Business · India Bureau
Val Kilmer's New Mexico ranch sells after major price reduction
A scenic Pecos River ranch formerly owned by Hollywood actor Val Kilmer has sold for $18.5 million, more than half its initial asking price of $33 million. The property changed hands in 2011 after an extended period on the market.
LSN India ·
The sprawling New Mexico ranch, known for its natural beauty and connection to the entertainment industry, was ultimately purchased by Texas oil businessman Benjamin A. Strickling III and his wife.
The property, situated along the Pecos River, represented a significant holding for Kilmer during his time of ownership. The estate featured not only picturesque landscapes but also comprehensive guest facilities, making it an attractive asset in the luxury real estate market.
The sale concluded a lengthy listing period for the property. After initially seeking $33 million, sellers adjusted the asking price to $18.5 million to facilitate the transaction, reflecting the challenges of marketing high-value properties in competitive real estate cycles.
The acquisition by Strickling, whose business interests span the Texas oil sector, marked the end of Kilmer's involvement with the ranch property. The transaction typifies the dynamics of luxury real estate, where properties often undergo substantial price adjustments before finding suitable buyers willing to meet revised valuations.