File-Photos by Linda Stewart/Special to the Times Record New

By Times Record News

The sale of the nation’s largest contiguous ranch occurred Tuesday morning in a Vernon courtroom, bringing an end to decades of wrangling among family members over the disposition of the land.

The reported buyer is sports mogul Stan Kroenke, owner of the National Football League Los Angeles Rams, the National Basketball Association’s Denver Nuggets and National Hockey League’s Colorado Avalanche. Staley Heatly, 46th District Attorney in Wilbarger County, was in the courtroom just as an observer and said it appeared the ranch was sold in its entirety rather than broken up.

“This is an incredible opportunity and an even greater responsibility,” Kroenke said in a statement. “We are honored to assume ownership of the Waggoner — a true Texas and American landmark — and are deeply committed to continuing the proud legacy of W.T. “Tom” Waggoner, his family and his descendants.

“Our gratitude to them and to the many parties involved in this process is immense. We will continue to preserve and protect this uniquely American treasure.”

According to a November 2012 article by Forbes, Kroenke owned 740,000 acres in the United States when he bought the Broken O Ranch in Montana for an undisclosed amount, bringing his total ownership to 864,000 acres. That number will rise to about 1.374 million acres with the purchase of the Waggoner Ranch.

The court proceeding Tuesday was to dismiss the receivership, which was established to sell the 510,000-acre ranch that extends into six Texas counties. A dispute over selling the ranch began in 1991 among the descendants of founder Dan Waggoner and has been in litigation ever since.

Rumor that the sale was imminent swirled for months, with a spokesman for the firm that negotiated the deal saying in November that the transaction was in negotiation. The asking price was $725 million.

Bloomberg News has reported the land includes “1,000 oil wells, 6,800 head of cattle, 500 quarter horses and 30,000 acres of crop land.”

The ranch extends into Wilbarger, Baylor, Wichita, Archer, Knox and Foard counties.

Dan Waggoner, who was born in Tennessee on July 7, 1828, started ranching in 1849, first settling in Wise County, near Decatur. He brought with him more than 240 longhorn cattle and six horses. It wasn’t until about 20 years later that the ranch’s growth truly began. Dan and his son, W.T. (Tom), began expanding the land in 1870, after driving a herd of cattle to market in Kansas and returning with $55,000. That haul would become the basis for their ranch fortune.

W.T. continued to cultivate the family’s ranching interests after Dan’s death in 1903. It was in 1923 that Tom formed what is today known as the W.T. Waggoner Estate.

Until today, the ranch was owned by A.B. “Bucky” Wharton and Electra Waggoner Biggs Family Trusts who disagreed on selling off the ranch for years. In August 2014, the two sides agreed to put the land on the market and find a buyer.

“Amid an emotional and, at times, trying sale process, we never lost sight of what we wanted in a new owner of this historic property: A keen sense of tradition, a love of the land, and loyalty to the people who work here,” Wharton said. “Measured by these standards, we are confident that Stan will be a great steward of the Waggoner legacy going forward.”

Helen Biggs Willingham, representing the Biggs family, said the Waggoner tradition will continue under Kroenke’s capable and committed ownership.

“All Waggoner shareholders express our deep appreciation to him, and to the brokers and lawyers and advisors who worked relentlessly to make this watershed day possible,” she said.

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Reporters John Ingle, Lynn Walker and Judith K. McGinnis contributed to this article.