buyers and brokers worldwide seeking to register interest in the ranch.
“The initial momentum of interest in the Waggoner Ranch has even surpassed my expectations,” said Robbie Briggs, President and CEO of Briggs Freeman Sotheby’s International Realty. “So of course, the response is only a reflection of the magnitude the Waggoner property truly represents.”
“The news of our assignment was picked up by the Associated Press and went viral,” said Bernard Uechtritz of Briggs Freeman Sotheby’s International Realty in Dallas, one of the two exclusive agents representing the sale of the W.T. Waggoner Ranch. “The resulting interest and inquiries from a broad spectrum of qualified buyers has been extremely strong, even overwhelming, as we have tried to focus on the tasks of preparing the property, data, and documentation to actually get on the market.”
Founded in 1849, the legendary W.T. Waggoner Ranch was approved to be liquidated August 6, 2014, by Texas 46th District Court Judge Dan Mike Bird.
This iconic property consists of 510,000 contiguous acres encompassing an historic empire of vast, rich oil fields, open ranges, fertile farming and endless miles of grazing land, along with herds of thousands of cattle as well as enormous lakes, hundreds of foundation-bred, award-winning American quarter horses — all spread across six counties of west Texas prairie and sweeping rangeland. For the first time in its expansive history, the W.T. Waggoner Ranch will be offered to the open market for sale internationally.
The receiver for the W.T. Waggoner Estate, Michael Baskerville, approved the shareholder plan presented to the court. Key to this plan was the appointment of Uechtritz of Briggs Freeman Sotheby’s International Realty and co-broker Sam Middleton of Chas. S. Middleton & Son in Lubbock, Texas as the exclusive agents representing the sale of the ranch and estate assets, offering the ranch to state, national and international interest.
“Briggs Freeman Sotheby’s International Realty is pleased to provide the strategic marketing, and regional, national and international reach to take the W.T. Waggoner Estate across Texas and to the four corners of the world,” said Briggs.
The W.T. Waggoner Ranch is the largest ranch in the United States whose operations exist ‘under one fence.’ There is no other property available on the market anywhere that rivals the Waggoner Ranch’s prestige, its family’s place in history, or its infrastructure. Most likely, an opportunity like this will never be seen again in our lifetime.
Given the most recent interest in the property, Baskerville has set a guideline price for the Waggoner Ranch at $725 million. “The market will soon tell us if we are $3 million too high or $300 million too low,” said Uechtritz. “Right now, the level of response is telling us that this will not be a drawn-out process.”
The listing announcement by Baskerville was supported by a consensus of the shareholders, heirs and families of the estate.
Since this property has never before been sold, no title report or even a complete survey existed for the Waggoner Ranch until this year in anticipation of the sale.
One of the primary assets of the ranch are the mineral rights. Currently, 1,200 wells produce an approximate monthly gross of 41,000 barrels a month for the entire estate. The sale of the Waggoner Ranch will include approximately 42% of these rights, along with a multitude of other assets. Incredibly, some 400,000 acres of the ranch remains unexplored and undeveloped with regard to oil exploration.
“To a buyer,” said Middleton, “there are potentially significant tax benefits in addition to land appreciation and development. Given the opportunities for further oil exploration, green energy, prime farming and grazing land, existing cattle and horse operations, and with an already established infrastructure that includes dams and thousands of miles of fencing and roads, the buyer will potentially get an incredible tax write-off through accelerated depreciation of the vast assets included with the land.”
The Waggoner Ranch is also home to a wide variety of wildlife. “This ranch has not been commercially hunted in 165 years of its ownership. There are outstanding Boone and Crockett quality bucks on the ranch that have never heard a rifle shot,” said Middleton.
What stands as perhaps the most critical component of this sale for the brokers is finding the perfect buyer for the Waggoner Ranch. “This is literally a once in a lifetime opportunity to own such a Texas treasure. The Waggoner Ranch has such significant value, but it’s more than just a large piece of property. The ranch serves so many purposes: multiple integrated businesses, the community, the people… it’s a part of not only Texas history, but an integral part of the history of the cowboy and the American West,” said Uechtritz. “The perfect buyer, we believe, and the family believes, is someone who understands the big picture of the Waggoner Ranch, and that its preservation is critical to its continued prosperity, legacy and value to society. For either an individual or a corporate entity, the acquisition of the ranch offers profitability, diversity and development with the added opportunity to be a civic giant who will benefit from immeasurable culture and community alliance by preserving an icon.”
