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Billionaire Stan Kroenke Buys $132.5 Million Broken O Ranch
Forbes ^ | November 29, 2012 | Morgan Brennan

Posted on 12/03/2012 9:02:01 AM PST by Uncle Chip

It was only a matter of time before a cash-flush investor bought the Broken O Ranch. Asking $132.5 million in cold hard cash, the 124,000 acre Montana farm is one of the largest agricultural operations in the Rocky Mountain West, offering an alluring investment opportunity to those bullish on soft commodities. Turns out one American billionaire agrees.

Stanley Kroenke, a real estate mogul worth $4 billion by Forbes’ estimate, assumed ownership of Broken O Ranch on Tuesday for an undisclosed price. Kroenke, known for his ownership of sports teams like the NBA’s Denver Nuggets and the NFL’s St. Louis Rams, is believed to have plunked down nine figures for the property, according to people familiar with the deal.

“Bill Moore obviously had the vision, expertise and wherewithal to assemble one of the finest cattle and farming operations in the United States. Mr. Kroenke looks forward to building on that incredible legacy,” said Sam Connolly, general manager of Kroenke Ranches, in a statement.

Prior to this purchase, Kroenke’s personal portfolio held an estimated 740,000 acres’ worth of U.S. real estate, making him the 10th largest landowner in America, according to the Land Report. With the addition of Broken O’s 124,000 acres, he is now the eighth largest in the country, eclipsing the Reed and Pingree families’ land holdings. At 864,000 acres, his holdings still trail million-plus-acre owners like John Malone, Brad Kelley and Ted Turner.

The ranch was created by William and Desiree Moore, the late founders of the Kelly-Moore Paint Company. This is the first time it has ever changed hands. ”We are pleased that the Broken O will be in the hands of a new owner of Stan Kroenke’s caliber and commitment to agriculture,” stated the Moore family, following the sale.

(Excerpt) Read more at forbes.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: rams; stankroenke; walmart

1 posted on 12/03/2012 9:02:17 AM PST by Uncle Chip
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To: Uncle Chip

If he paid $50 million, I’ll eat my hat.


2 posted on 12/03/2012 9:05:56 AM PST by 2ndDivisionVet (I'll raise $2million for Sarah Palin's presidential run. What'll you do?)
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To: Uncle Chip

As a Texan I have always said if I could find a way to make a good living so I could own land I would move to Montana tomorrow. My wife always sabotages that idea.

So I just go there every chance I get (usually hunting) along with western Colorado and Wyoming.


3 posted on 12/03/2012 9:11:20 AM PST by Resolute Conservative
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To: Uncle Chip

I hope he was smart enough to get the mineral rights with that ranch.


4 posted on 12/03/2012 9:16:02 AM PST by TexasFreeper2009 (Obama lied .. the economy died.)
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To: Resolute Conservative
Is land more expensive in Montana than Texas?

Forgive my ignorance, I'm trapped in the northeast.

5 posted on 12/03/2012 9:19:21 AM PST by Wyrd bi ful ard (Gone Galt, 11/07/12)
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To: Uncle Chip

Pretty soon they state of Montana will belong to billionaires and the federal government.


6 posted on 12/03/2012 9:22:02 AM PST by THE_RAIDER
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To: Resolute Conservative

And I’ll bet your wife doesn’t have the money that Mrs Kroenke has either. LOL! I wonder if Mrs. Kroenke (nee Walton as in Walmart) is the one that donated to the uncle obie campaign. I’m also pretty sure your wife DIDN’T donate to the uncle obie campaign. Just sayin’.

Share the lead.


7 posted on 12/03/2012 9:24:01 AM PST by rktman
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To: THE_RAIDER
Pretty soon they state of Montana will belong to billionaires and the federal government.

If by "pretty soon" you mean NOW, then I agree. :)

I thought that was Montana's purpose now.

8 posted on 12/03/2012 9:24:09 AM PST by TChris ("Hello", the politician lied.)
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To: 2ndDivisionVet

I’m sure that he got a TIF discount before buying it.


