Massive 88,000-Acre Ranch Spanning Two States Sells for $128 Million

A nearly 88,000-acre cattle empire, known as Freeman Family Ranches, has sold for $127.7 million, just weeks after it was listed. The sprawling property spans the North Texas and Oklahoma panhandles and was assembled over four generations, with the earliest deed dating to 1929.

The sale closed within a month of hitting the market, according to listing broker Chad Dugger of Hall and Hall. The property was listed for nearly its asking price. Its size is comparable to roughly six times the land area of Manhattan.

Dugger stated that the ranch was held under a partnership whose operating agreement had expired, prompting the family to sell the asset. The estate comprises three distinct ranches: the Anchor D, the Coldwater, and the Frisco, which were operated as a single, cohesive unit.

Brokers described the property as a genuine turnkey enterprise, capable of generating income from the outset. While no livestock was included in the sale, the ranch historically supported approximately 8,500 yearlings. Dugger noted that the buyer, who remains undisclosed but is described as a top 100 national landowner and rancher, plans to continue operating the property as a working ranch.

Dugger, who has 25 years of experience in land dealings, called it one of the largest ranches he has ever sold. He attributed the rapid sale to the scarcity of properties of this magnitude. Large ranches in the region are often subdivided upon sale and rarely reassembled, significantly reducing the inventory of contiguous large landholdings. The Freeman family expressed satisfaction that the land would remain with another ranching family, continuing its legacy rather than being broken apart.