Tobacco mogul looks to part with over 500,000 acres of prime real estate

Brad Kelley has listed several ranches in New Mexico and Texas

New York Weekend Edition /
Mar.March 14, 2020 09:00 AM
Eagle Mountain and Carrizo Mountain ranches (Credit: King Land and Water; iStock)

Eagle Mountain and Carrizo Mountain ranches (Credit: King Land and Water; iStock)

Tobacco billionaire Brad Kelley is ready to sell a mass of land that spans the size of Rhode Island, and all he’s asking for is $500 million.

Kelley is listing a New Mexico ranch with around 50,000 contiguous acres for $96 million, according to the Wall Street Journal. Three months ago he listed a group of West Texas ranches totaling around 500,000 acres for $404 million.

Together, the properties total almost the size of the state of America’s smallest state and it’s only half of Kelley’s portfolio of land.

He’s spent millions of dollars amassing his portfolio and regularly ranks among the nation’s largest landowners. Last year he was considered the eighth-largest landowner in the country with 1.14 million acres of holdings.

“[Land is] a nonperishable commodity and it’s as good a place as any to put my money,” Kelley told the Journal in 2012. “It’s better than derivatives.”

Kelley, a Kentuckian who rose to wealth in the discount tobacco business, sold his tobacco company Commonwealth Brands for $1 billion in 2001. He also owns a media company NC2 Media.

The New Mexico property, Dawson Elk Valley Ranch, sits around the Vermejo River and borders a ranch owned by Ted Turner, another one of the country’s largest landowners.

It’s largely undeveloped, but is considered prime hunting territory and unlike many large properties in the state, has no land leased from the state that could be opened to the public. Kelley said its mostly used by local cattle ranchers. [WSJ] — Dennis Lynch


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Frank Lloyd Wright with 1425 Valley View Drive (Getty, Re/Max)
Unique Frank Lloyd Wright home available … for now
Unique Frank Lloyd Wright home available … for now
Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
A photo illustration of the Arizona Ghost Town Museum in Pearce, Arizona (Getty Images, Facebook/oldpearcepottery)
Night at the museum: Ghost town general store turned-home lists at $1M
Night at the museum: Ghost town general store turned-home lists at $1M
HUBB’s John McCarthy, Greystone's Thomas Ryan and 223-225 4th Avenue (Google Maps, Greystone, Getty)
HUBB NYC continues 421a spending spree, buying Park Slope building
HUBB NYC continues 421a spending spree, buying Park Slope building
120 East 39th Street (Hotels, Getty)
Short-term rental company taking over Midtown hotel
Short-term rental company taking over Midtown hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...