9 posted on 12/03/2012 9:27:54 AM PST by Uncle Chip
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To: Wyrd bið ful aræd

Depends on location, as always. Average small parcel with water and power is running about $10K an acre. Further out, less. Still can find decent land for $5K, the bigger the parcel, the price becomes less per acre.

Around Kalispell and Flat Head Lake, the Californicators are paying a premium for being able to be cold and complain about hunting. Trust fund babies trying to turn Big Sky into another California. Natives are not too pleased with that.

Gunner


10 posted on 12/03/2012 9:30:05 AM PST by weps4ret (Republicans are suffering from Testicular Atrophy!!!)
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To: Wyrd bið ful aræd

It is not so much the cost as the location. Raw farm land here is still reasonable the further you get away from civilization. Just as anywhere though to own big land you have to have made your fortune or inherit it (then worry about the taxes) neither of which I will reap. As a younger man I was able to do some real cowboying on some big ranch, man what a life, hard, but fun.

It is almost impossible nowadays to start a large ranching/farming operation from scratch without having loads of capital because the return is marginal, outside the lifestyle.

Take example central Texas, buying any land within 2 hours of San Antonio or Austin you will pay double or triple for the land (demand is skyrocketing) and within 10 years be surrounded by new “ranchette” housing neighborhoods. Just ask the folks in the Leander, Taylor, Liberty Hill, New Braunfels, Boerne, Seguin, Hondo areas - and the list goes on. People bought there 10-15 years ago were moving to the country. Not anymore.

Family land owners in that areas that did hold out can no longer resist the temptation to sell based on the price they can get and the fact they are now in the burbs.


11 posted on 12/03/2012 9:30:54 AM PST by Resolute Conservative
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To: weps4ret

Sucks to see that. Other than Alaska no other place to run now.


12 posted on 12/03/2012 9:33:11 AM PST by Resolute Conservative
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To: THE_RAIDER
The federal government is not only sucking up all the money in the economy but also a huge land grab for resources.
13 posted on 12/03/2012 9:33:11 AM PST by THE_RAIDER
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To: THE_RAIDER

And that doesn’t count the landed ownd by the states and counties.


14 posted on 12/03/2012 9:46:47 AM PST by riverrunner
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To: Resolute Conservative
People bought there 10-15 years ago were moving to the country. Not anymore.

As a dweller in the Leander / Liberty Hill area, I agree.

Although we aren't 'citified' in our immediate area, the growth over the last 10 years has been phenomenal. Within a 12 mile radius, we've had 8 major housing developments, 4 mega-acre shopping centers, 2 hospitals and uncounted retirement homes spring up.

We're just hanging out here for a few more years so we can sell our (relatively paltry) 4 acre lot for enough scratch to move back.........to the country!

LOL!

15 posted on 12/03/2012 9:47:06 AM PST by MamaTexan (It is impossible to follow the Original Intent of the Constitution and NOT acknowledge secession)
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To: THE_RAIDER

And that doesn’t count the land owned by the states and counties.


16 posted on 12/03/2012 9:47:24 AM PST by riverrunner
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To: MamaTexan

“We’re just hanging out here for a few more years so we can sell our (relatively paltry) 4 acre lot for enough scratch to move back.........to the country!”

So where is the “country” now? I want to move to TX.


17 posted on 12/03/2012 9:59:21 AM PST by klb99 (I now understand why the South seceeded)
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To: Resolute Conservative

I am far enough out and away that I will be fine. The county I have land in has 22% unemployment. With mean income being about $22.5K. The folks stay and live off of the land. Besides, I am old, so will not have to see the demise of this country I love so dearly.

Gunner


18 posted on 12/03/2012 10:11:10 AM PST by weps4ret (Republicans are suffering from Testicular Atrophy!!!)
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To: THE_RAIDER

Wow—big post. I grew up in Oregon, and wasn’t aware that it wasn’t as bad in other western states—I thought it “normal” for the feds to own more than half the land, and am mildly pleased that only five states share that distinction, with Idaho barely making the list. Montana at less than 30% is in relatively good shape. The states ought to be able to tax federal land. If it means that much to the yahoos in New England to own a share in our resources without us owning a share in theirs, let them pay their share.


