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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By Savannah Magoteaux
Two bales can look almost identical and feed very differently. Color, smell and leafiness tell part of the story, but a forage test tells you what your cattle are actually being offered. If you buy hay by the ton or are trying to stretch winter feed, that little lab sheet can be one of the cheapest management tools on the place.
Reading the report
Start with dry matter. Hay contains water, and labs report nutrients either “as fed” or on a dry-matter basis. Feeds are easiest to compare on a dry-matter basis because it takes moisture out of the comparison. Hay that is 90 percent dry matter is about 10 percent water.
Crude protein, usually abbreviated CP, is the number most people recognize. It estimates protein from the forage’s nitrogen content. Higher isn’t automatically better. The goal is to match the hay to the animal. A dry, mature cow in mid-gestation doesn’t need the same protein as a lactating cow, a growing replacement heifer or a young calf.
Energy matters just as much. Beef cattle forage reports commonly estimate energy as total digestible nutrients, or TDN. Low-TDN hay may fill a cow up before it supplies enough energy, particularly when her requirements rise late in gestation or during lactation. That is when you may need better forage, an energy supplement or a different feeding plan.
Fiber numbers explain why some hay looks coarse and why animals may not be able to eat enough of it. Neutral detergent fiber, or NDF, is closely tied to intake. As NDF climbs, cattle generally eat less because the forage moves through the digestive tract more slowly. Acid detergent fiber, or ADF, is tied to digestibility. Higher ADF generally means lower digestibility.
Some reports also include relative feed value or relative forage quality. These indexes help compare lots of forage, particularly alfalfa and mixed hay, but they aren’t a complete ration. They don’t replace looking at protein, energy, minerals, animal class and expected intake.
Then come the numbers you hope are boring. Nitrate testing matters when drought, heavy nitrogen fertilization, cloudy weather or other conditions have stressed the forage enough to cause nitrate accumulation. Sorghum-type forages, johnsongrass, corn and some weeds deserve particular attention. Nitrates stay in hay after it is cut and baled, so a risky crop doesn’t become safe just because it dried.
Minerals deserve a look, but this is where a hay report gets harder to interpret. Calcium, phosphorus, potassium, magnesium and other minerals may be listed, yet a complete mineral program depends on water, other feeds and local conditions. A high number isn’t always an advantage. Excessive potassium, for example, can interfere with magnesium use under some circumstances. If you are balancing a ration for high-risk animals, work with a nutritionist or Extension specialist rather than treating the lab sheet as a stand-alone mineral prescription.
Moisture tells another story. Hay baled too wet is at greater risk of heating and mold, and very wet hay can become a fire hazard as microbial activity raises its internal temperature. A test taken months later can’t reconstruct every storage problem, so inspect the stack, too. A musty odor, visible mold, unusual heat and dark discoloration are all reasons to investigate.
Getting a good sample
A hay test is only as good as the sample, and sampling is the step most likely to ruin a good analysis. A handful pulled from the outside of one convenient bale doesn’t represent a stack of 100 bales. Round bales aren’t uniform from the outside to the center, and one bale may not represent the whole cutting.
Texas A&M AgriLife recommends using a hay probe and collecting cores from multiple bales in a lot, then combining them into one representative sample. A coring probe reaches through the layers of the bale and gives the lab a much better cross-section. Test different cuttings, fields or hay types separately, and don’t blend samples from separate fields or cuttings to save the cost of a test if you will feed them as separate lots.
Putting the numbers to work
The most useful way to read the report is backward from the cattle. What class of animal will eat this hay, at what stage of production, and how much is she likely to eat? Once you answer those questions, the lab numbers start to mean something.
A mature dry cow in good body condition can often use lower-quality forage than a first-calf heifer nursing a calf. Young cattle need nutrients for growth on top of maintenance, and cold stress raises energy demand. A hay test becomes valuable when you pair it with those real-world differences.
Remember that price per bale isn’t the same as price per unit of nutrition. A cheap bale with very low energy and protein may require expensive supplementation, and better hay can turn out to be the lower-cost feed once you count waste and supplements.
