Nearly 80,000 acres of West Texas ranchland with historic roots have hit the market at a whopping $200 million price tag.
Five months ago, the Dallas-based real estate broker Icon Global Group announced that the owners of the Turkey Track Ranch, near Borger in the Texas Panhandle, were planning to sell the property after 120 years of family stewardship. The ranch was first founded in the 1870s along about 26 miles of the Canadian River.
Now, Icon Global is launching its marketing campaign and disclosing the ranch’s valuation of $200 million. Capital Farm Credit appraised the site and will finance the upcoming sale process, according to a Wednesday announcement.
Whoever purchases Turkey Track will obtain a 40% stake of mineral rights and revenues from existing and future oil and gas wells on the property. Wind and solar rights, along with agricultural and water resources, are also included in the offering, according to Icon Global.
“After touring the ranch for the first time, I am convinced this is one of Texas’ most premier ranches,” said Mickey Nixon, a lead appraiser for Capital Farm Credit. “Ranches of this size with a legacy of responsible stewardship, abundant water resources, outstanding recreational potential and historical significance are rare and seldom offered for sale.”
Located in Hutchinson County, the ranch became a historic site after the Battles of the Adobe Walls were fought there in 1864 and 1874. Two monuments, dedicated to the Native American forces, bison hunters and Army troops who faced off in the 19th century, remain standing on a six-acre plot of preserved land.
Bernard Uechtritz, the owner and founder of Icon Global, said Turkey Track’s valuation was not calculated using “conventional” techniques that would have priced each acre at a different rate depending on its comparable value and potentially discounted the ranch’s list price.
“We have instead priced this property by virtue of its one-time opportunity, its singular and unique attributes, and its scarcity, along with add value factors as many other ranches cannot do,” Uechtritz said in a statement. “Size in my book is always an add value, not a discount. There is no other like it in Texas, and there never will be.”
Interest in Turkey Track has been strong across state and international lines, Uechtritz said. There have been early offers on the property and “more good prospects” with upcoming tours of the ranch, he added.
“This ranch is a stand-alone and it stands head and shoulders above anything else listed, sold or currently under contract,” he said. “It is simply a one of one, and possibly the last of the great ones. Once it is sold, it’s likely to be owned for another 120 years.”