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Real Estate

NFL team owner buys Texas mega-ranch listed at $725M

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Jan. 15, 2016: St. Louis Rams owner Stan Kroenke takes questions from the media during an NFL football news conference at The Forum in Inglewood, Calif. (AP)

A billionaire sports mogul has purchased a Texas mega-ranch that has been operated by one family for nearly a century.

The heirs of cattle baron W.T. Waggoner said Tuesday that a judge permitted the sale to Los Angeles Rams owner Stan Kroenke for an undisclosed sum. The ranch had been listed for $725 million when it hit the market in August 2014.

The Waggoner Ranch is about 175 miles northwest of Dallas. It's the largest ranch behind one fence in the United States.

Kroenke said in a statement that he would "protect and preserve" what broker Bernie Uechtritz called the "Statue of Liberty" of cowboy culture.

Waggoner granddaughter Electra Waggoner Biggs filed a lawsuit in 1991 to liquidate the estate, setting off a decades-long courtroom battle among the heirs.