19 posted on 12/03/2012 10:11:37 AM PST by Hieronymus ( (It is terrible to contemplate how few politicians are hanged. --G.K. Chesterton))
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To: weps4ret

Sadly, I am in the mid range where I may see it but then be too old to contribute much, as far as grunt work goes. We moved from rural area to a burb a few years back for better $ in our jobs. Was it a mistake, time will tell, there are trade offs.

I have 5 children that will live it. I apologize to them frequently and try to tell them how to prepare for it.


20 posted on 12/03/2012 10:45:33 AM PST by Resolute Conservative
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To: Resolute Conservative

I still work in a major metropolitan area, but am 7 hours from my escape. Cities will be the worst, Sandy and Katrina have shown that.

I have a son who lives in the mid-west, but he is finally getting it, and doing some preparing.

Gunner


21 posted on 12/03/2012 10:51:28 AM PST by weps4ret (Republicans are suffering from Testicular Atrophy!!!)
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To: Resolute Conservative

Where’s the tipping point in that equation?


22 posted on 12/03/2012 10:59:31 AM PST by paul544
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To: paul544

Which equation the getting to old to fight or the trade off moving to town?

The age thing, it depends, I am early 50’s and can still shoot like I did years ago, but I don’t have the physical stamina, plenty of strength, but short lived. Also, my long distance vision in going so 1000m shots are getting harder. I also have seen a slight decrease in quick thinking, but that may be lack of interest in the daily things I have to think about at work. I figure in my case probably about 8-10 more years.

The town move, that is too abstract and can only be answer if the SHTF while I am still alive.


23 posted on 12/03/2012 11:06:45 AM PST by Resolute Conservative
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To: paul544

Ooops, I answered to the wrong post. That I cannot answer. Some are holding out but the taxes and population explosion is shutting them out.


24 posted on 12/03/2012 11:09:06 AM PST by Resolute Conservative
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To: THE_RAIDER

WOW... Nevada beat Alaska?

I Love FR I learn something new every day

TT


25 posted on 12/03/2012 11:25:18 AM PST by TexasTransplant (Radical islam is islam. Moderate islam is the Trojan Horse.)
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To: Resolute Conservative

Before long there won’t be any “out in the country” to move to. The more farms that are lost to sub-divsions the more costly food is to produce (even without the govt getting involved). The end game looks ugly.


26 posted on 12/03/2012 11:37:21 AM PST by paul544
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To: klb99
So where is the “country” now? I want to move to TX.

Forty miles from any major city such as Austin, Dallas/Ft. Worth or Houston and at least twenty five from a 'minor' city such as Abilene, Amarillo or Lubbock.

Personally, I'm thinking of our next home being around Coleman, Texas - small town, big trees and a bit further West from tornado alley than we are now.

27 posted on 12/03/2012 12:15:33 PM PST by MamaTexan (It is impossible to follow the Original Intent of the Constitution and NOT acknowledge secession)
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To: Wyrd bið ful aræd

Re: Is land more expensive in Montana than Texas?
When I moved to Montana in 1971 the average cost of ranch land was 52 dollars an acre according to the Chamber of Commerce. Sigh but that was before the developers moved in.


28 posted on 12/03/2012 1:20:24 PM PST by jesseam (eliev)
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To: Uncle Chip

I just checked my Lewis and Clark route map on Google Earth.

On the return trip they followed the river that runs through the southerly portion of this ranch.


29 posted on 12/03/2012 1:38:05 PM PST by Rebelbase
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To: Rebelbase

Error in my prior post. It was only Lewis and his group that crossed this ranch. Clark went to the south and down the Yellowstone.


30 posted on 12/03/2012 1:45:49 PM PST by Rebelbase
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To: Uncle Chip

When I clicked on this, I half-thought it was going to be about a cathouse in Nevada.


31 posted on 12/03/2012 2:11:07 PM PST by PLMerite (Shut the Beyotch Down! Burn, baby, burn!)
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To: Uncle Chip

Get a piece of Yellowstone right here!

32 posted on 12/03/2012 2:21:49 PM PST by Utah Binger (Southern Utah where the world comes to see America)
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