Walmart 1%-er Stan Kroenke just made his enormous property portfolio even bigger: Last week, he finalized the purchase of Broken O Ranch, a 124,000-acre ranch in northwestern Montana that Forbes called “one of the largest agricultural operations in the Rocky Mountain West.” The purchase price hasn’t been disclosed, but Kroenke is believed to have paid around $90 million for the land, the ranch business, and the 10,000-square-foot ranch house (with an indoor pool!). The ranch is rich in natural resources, too; a couple years ago, the ranch and energy companies entered into oil and gas lease agreements.
With the purchase, Kroenke now reportedly controls 864,000 acres of land—land area roughly equal to four and a half times the size of New York City or three times the size of Los Angeles—and is the eighth-largest landowner in the country.
Pity Stan Kroenke’s relatives and friends who are trying to figure out what to give him for Christmas—seriously, what do you get the man who already has six sports teams, five ranches , an estimated net worth of $4 billion, three vineyards, and at least three homes? Maybe some “Keep Out” signs for his Douglas Lake Ranch in Canada, where local fishermen are angry that Kroenke’s operation has blocked off a publicly-owned road leading to a publicly-owned prime fishing lake?
(Stan, we will be sending you two turtle doves and a partridge in a pear tree—watch your mailbox!)
P.S. – When Stan Kroenke and Ann Walton Kroenke made the “most expensive real estate purchase of 2011” in Aspen, Colorado ($20.75 million), we noted that the average Walmart associate making $8.81 an hour would have to work 24 hours a day, 7 days a week for 269 years to make enough money to purchase that property. For those keeping score at home, if Kroenke paid $90 million for his new ranch, that’s as much money as the average Walmart associate would have accumulated after working round the clock for 1,166 years.