Founded in 1852 by Daniel Waggoner,[2] it is the largest ranch within one fence in the United States.

[5] The ranch is located west of Wichita Falls, Texas, south of Vernon, near the Red River.

[6] Electra Waggoner mostly resided at Thistle Hill in Fort Worth, although her husband, Albert Buck Wharton, operated a livery yard and horse stables on the ranch.

[6][12] When Guy Waggoner died in 1950, his sons sold their share of the estate to members of the family.

[14] After Electra's death, her share was inherited by her daughter Helen Biggs and her husband, Gene Willingham.

[11] The ranch has been surveyed by the United States Department of Agriculture for matters of preservation.

[9] It also includes a 367 MW wind farm,[15] 30,000 acres of arable land and about 1,100 producing oil wells.

[9] In August 2014, the ranch was listed on the real estate market with an asking price of US$725 million.

[4][14][16] It was sold in February 2016 to billionaire Stan Kroenke, the husband of Wal-Mart heiress Ann Walton Kroenke and owner of the National Football League's Los Angeles Rams and the Premier League's Arsenal F.C.