T. Boone Pickens is selling his ranch

[Cyclones_R_GR8]

I guess his health has gone down hill and he is moving away from his ranch in the Texas panhandle.

Only $250 million

http://hallhall.com/ranches-for-sale/properties/mesa-vista-ranch

http://mesavistaranch.com/

 

[ArgentCy]

Didn't he put that on the market over a year ago? Pretty sure we had another thread.

 

[wxman1]

Didn't he put that on the market over a year ago? Pretty sure we had another thread.

That was just his vacation ranch. Obviously I have no idea but I thought it had been listed before.

 

[Cyclonepride]

I've been waiting for that to come on the market.

 

[NWICY]

@MARKCHARTER what would be a appropriate counter offer?

 

[Farnsworth]

I've been waiting for that to come on the market.

Just remember to pay cash for it.

 

[jbhtexas]

My offer was rejected. My wife told me that apparently I mistook that first comma on the right for a decimal point. I was all ready to sell our house and move...

 

[somecyguy]

From the listing:

There is scattered oil and gas activity on the Mesa Vista Ranch. All of Boone’s owned mineral interests will convey. In 2015, Boone’s oil and gas royalty income totaled approximately $2,560,000. In 2016, with oil and gas prices declining, the total royalty income dropped to approximately $771,000. For the first nine months of 2017 the royalty income is approximately $541,000. Again, all owned water rights, all owned mineral rights, and royalty will convey with the property.

Piece of cake. Use the oil rights to pay the mortgage.

 

[MNCYWX]

64000 acres! Are you freaking kidding me? That's 100 square miles.

You could fit the entire city of Des Moines inside that ranch... and then tack on Urbandale for good measure. That is literally the size of that property.

 

[Cyclonepride]

Just remember to pay cash for it.

Of course, I'm not an animal!

 

[Cyclonepride]

64000 acres! Are you freaking kidding me? That's 100 square miles.

You could fit the entire city of Des Moines inside that ranch... and then tack on Urbandale for good measure. That is literally the size of that property.

Small potatoes. I was curious and bored, so I looked:

https://www.telegraph.co.uk/news/wo...icas-biggest-ranch-goes-on-sale-for-725m.html

"The WT Waggoner Estate Ranch is the largest single ranch in the USA - with 510,000 acres of land and it spans six counties across Northern Texas."

 

[cyfan92]

So he's saying his land (64,809 acres) is worth approx. $3,802/acre without the drilling rights when using a 5-yr cash flow valuation on the drilling rights...

That's a 148% premium on what the the Texas Farm Bureau says the median land value in Texas goes for.
-http://texasfarmbureau.org/texas-rural-land-values-rising/

I guess that is the price you pay to own a ranch equal to 17% of Polk County, IA

 

[ArgentCy]

It's a big country, plenty of room.

 

[jbhtexas]

So he's saying his land (64,809 acres) is worth approx. $3,802/acre without the drilling rights when using a 5-yr cash flow valuation on the drilling rights...

That's a 148% premium on what the the Texas Farm Bureau says the median land value in Texas goes for.
-http://texasfarmbureau.org/texas-rural-land-values-rising/

I guess that is the price you pay to own a ranch equal to 17% of Polk County, IA

Well...in all fairness, it has a golf course and an airport, so it seems that he has made some improvements to the property...

 

[Cyclones_R_GR8]

Didn't he put that on the market over a year ago? Pretty sure we had another thread.

I can't remember. A search for Mesa Vista on CF didn't bring up anything.

 

[VeloClone]

Well...in all fairness, it has a golf course and an airport, so it seems that he has made some improvements to the property...

He also has at least two mansions on it including a lake house on one of his man made lakes.

 

[VeloClone]

I wonder if this will end up split into a west ranch and east ranch owned by two different owners since it is already split by highway 70.

 

[Farnsworth]

I can't remember. A search for Mesa Vista on CF didn't bring up anything.

That's your first problem, thinking about or using CFs (lack of) search functionality.

 

[cyfan92]

Well...in all fairness, it has a golf course and an airport, so it seems that he has made some improvements to the property...

If you can afford a $250M ranch.. Do you want someone else's golf course or do you build your own? Neverless, I'm sure the replacement costs are crazy high

 

[ISUCyclones2015]

@MARKCHARTER what would be a appropriate counter offer?

I'd offer half or maybe $150million. There's only so many people on earth that can afford it. So you're competition is limited. As he gets older he has been shrinking down his assets into more just straight monetary assets. So I'd throw that number out there to see what happens. He can say no and be done with it.

Also my thinking is from me who has never owned property and doesn't even sniff at hundreds of billions of dollars in assets. His farts are probably worth more than the air I breathe.