The iconic Waggoner Ranch in Texas finally has a new owner. Sports mogul Stan Kroenke, owner of the L.A Rams, the Denver Nuggets and the Colorado Avalanche, finalized the sale in Vernon, Texas on Tuesday, according to the Times New Record.
After two years on the market, the expansive property finally sold at auction in October. It was listed with a $725 million price tag.
The ranch, which is located just west of Wichita Falls, Texas, has stayed in the Waggoner family since it was founded in 1849.
Waggoner Ranch is truly massive, covering 510,000 acres. That's a larger span of land than New York City and Los Angeles put together.
For many years, the ownership of the ranch was disputed between the heirs of oil tycoon W.T. Waggoner. The historic property was put on the market in August 2014 in order to settle the family debacle.
Over the years, the ranch became known as a favorite vacation spot for some of the country's most wealthy and famous people, including President Theodore Roosevelt.
The new owners also have the ability to earn a little extra cash, thanks to the more than 1,000 oil wells planted across the property.
"This is an incredible opportunity and an even greater responsibility," Kroenke said, according to The Times New Record. "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."