Before buying, try putting two hay reports side by side. Compare dry matter, crude protein, TDN and fiber first. Then add delivered cost and likely feeding waste. A heavier, denser bale isn’t automatically more economical, and a greener bale isn’t automatically more nutritious. The numbers make the comparison fair.
Testing is especially valuable after a hard weather year. Drought hay may be lower in yield and higher in nitrate risk. Mature, rain-damaged hay may test lower in protein and energy than it looks. Hay cut from a fertilized field after stress may deserve a safety screen before it ever reaches a feeder.
A forage test won’t make poor hay better. It shows you where the gaps are before your cattle show them through lost condition or lower performance. One report can’t answer every feeding question, but it replaces several guesses with measurements, and that makes winter nutrition planning much more accurate.
By Savannah Magoteaux
A heavy crop of acorns under an oak tree usually looks more like a sign of fall than a livestock problem. For most cattle in most years, that is all it is. Trouble starts when acorns stop being an occasional bite and become a meaningful part of the diet.
Oak leaves, buds and acorns contain tannins that can damage the digestive tract and kidneys when cattle eat enough of them. Green acorns are generally considered more toxic than mature brown ones, but either can cause problems if cattle eat too many.
The risk climbs when forage is short and cattle go looking for something else to eat. Drought, overgrazed pastures or simply a heavy acorn crop can set up that situation.
Cattle aren’t equally interested in acorns. A few animals in a herd may eat far more than the rest, which helps explain why cases can appear scattered.
Early signs can be vague. Affected cattle may go off feed, look depressed or become constipated. As the damage progresses, you may see dark or bloody manure, abdominal pain, frequent urination followed by reduced urine output, dehydration and weakness. Kidney failure is the most serious concern.
You can’t remove every acorn from a wooded pasture, so prevention comes down to keeping cattle from relying on them. Adequate forage and supplementation take away the incentive to eat large amounts.
You can also fence cattle away from heavily producing oaks for a while, especially when pasture conditions are poor. If several animals seem to be seeking out acorns, take a close look at the rest of the ration instead of assuming they will quit on their own.
If you suspect oak poisoning, call a veterinarian early. Treatment is supportive and does much more good before severe kidney damage sets in. Moving unaffected cattle away from the source and providing good-quality feed and water may prevent more cases.
Acorns are an important fall food for deer, squirrels and other wildlife, and a few acorns generally don’t spell disaster for cattle. The concern is quantity. A pasture full of oaks becomes a different management problem when grass is short, cattle are hungry and the ground is covered with something they are willing to eat.
Oak toxicity comes up most often in cattle, but other livestock can be affected, too. And the risk isn’t limited to acorns. Oak buds and young leaves also contain tannins, so spring can occasionally bring problems as well. In fall, though, the obvious temptation is lying on the ground where cattle can eat it quickly.
Watch where your cattle spend their time. If cows that normally graze open grass start camping under oaks and hunting acorns, that behavior tells you something.
Walk the pasture, estimate how much usable forage is left and check whether a few dominant animals are eating more than the rest. Hay or supplemental feed may help, but place it where all the cattle can reach it rather than assuming one feeder will solve the problem.
Oak poisoning can look like other illnesses, and no one can diagnose kidney damage from pasture observation alone. A veterinarian may use history, clinical signs and lab work to separate it from dehydration, digestive disease or other toxicities. That is another reason to mention a heavy acorn crop when you call. A detail that seems like an ordinary part of fall can be an important part of the history.
Your pasture plan doesn’t have to be complicated. If one wooded trap has a much heavier acorn crop than the rest, use another pasture while you still have the choice.
If you can’t move the herd, make sure hay and supplement are adequate before the animals get hungry enough to seek out acorns aggressively. Salt or mineral by itself won’t make up for a shortage of forage.
The problem usually fades as cattle eat through the crop or the acorns weather or get covered. Don’t return cattle that have already shown signs as soon as they look better, though. Kidney injury can be serious. Follow your veterinarian’s recommendations and reassess the pasture before turning recovered animals back out.
By Jared Groce
Late summer has been brutal on our livestock, our grass and the rural land market in North Texas. We currently have an astounding 42 months of inventory on hand in our report area, and the only properties selling are the ones priced right. Overpriced properties aren’t even getting looked at, much less receiving offers, so pricing your property correctly matters more than ever right now.