“I am very pleased with the selection of Bernie Uechtritz and Sam Middleton – to be on the front lines of this herculean assignment,” added Baskerville. “I am confident that Bernie and Sam will find the ranch its perfect buyer.”
For Uechtritz, the W.T. Waggoner Ranch is a symbol of America’s past whose preservation is vital to this country’s future. “Speaking personally,” said Uechtritz, “I am certainly hoping we engage a true patriot or entity who cares less about ‘what price,’ and who will step forward to protect, preserve and enhance this American icon and the cowboy way of life for another 200 years. If someone is willing to pay $2 billion for a basketball team, what does this make half a million prime Texas acres worth? From a brand perspective, no other ranch will ever be the Waggoner. There will only ever be one Waggoner. A ranch that is producing food, energy, is home to some of the best cattle and best bloodlines of horseflesh in the world, and whose generations of employees are the finest example of the backbone of our society. People whose fortitude, values and ethos exemplify what great nations were built on.”
About the W.T. Waggoner Ranch
Founded by Dan Waggoner in 1849, his son, famed cattle baron W.T. Waggoner, continued expanding the ranch to the 510,000 acres that will soon be offered to the international marketplace. Owned exclusively by the Waggoner family, this is the first time the 800-square mile estate has ever been listed for sale. The W.T. Waggoner Ranch is the largest contiguous ranch in the United States, and along with King Ranch and the 6666 (Four Sixes) Ranch, is known throughout the world and revered in Texas as one of the “Big Three.” Nearly the size of Rhode Island, the ranch encompasses six North Texas counties, offering two main compounds, dozens of additional homes, 20 cowboy camps, enormous lakes, hundreds of award-winning quarter horses, thousands of heads of cattle, 1,200 oil wells, and 30,000 acres of cultivated farm land.
About Michael Baskerville
Michael (Mike) S. Baskerville is a Vernon, Texas attorney and Vernon native. He was appointed as Receiver by District Judge Dan Mike Bird in 2011.
About Briggs Freeman Sotheby’s International Realty
Briggs Freeman Sotheby’s International Realty is the oldest privately held real estate boutique in Dallas. With six offices in Dallas, Lakewood, Uptown, Ranch and Land, The Ballpark and Southlake, and more than 250 associates, the firm specializes in significant properties, from historic to contemporary, ranch to waterfront. The company’s deep-rooted connections, cutting-edge marketing and global strategies bring the extraordinary to all clients. President and CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty. For more information, visit http://www.briggsfreeman.com.
About Bernard (Bernie) Uechtritz
International Real Estate Adviser Bernard Uechtritz has a 20-year proven track record of selling and advising on complex, unique and luxury real estate as well as iconic ranches throughout the United States. Since 1995, he has managed and sold real estate for a broad range of clients, institutions, and private wealth management entities. Born in Papua, New Guinea to a pioneering ranch family, Mr. Uechtritz has the ‘cowboy tradition’ in his blood. In a career made on the impossible, Mr. Uechtritz pursued his passion for real estate and ranches stateside, consulting as an international marketing expert and strategic real estate specialist for some of the world’s biggest and most unique properties. Mr. Uechtritz is a father, cattle rancher and competitive horseman.
About Chas. S. Middleton and Son
Sam Middleton is the owner of the renowned West Texas real estate and appraisal firm, Chas. S. Middleton and Son, established by his grandfather in 1920. The business consists of farm and ranch appraisals and farm and ranch sales. Sam holds Real Estate Broker licenses in Texas, New Mexico, Oklahoma, Kansas and Colorado. Mr. Middleton holds the designation of ARA (Accredited Rural Appraiser) through the American Society of Farm Managers and Rural Appraisers, and is a certified appraiser for the states of Texas, New Mexico and Colorado. He has sold numerous expansive ranches throughout the western states of Texas, Colorado, New Mexico and Kansas over the course of several decades. Mr. Middleton lives near Lubbock, Texas and is also a cattle rancher. For more information, visit http://www.chassmiddleton.com.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby’s International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.
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Farm & Ranch
Grazing North Texas: Who’s Your Neighbor?
By Tony Dean, tonydean.tx1@gmail.com
Who qualifies as your neighbor? Webster says it is someone who lives nearby, but it isn’t always that simple. Is my neighbor the person next door, or someone in the next county? It could be both.
Our neighbors are an important part of life on the ranch and the grazing lands we share. Many of us find comfort in knowing another human being is somewhere in our neck of the woods, and that someone nearby cares what happens to us.
Being a good neighbor is part of being a productive and responsible rancher, so let’s look at some of the qualities that make a good one.
