A ranch in Northeast Texas has sold for $34 million. The 11,800-acre working cattle ranch -- known as the Broseco Ranch -- boasts a legendary herd of Red Angus cattle. The ranch was purchased by a farm and ranch firm from West Texas.
The Broseco Ranch is 50 years old and was originally listed for a price tag higher than $34 million. In addition to the Red Angus herd, the ranch also has a 3,200-acre wildlife habitat that borders the Sulphur River. The property has seven houses and three lakes in addition to a 6,600-square-foot lodge and two 10,000-square-foot barns.
The ranch was originally created by a family from Maryland. Icon Global Group out of Dallas has marketed the property since 2017. According to the founder of Icon Global Group, they "ran a very aggressive, strategic and tactical global marketing campaign over several months commencing in October of last year with a targeted close in the first quarter of 2018."
The firm seems to have met its goal with this first quarter sale going through. The founder said that it found "a great buyer and land steward" and has sold to Smith Ranches based out of Amarillo. Smith Ranches owns over 250,000 acres, which includes properties in Texas and New Mexico.
There are a lot of opportunities in Texas to buy beautiful ranch lands. However, it's important for buyers to remember that the sale of a large ranch property is complicated and involves a lot of different moving parts. As such, an in-depth understanding of real estate law and real estate transactions is must for these kinds of purchases.
Source: dallasnews.com, "Sprawling Northeast Texas Ranch sells with $34 million price tag," Steve Brown, accessed March 30, 2018