Massive Freeman Ranch Spanning Texas and Oklahoma Sells Near $128M

A spectacular legacy ranch spanning 88,000 acres over two states has sold for near its eye-popping asking price of $127.5 million.

The Freeman Ranches, which had been in the Freeman ranching family for four generations, is one of the largest land offerings in the Panhandle region in several years. The earliest deed dates to 1929, with the rest of the huge spread cobbled together over many years.

Combining three separate ranches—Anchor D. Ranch, Coldwater Ranch, and Frisco Ranch—the mammoth property was snapped up by one of the biggest landowners in the country, listing agent Chad Dugger of Hall and Hall tells Realtor.com® exclusively.

While the Lubbock-based broker won’t name the new owner, he describes the buyer as a “top 100 national landowner, who is foremost in the livestock business—he’s a rancher.”

“He is buying it to ranch,” he says. “Just like his family has for decades. And to expand his land holdings.”

He notes that the Freeman family is happy that the land will be stewarded by another Texas ranching family.

“It’s always nice when a seller is attached to a place as long as this family has to find somebody who will treat it and use it the way they’ve always treated and used it,” he says. “The buyer will continue the legacy.”

The broker explains that the ranches were owned under a partnership that had an operating agreement that had expired, so the family decided to liquidate the asset.

A quick sale

Dugger says the property closed within a month, but interested parties began circling almost immediately when the massive spread hit the market.

“It’s becoming more and more rare to have these size transactions,” explains Dugger, who co-listed the property alongside Sam Middleton of Chas S. Middleton and Son. “The number of large ranches, particularly in this area of Texas, are sometimes bought and divided. Once that happens, they are almost never put together again. So your inventory of places this size is reduced.”

He says the ranch is easily one of the largest he has sold in his quarter-century of land dealings.

While no livestock was included in the sale, historically, the ranch was run by the family as a yearling operation with around 8,500 yearlings (a young calf between 1 and 2 years old).

“You either run mother cows year-round or you run yearlings seasonally,” Dugger says.

Three large ranches in one giant package

What makes the Freeman Ranches so unique isn’t just the considerable acreage. It’s that the three ranches are each distinct, yet they can run as one operation.

“They all complement each other,” Dugger says of the trio. “Each one brings a different element to the table. That’s what makes this offering special. We thought it was important to sell as a package, and I think the package brought a premium.”

The Coldwater Ranch, at 31,931 acres situated 19 miles east of Stratford, TX, has 530 acres of irrigated cropland, productive grasslands, and plenty of groundwater reserves that would be conducive for cultivation of corn and wheat.

The smallest ranch, the 9,661-acre Frisco Ranch east of Texhoma, OK, features a CAFO-permitted feedyard with a practical capacity of approximately 9,000 head of cattle and a steam flaker mill (for processing animal feed).

Additionally, this ranch contains four leased wind turbines and a small bitcoin mining operation.

“It’s the first bitcoin mine I’ve sold, I can tell you that,” the broker says. He describes the mine as several small buildings that “look like shipping containers.”

Asked whether a data center could be put on the land, he says, “Anything is a possibility, but that isn’t anything we were ever contacted about.”

The largest ranch, Anchor D. Ranch with 46,355-plus acres, is located 7 miles west of Guymon, OK, and comes with 120 acres of irrigated cropland, as the Beaver River runs through its heart. Dugger says this particular ranch is a hunter’s dream, loaded with “trophy quality” mule deer, as well as turkey, quail, dove, and elk.

While the Anchor D. Ranch has a “nice owner’s home” on site, the house is so inconsequential that the listing doesn’t contain any pictures of it, and Dugger doesn’t remember much about it.

“I was in it one time,” he says. The point of this ranch sale isn’t the house—it’s the working ranches with their diverse income streams.

The ranches also house multiple structures—so many that Dugger wasn’t sure of the number. They are ranch employee housing, barns, shop buildings, livestock pens, and other builds that support operations.

While Dugger previously told Realtor.com that ranching doesn’t tend to produce much income, this particular three-in-one ranch, with its beef cattle operations, wind turbines, bitcoin mine, and crop potential provides good, steady income, he says.

And there’s always land appreciation.

Nationally, homes defined as ranches had a median listing price of $769,750 as of June 2026, up a staggering 112% from 10 years earlier, according to the latest Realtor.com® Luxury Housing Report. For comparison, the national median listing price for all homes rose about 66% over the same 10-year period.

“Historically, it’s a safe investment,” Dugger says of ranches. “The land value appreciation has been good, and it’s getting better. People who have the wherewithal to buy ranches like this have other investments. If [owners] hold them long enough, they’ll make money.”

But when it comes to ranches, even money isn’t always the main goal. A ranch can be a way to build generational wealth while enjoying an abundance of diverse wildlife and nature, and pursuing outdoorsy recreation like hunting, fishing, kayaking, skiing, and horseback riding.

“People who buy ranches do it because they love the ranching lifestyle,” Dugger adds.