Protect your neighbor
Watch out for him.
The cattle business is dangerous. Almost everything we work with is bigger and faster than we are. A mad cow can turn an otherwise wonderful day into a disaster. Sooner or later, all of us will need some help.
The average age of today’s rancher keeps climbing. Be aware of your neighbors’ ages, limitations or disabilities, and keep an eye out for anything outside their normal routine.
More women own and operate ranches today, too. Some may suddenly find themselves responsible for parts of the operation that a spouse or family member used to handle. As neighbors, we can be a valuable backup system, helping one another learn, adjust and keep the operation moving.
And then there is wildfire. It can be on us in minutes. You may need to help move a family down the road to safety or move livestock out of harm’s way. Have a plan in mind before the emergency happens.
Be a friend
Some of us who live in the country drive to town for work or make regular trips for other reasons. Others are stay-at-home ranchers, and life can get a little lonely. A friendly smile, a phone call or an invitation to lunch can mean more than we realize.
Things aren’t always wine and roses at the ranch. Few occupations ask people to juggle such a mix of complex markets, weather, natural resource management, livestock management and countless other issues.
Spirits can get low. If we are listening, we can hear and feel the stress in someone’s life. On those days, you have a chance to be a special kind of friend.
Help your neighbor
Have you ever tried to load a trailer by yourself and needed someone to stand in the gate for a couple of minutes? All of us will need help at some point, and our neighbors should be among the people we can call.
Do your best to be there when needed, and your neighbors will likely be there when it is your turn to ask. Sometimes it will be a small job. Other times, it will be a big one. It doesn’t matter. We help our neighbors.
It’s also smart to make sure someone nearby knows your ranching program and understands the land you use. At some point, one of you may need to take care of business for the other for several days.
Be cooperative
There is no end to the situations that can involve more than one family. Fencing, road maintenance and livestock getting where they don’t belong are common ones.
If you don’t handle these things with a friendly, cooperative attitude, they can create problems between neighbors that last for years.
Good fences are something to be proud of. Nothing is gained by years of bickering. Reaching an agreement may be hard at times, but neighbors should be able to work things out. Clear your head, use common sense and come up with an answer everyone can live with.
If your cattle get mixed up with your neighbor’s, make it a priority to separate them as soon as possible. It is rude to let your cattle stay in your neighbor’s pasture eating his grass while you do nothing about it.
One good way to handle strays is for the rancher whose pasture they are in to pen his own cattle along with the strays. The other rancher can then load his cattle and take them home. Afterward, both ranchers can work together on any fence repairs.
By the way, a gate between neighbors is almost always a good policy.
Take ownership
The only way to avoid mistakes is to do nothing. But it isn’t in us as ranchers to sit around and watch the world go by. We are men and women of action, so things are going to go sideways from time to time.
When that happens, and it will, own your mistakes. Decisive action can prevent misunderstandings and make a problem go away much faster.
Be honest, and never, ever lie.
Be patient
We all have bad days. When your neighbor is a little grouchy, he or she probably has something weighing on them.
That is a chance to be a good neighbor. Be patient. Be a good listener. Help your neighbor through the turmoil if you can.
Respect property boundaries
Trespassing is wrong, illegal and rude. Never do it except in an emergency.
In the Southwest, where we live, land ownership is considered a sacred right, and it is a right available to anyone. With ownership comes an expectation of privacy and respect. When you trespass, you violate those rights.
And yes, it is trespassing when you cross a fence to fish or hunt without permission. Texas is a private-property state, which makes respecting these boundaries especially important.
That doesn’t mean you can’t have an understanding with your neighbors that lets you onto their land. Many good friends and neighbors work together on one another’s ranches, but both parties should always communicate well.
You have a cell phone. Use it any time you doubt whether you have the right to go through the gate. An invitation onto another person’s ranch is a privilege, so don’t abuse it.
Your word
Your word as a rancher, neighbor, man or woman helps define you in your community and throughout your life. Your neighbors want to trust you. They want to know that all they need from you is a handshake and that they can depend on what you say.
It is a blessing to live in North Texas, where people still respect and honor a life lived with truth and love.
A good life to live
Having good neighbors is a great way to live. It brings comfort and enjoyment to life. Sometimes it takes a little extra effort, but a friendly neighborhood, even one that covers many acres, is enjoyable and can help keep all of us safer.
It is worth the effort.
The Bible
The Bible has many references to being a good neighbor. Being a good neighbor was good judgment 2,000 years ago, and it is good judgment today. Jesus made it clear that love should guide a good neighbor.
