A lot to discuss in our June newsletter, in particular, the late-breaking news about the pending sale of the Hawaiian island of Lanai by David Murdock to Oracle CEO Larry Ellison. To give you an idea of the importance of this transaction, none other than Hawaii’s Governor, Neil Abercrombie, broke the news to the general public. No word on the final sale price. According to published reports, however, Murdock had been asking between $500 and $600 million for the 141-square-mile island.
May 1, 2012 by Land Report Editors
Filed under Agriculture, Arizona, California, Cattle, Conservation, Developers, Equities, Farming, Federal Policy, Field Reporters, Great Lakes, Land Report Top 10, Massachusetts, Newsletter, Northeast, Pacific, Public Land, Recreation, Residential Property, Southwest, Timber, Water, West, Wisconsin
Many items to consider from our May newsletter, but let’s stick to page one material. The Land Report Top Ten has a brand-new look with Montana’s Broken O Ranch now crowning the list. The 124,000-acre Bates Sanders Swan listing features more than 20 miles of the Sun River, carries 3,500 mother cows, and produces about 25,000 tons of alfalfa hay and 700,000 bushels of small grain crops annually. At $132.5 million, it’s not a ranch. It’s a hedge fund, one built on a rock-solid agricultural asset.
Two properties have joined the Top Ten: Hawaii’s Dillingham Ranch, our new No. 5 at $65 million, which is listed by Zackary Wright with Christie’s; and Swain’s Neck on Nantucket Island, the new No. 7 at $59 million, courtesy of Gary Winn at Maury People Sotheby’s International Realty. There has been a $5 million reduction on No. 4 California’s Rancho Dos Pueblos, which Kerry Mormann & Associates now has listed for $79 million.
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Secretary of the Interior Ken Salazar announced his decision to protect more than 1 million acres of federal lands surrounding the Grand Canyon and its vital watershed from additional uranium and other hardrock mining for the next 20 years. The Public Land Order to withdraw this acreage for 20 years from new mining claims and sites under the 1872 Mining Law is authorized by the Federal Land Policy and Management Act.
The withdrawn area includes 355,874 acres of U.S. Forest Service land on the Kaibab National Forest; 626,678 acres of Bureau of Land Management lands; and 23,993 acres of split estate—where surface lands are held by other owners while subsurface minerals are owned by the federal government.
Read the Interior Department press release here.
The Babbitt Ranches are a 120-year-old cow-calf and yearling operation where home on the range still includes a bedroll and chuck wagon. The ranchlands encompass 700,000 acres, 270,000 of which are deeded, and extend from the Grand Canyon to the San Francisco Peaks near Flagstaff.
Thomas Watson Sr. founded IBM. His son-in-law John Irwin II bought Arizona’s O RO Ranch. His grandson John Irwin III now heads the family-owned JJJ Corporation, which owns and operates the ranch, as well as other cattle operations.