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Texas' legendary W.T. Waggoner Ranch is getting a new owner with ties to the Dallas area.

Sports team owner and real estate developer Stan Kroenke is buying the 535, 000-acre ranch, which is located northwest of Wichita Falls near the Red River.

Dating back to 1849, it’s the biggest contiguous ranch property in the U.S. And the property has always been in the hands of the same family.

The sprawling property was offered for sale at close to $725 million.

The ranch is spread over parts of six counties and is almost 800 square miles.

The purchase includes thousands of head of cattle and more than 1, 000 oil wells. There’s 30, 000 acres of farmland.

"This is an incredible opportunity and an even greater responsibility, " Kroenke said in a statement. "We are honored to assume ownership of the Waggoner - a true Texas and American landmark - and are deeply committed to continuing the proud legacy of W.T. "Tom" Waggoner, his family and his descendants.”

The sale to Kroenke was just approved by a district court. Terms of the transaction have not been disclosed.

Heirs of cowboy founders Dan Waggoner and W.T. Waggoner who sparred in court over the property decided to put it up for sale in 2014.

"The selection of Mr. Kroenke and potential sale bring to a close an unprecedented global marketing effort, " Bernard Uechtritz, with property agent Briggs Freeman Sothebys said in a statement. "The sale of the Waggoner was an extraordinarily complex and multi-faceted process, and its successful culmination is a tribute to the many people, teams and layers of teams representing all sides behind the process."

Missouri businessman Kroenke has investments in a number of sports franchises, including the NFL's Los Angeles Rams, the NBA's Denver Nuggets, the NHL's Colorado Avalanche and the English Premier League's Arsenal F.C. in London.

His real estate company – Kroenke Group – is building the Preston Hollow Village shopping, office and apartment complex on North Central Expressway in North Dallas in partnership with Provident Realty.

He’s also a partner in the Midtown Park development on Meadow Road and other properties in Uptown and downtown.

Kroenke has a farm and ranch subsidiary that is one of the largest ranch operators in the country.

"Amid an emotional and, at times, trying sale process, we never lost sight of what we wanted in a new owner of this historic property: a keen sense of tradition, a love of the land, and loyalty to the people who work here, ” said Bradley Wharton, who represents some of the heirs selling the property. “Measured by these standards, we are confident that Stan will be a great steward of the Waggoner legacy going forward."

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