Leviticus 19:18 tells us to love our neighbors as ourselves. That is a tall order. In Matthew 5:44, Jesus takes it further, telling us to love our enemies and pray for those who persecute us.
Our goal should always be to love one another, lift each other up, and help and protect our neighbors.
All of us face drought, floods, wildfire, tornadoes, low cattle prices, rattlesnakes and feral hogs, so let’s fight the fight together. Stand by your neighbor’s side, and he will stand by yours.
A North Texas minister was recently asked, “What do you do if you have a neighbor who is really hard to love?”
His answer was short and to the point: “Love him anyway.”
Farm & Ranch
Beyond Crude Protein
By NTFR Staff
A stack of hay may look good from the outside. The bales may be heavy, green and free of obvious weeds or mold. None of that tells a cattle producer what the hay will provide once it reaches the feed bunk.
Two bales from the same field can differ noticeably in nutrition if they were cut at different stages of maturity, weathered differently or stored under different conditions. The differences grow even larger when you compare hay bought from separate farms or produced in different growing seasons.
A forage analysis takes much of the guesswork out by showing what the hay contains and where you may need to supplement.
Crude protein is often the first number producers check, but it is only one part of the report. Energy, fiber, moisture and possible toxicity concerns can matter just as much when deciding whether a lot of hay suits dry cows, lactating cows, replacement heifers or growing calves.
Reading beyond the protein number
Most forage reports show results on both an “as received” and a dry-matter basis. The as-received column includes the water in the hay. The dry-matter column takes moisture out of the calculation so you can compare feeds with different moisture levels fairly.
For ration planning, the dry-matter values are usually the most useful. If you’re comparing dry hay with silage, cubes or another feed, make the comparison on a dry-matter basis rather than on the numbers as fed.
Moisture still deserves attention. Hay baled too wet is more likely to heat, mold or deteriorate in storage. In severe cases, heating can create a fire risk. Moisture also affects how many pounds of actual nutrients you are buying. A heavy bale isn’t necessarily a nutrient-dense bale if much of its weight is water.
Crude protein, usually listed as CP, estimates the protein in the forage based on its nitrogen content. Protein keeps the rumen microbes that help cattle digest forage working. When forage protein drops too low, intake and digestion may decline because those microbes can’t function as well.
The amount of protein a cow needs changes a great deal through the year. A mature, dry cow in mid-pregnancy needs less than a cow in late pregnancy or early lactation. Young, growing cattle and first-calf heifers may also need more protein than mature dry cows. Hay that is adequate for one group may fall short for another.
Always compare a forage report with the needs of the cattle that will eat the hay. Oklahoma State University notes that cattle requirements vary with weight, age, stage of production, desired gain and milk production. A single protein target can’t describe the needs of an entire herd.
Energy is another major piece of the feeding decision. Many forage reports express energy as total digestible nutrients, or TDN, an estimate of the digestible energy in the feed. Protein supports rumen function and tissue growth, while energy fuels maintenance, pregnancy, milk production and weight gain.
Hay can test well for protein and still come up short on energy. That matters most for cows nearing calving or producing milk. Low-energy hay may leave cattle feeling full without giving them enough nutrition to hold body condition. University of Nebraska Extension stresses evaluating both protein and energy when judging the feeding value of forage.
Fiber measurements help explain why cattle eat one hay readily and less of another. Neutral detergent fiber, or NDF, represents much of the plant’s structural material, including cellulose, hemicellulose and lignin. As NDF rises, cattle generally eat less because bulky, fibrous forage stays in the digestive tract longer.
Acid detergent fiber, or ADF, includes the least digestible parts of the plant. Higher ADF generally means lower digestibility and less available energy. Put simply, high NDF can limit how much cattle eat, and high ADF can mean they get less energy from what they do eat.
Both numbers tend to climb as forage plants mature. Mature hay usually has more stem and less leaf than hay cut earlier. It may still be acceptable feed for animals with lower needs, but it is less likely to support lactating cows or growing cattle without supplementation.
Some reports also include relative feed value, or RFV. This index uses ADF and NDF to compare forage quality, particularly for alfalfa and other legumes. It can help when you compare similar types of hay, but it doesn’t account for every nutrient cattle need. Don’t let RFV replace a closer look at crude protein, energy and the animal’s stage of production.
Depending on the lab package you choose, the report may include minerals. Labs commonly report calcium and phosphorus, but a forage analysis can’t replace a well-designed mineral program. Water quality, other feeds and interactions among minerals all affect mineral needs and availability. Work with an Extension specialist, veterinarian or livestock nutritionist before making major mineral changes.