Many sellers are still picturing the daily price increases we saw in 2020 to 2023, but those days are behind us, and agents need to be more realistic with listing prices to get any activity for their clients. Hopefully the rains will come soon and bring more land buyers with them this fall, but right now it is still very much a buyer’s market. No one knows how long this dry spell will last, but it will likely take a flood to end it. The same is true of the weather!
They say the best time to plant a tree, or buy land, was 20 years ago, and the second-best time is today.
| County | Area | Acres | $/Acre | List Price | Sold Price | Sale/List | DOM |
|---|---|---|---|---|---|---|---|
| Clay | Henrietta | 120.07 | $5,150 | $714,000 | $618,309 | 86.60% | 434 |
| Clay | Bellevue | 159.44 | $6,184 | $981,000 | $985,959 | 100.50% | 48 |
| Clay | Henrietta | 293 | $4,982 | $1,538,250 | $1,459,600 | 94.90% | 212 |
| Clay | Average | 190.84 | $5,438 | $1,077,750 | $1,021,289 | 94.00% | 231 |
| Collin | Anna | 11.08 | $84,356 | $1,200,000 | $935,000 | 77.90% | 634 |
| Collin | Average | 11.08 | $84,356 | $1,200,000 | $935,000 | 77.90% | 634 |
| Cooke | Muenster | 11 | $18,000 | $209,000 | $198,000 | 94.70% | 250 |
| Cooke | Gainesville | 19.3 | $16,580 | $345,000 | $320,000 | 92.80% | 541 |
| Cooke | Valley View | 96.23 | $15,500 | $1,679,215 | $1,491,565 | 88.80% | 194 |
| Cooke | Average | 42.18 | $16,693 | $744,405 | $669,855 | 92.10% | 328 |
| Denton | Sanger | 16.46 | $39,422 | $649,000 | $649,000 | 100.00% | 47 |
| Denton | Cross Roads | 10.35 | $97,575 | $1,200,000 | $1,010,000 | 84.20% | 40 |
| Denton | Sanger | 300 | $14,000 | $4,999,999 | $4,200,000 | 84.00% | 1,327 |
| Denton | Aubrey | 74.09 | $57,684 | $4,815,525 | $4,273,550 | 88.70% | 302 |
| Denton | Average | 100.22 | $52,170 | $2,916,131 | $2,533,138 | 89.20% | 429 |
| Grayson | Collinsville | 11.61 | $46,516 | $600,000 | $540,000 | 90.00% | 280 |
| Grayson | Van Alstyne | 18.8 | $58,511 | $1,175,000 | $1,100,000 | 93.60% | 280 |
| Grayson | Whitesboro | 30 | $37,984 | $1,170,000 | $1,139,506 | 97.40% | 277 |
| Grayson | Average | 20.14 | $47,670 | $981,667 | $926,502 | 93.70% | 237 |
| Jack | No sales reported | — | — | — | — | — | — |
| Montague | Montague | 485 | N/A | $5,566,000 | N/A | N/A | 333 |
| Montague | Bowie | 26 | $12,244 | $323,500 | $318,352 | 98.40% | 743 |
| Montague | Montague | 37.3 | $10,327 | $428,950 | $385,195 | 89.80% | 1 |
| Montague | Saint Jo | 1,185 | $7,764 | $10,000,000 | $9,199,829 | 92.00% | 19 |
| Montague | Average | 433.33 | $10,112 | $4,079,613 | $3,301,125 | 93.40% | 274 |
| Wise | Sunset | 12 | $19,027 | $234,000 | $228,320 | 97.60% | 16 |
| Wise | Sunset | 12 | $19,027 | $234,000 | $228,320 | 97.60% | 14 |
| Wise | Chico | 11.44 | $24,476 | $299,000 | $280,000 | 93.60% | 24 |
| Wise | Chico | 10.25 | $29,265 | $315,000 | $300,000 | 95.20% | 12 |
| Wise | Average | 11.42 | $22,949 | $270,000 | $259,160 | 96.00% | 17 |
DOM = days on market
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