San Saba River Ranch Changes Hands for First Time Since 1898

Dallas investor and conservationist J. Luther King added 5,000 more acres in the Hill Country to his family’s expansive holdings.

The King family acquired a 5,067-acre tract in McCulloch County dubbed the San Saba River Ranch, marking the first change in family ownership for the property since 1898. The centerpiece of the property is a mile-long stretch of the San Saba, which flows year-round. A dam on the property creates a 6-acre reservoir. Two other tributaries of the San Saba River also cross the property, which is about an hour from San Angelo.

The seller cleared much of the underbrush from the land, leaving scenic hardwoods and encouraging game population growth. The property also includes a four-bedroom, four-bathroom stone house and a skeet shooting range, according to the listing.

The sale price hasn’t been disclosed, but the property was listed for $22.8 million, or $4,500 per acre. The Haynes Team with Triangle Realty co-listed the property with Dullnig Ranch Sales.

While the market for land is subject to the same lull affecting Texas luxury homes after the hot streak of 2021 and 2022, live water and optimal game conditions continue to generate demand, according to Dullnig Ranch Sales owner Robert Dullnig.

“Proximity to metropolitan areas drives a lot of it, so when you get into some areas that are over two hours away, and you don’t have the live water or the big whitetail, those properties are probably taking a little longer to sell,” Dullnig said.

King founded Luther King Capital Management Corporation, a Dallas-based investment advisory firm. He and his family own more than 100,000 acres across six Texas counties, including the 4K Livermore in the Davis Mountains and the 4K Brady Creek Ranch.

The Kings are about 200,000 acres away from the top 10 list of the largest landowners in Texas. The list is topped by the Texas Pacific Land Corporation, the legacy company of the Texas and Pacific Railway. The list ends with commodities broker Mike Smith, who owns 323,000 acres.