Nitrate and prussic acid
A standard forage analysis may not include nitrates, and you often have to request that test separately. Nitrate testing is especially important for drought-stressed forage, heavily fertilized fields and crops such as sorghum, sudangrass, sorghum-sudan hybrids, millet, oats and some weeds.
Nitrate can remain in cured hay and doesn’t reliably disappear in storage. Test any hay you suspect of high nitrate before feeding it. Oklahoma State University recommends a laboratory analysis because field screening tests can show that nitrate is present but can’t measure how much.
Prussic acid is a different concern. Unlike nitrate, prussic acid usually dissipates as properly cured hay sits in storage, though suspect forage still needs careful management and professional guidance. Be sure which test you need, and don’t treat the terms nitrate and prussic acid as interchangeable.
Putting the numbers to work
A hay test pays off when it leads to a feeding plan. Once you have the results, you can match the hay to the right class of cattle. Save better hay for replacement heifers, thin cows, late-gestation cows or cows with calves at side. Feed lower-quality hay to mature dry cows with modest requirements.
Testing can also prevent unnecessary supplementation. Without an analysis, you may buy protein tubs, cubes or other supplements your cattle don’t need. The opposite mistake costs just as much. Assuming hay is better than it is can lead to lost body condition, lower milk production, poor breed-back rates and lighter calves.
Visual inspection still matters. Don’t ignore mold, foreign material, weeds, dust or heat damage because a lab report shows acceptable numbers. At the same time, color and appearance can’t reliably predict nutrient content. University of Nebraska notes that forage nutrient values vary widely, which makes average book values a poor substitute for testing the feed you have on hand.
A forage analysis won’t make poor hay better, but it can show you how to use that hay well. For the cost of a test, you get information that can guide hay purchases, cut supplement waste and put each lot of hay where it will do the most good.
The protein number may get the most attention, but it doesn’t tell the whole story. Understanding moisture, TDN, NDF, ADF and potential toxicity gives you a much clearer picture of what is inside the bale.
Farm & Ranch
Don’t Be Caught Off Guard
By Savannah Magoteaux
A September rain can be exactly what a North Texas pasture needs, but that flush of green can bring an unwelcome guest.
Fall armyworms are a familiar late-summer and early-fall pest across Texas, and they can do serious damage to pastures and hay fields when conditions are right. Bermudagrass is a common target, but armyworms also feed on small grains, ryegrass and other forage crops. The key is catching them early, before a manageable infestation turns into a field that seems to disappear overnight.
Despite the name, fall armyworms are caterpillars. The adult moths migrate into Texas and lay masses of eggs on grasses, fence posts, buildings and other surfaces. Once the larvae hatch, they start feeding on plants.
Young armyworms are small and hard to spot unless you are actively scouting. As they grow, their appetite climbs. Larger larvae can strip leaves fast, leaving stems behind and cutting into available forage or hay yield.
Look for an inverted, light-colored “Y” on the caterpillar’s head. Mature larvae can reach about 1½ inches long and often have several dark and light stripes running the length of the body.
Armyworms feed most actively during the cooler parts of the day, so early morning and late afternoon are good times to scout. Walk through several areas of the pasture rather than checking only along the edge. Look closely near the soil surface and beneath grass leaves, especially where you see fresh feeding damage.
Scouting matters most after rain or irrigation. New grass growth draws newly hatched larvae, and populations can build quickly when conditions favor them.
Texas A&M AgriLife Extension generally recommends considering treatment in improved pastures when you find about three or more armyworms per square foot. The decision should also weigh the size of the larvae, how much forage is present, the expected hay value and how severe the damage is.
Timing matters. Small armyworms are easier to control than large ones, and an insecticide does less good once the caterpillars are nearly mature and have already eaten much of the forage. If you treat, follow the product label carefully, including grazing and hay-harvest restrictions.
Don’t assume one treatment or one scouting trip will carry a pasture through the season. Fall armyworm moths can keep moving into an area, laying more eggs and starting another generation of larvae. Keep checking fields even after you have controlled an infestation.
For hay producers, an approaching harvest date can also shape the decision. When the crop is close to harvest, cutting the field may be a better option than spraying. The best choice depends on the number and size of the armyworms, how much forage remains and whether the weather allows you to cut hay.
September rain is usually welcome across North Texas, especially after a long, hot summer. Just remember that fresh green grass deserves a closer look. A few minutes of scouting can make the difference between catching fall armyworms early and finding the damage after they have eaten their fill.
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