10th Aug, 2013

Oil money, baby boomers heating up sales of Texas trophy ranches – Star Telegram

4QZgN.St.58The 71,000-acre Canadian River Cattle Co. includes 29 miles of the Canadian River, a 7,000-square foot lodge as well as a 4,500-feet paved landing strip.
The working ranch recently sold for $33 million to an oilman.
Read more here: http://www.star-telegram.com/2013/08/10/5071086/oil-money-baby-boomers-heating.html#storylink=cpy

 

Sam Middleton – Interview: In regard to Working Ranches and the Real Estate market for large ranches

Star Telegram August 10, 2013

Article by: Steve Campbell

 

The working spreads

Giant working ranches are also selling as oil people seek investments that can appreciate and earn a return, said Sam Middleton of Chas. S. Middleton and Son in Lubbock.

“Cattle prices are high and interest rates are cheap, so I’ve been selling large ranches to large operators. These aren’t scenic ranches. They typically go from $250 to $600 an acre. They are 30,000 to 50,000 acres. They add up to a lot of dollars,” said Middleton, whose grandfather started the ranch brokerage in 1920.

He recently sold the 71,000-acre Canadian River Cattle Co. in Adrian to an oilman. The $33 million listing featured 29 miles of the Canadian River as well as a hunting lodge, a pilot’s quarters, a manager’s house and a paved landing strip.

“He bought the cows and everything. He even kept the same manager. It’s fashionable to say you own a ranch. I’ve sold that ranch three times. When you sell it several times, you grow to love those places,” Middleton said.

Read more here: http://www.star-telegram.com/2013/08/10/5071086/oil-money-baby-boomers-heating.html#storylink=cpy
Read more here: http://www.star-telegram.com/2013/08/10/5071086/oil-money-baby-boomers-heating.html#storylink=cpy

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