Stan Kroenke Buys Iconic Waggoner Ranch, the Biggest Ranch in the US

On Tuesday, representatives of rancher Stan Kroenke, said an approval for purchasing the iconic W.T. Waggoner Ranch in north Texas was given by a judge for an unrevealed sum. Forbes lists Kroenke's net worth as $7.3 billion.

The iconic property is considered to be the biggest ranch in the U.S within a fence. For about a year and a half it was in the market for asking price of $725 million.

A news release from a consulting firm stated that terms of sales were not disclosed yet. For this historic property established in 1849, it will be the first sales transaction. It spreads over six Texas counties stretching approximately 800 square miles. The ranch houses huge number of cattle, horses and oil wells and also 30,000 acres of farmland. The ranch is located almost 175 miles northwest of Dallas.

In a statement, Kroenke said he would "protect and preserve" the ranch which he termed as "uniquely American treasure". Boker Bernie Uechtritz calls the ranch the "Statue of Liberty"' of cowboy culture.

After a long running family dispute and courtroom cases, the property was listed for sale in August 2014. In an announcement on Tuesday, it surfaced that District Judge Dan Mike Bird of the 46th Judicial District Court had allowed the owners of the historic ranch to go ahead with a private transaction.