4/24/2023 0 Comments Broken roads ranch![]() In addition to its agricultural capacity, Broken O boasts a few luxury amenities its new billionaire owner is sure to like. Department of Agriculture's Economic Research Service, and the value of agricultural sector production is expected rise thanks to anticipated price gains for both crops and livestock. As production values have climbed over the past decade, so have the underlying values of the real estate: in most states, fully-operational ranches like Broken O have welcomed double-digit appreciation every year, save 2009. This year alone, farmland values have jumped dramatically, up 13% in the third quarter compared to the same time last year, according to the Federal Reserve Bank of Chicago. during the summer season, farm equity is projected to reach a new record high in 2012, according to the U.S. Despite a devastating drought that plagued much of the U.S. ![]() That fact may have helped lure Kroenke to expand his portfolio. According to Swan: "Operationally, the ranch is postured to capitalize on fluctuating grain and beef markets." and the agent representing the ranch, told Forbes it was likely "the largest production ranch to come on the western real estate scene in decades." Interest had come not only from wealthy individuals, but investment groups and agricultural REITs, because of the scale and diversity of the ranch's agricultural production. When Broken O came to market in December, Michael Swan, a managing broker with Bates Sanders Swan Land Co. ![]() The ranch was being marketed as turn-key, meaning machinery, staff and business arrangements would pass on to the new owner intact. One of the top commercial cattle operations in the Rocky Mountains, livestock includes 3,500 "mother" cows, 800 replacement heifers and 175 range bulls. Annually, it produces 700,000 bushels of small-grain crops and 25,000 tons of alfalfa hay. Located near Augusta, Broken O took nearly 25 years to assemble, resulting in a massive property that stretches 20 miles along the Sun River and spans three counties. It’s the largest irrigated farm in the state of Montana, boasting extensive water rights. This is the first time it has ever changed hands. "We are pleased that the Broken O will be in the hands of a new owner of Stan Kroenke’s caliber and commitment to agriculture," stated the Moore family, following the sale. The ranch was created by William and Desiree Moore, the late founders of the Kelly-Moore Paint Company. At 864,000 acres, his holdings still trail million-plus-acre owners like John Malone, Brad Kelley and Ted Turner. With the addition of Broken O's 124,000 acres, he is now the eighth largest in the country, eclipsing the Reed and Pingree families' land holdings. real estate, making him the 10th largest landowner in America, according to the Land Report. Prior to this purchase, Kroenke's personal portfolio held an estimated 740,000 acres' worth of U.S.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |