Late oil tycoon T. Boone Pickens' massive Texas ranch just sold at a $60 million price cut after 5 years on the market — take a look inside
In late November, Pickens' estate finally sold, but at a further reduced price, Jay Rosser, a longtime representative for Pickens, told Insider. In total, the estate sold for within 10% of the asking price of $170 million, Rosser added.
Monte Lyons, the broker for the ranch, told Insider that the sale was made in two transactions. In September, Cattle rancher Travis Chester bought some 27,000 acres of the estate, while convenience store businessman Bill Kent purchased the rest of the ranch in November. Lyons declined to reveal how much Chester and Kent paid for each parcel of the estate.
According to Lyons, the total cost of landscaping and accumulating land for the estate"far exceeded the original list price" of $25o million. During his lifetime, Pickens spent an estimated $140 million accumulating and restoring the land for the ranch, When Pickens first bought about 2,900 acres of land here in 1971, the only structure was a corrugated metal house that he used to stay warm during days of hunting quail.
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