Inside T. Boone Pickens' Texas Ranch That Sold for $60 Million Less Than Listing

After languishing on the market for years, late oil tycoon T. Boone Pickens' massive Texas ranch has finally found a buyer.

In 2017, the late oil magnate listed his ranch in the Texas Panhandle, northeast of Amarillo, for $250 million. Five years later, the estate was sold — but for $60 million less than its listed price.

Pickens, a famous oil prospector, hedge-fund founder, and philanthropist, died on September 11, 2019, aged 91. Pickens made his fortune as the founder of oil and gas company Mesa Petroleum and the hedge fund BP Capital Management.

Pickens' famed Texas estate, the Mesta Vista Ranch, was initially listed for $250 million. But on January 14, 2020, the property received a $30 million price cut, reported Mansion Global.

In late November, Pickens' estate finally sold, but at a further reduced price, Jay Rosser, a longtime representative for Pickens, told Insider. In total, the estate sold for within 10% of the asking price of $170 million, Rosser added.

Monte Lyons, the broker for the ranch, told Insider that the sale was made in two transactions. In September, Cattle rancher Travis Chester bought some 27,000 acres of the estate, while convenience store businessman Bill Kent purchased the rest of the ranch in November. Lyons declined to reveal how much Chester and Kent paid for each parcel of the estate.

According to Lyons, the total cost of landscaping and accumulating land for the estate "far exceeded the original list price" of $25o million. During his lifetime, Pickens spent an estimated $140 million accumulating and restoring the land for the ranch, per Forbes.

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