Val Kilmer turned a 5,328-acre New Mexico ranch into a retreat with rental cabins and a B&B; he asked $33 million in 2009, then sold most of the property two years later when the asking price fell to $18.5 million

Val Kilmer’s sprawling Pecos River ranch in New Mexico went from a private Hollywood escape to a high-end hospitality retreat before eventually changing hands in 2011. Contemporary reports from CBS News and the Associated Press, along with real-estate publications including The Land Report, documented the property’s years-long journey from a $33 million listing to its eventual sale after a steep reduction in the asking price.Located about 22 miles northeast of Santa Fe in San Miguel County, the ranch stretched across 5,328 acres and followed a particularly scenic section of the Pecos River. The property was known for its river frontage, natural springs, wildlife and extensive trails through New Mexico’s high-desert landscape. A later account from Realtor.com described the ranch as largely wild, with canyons and pine forests surrounding its residential buildings.Kilmer had acquired the land in the 1990s and spent years developing it into a secluded base away from Hollywood. Earlier coverage by the Los Angeles Times described the ranch as containing guest cottages, staff quarters, stables, barns and corrals, while Kilmer kept horses and other animals on the property. He had also previously attempted to sell portions of the ranch, including an approximately 1,800-acre section listed for $18 million in 2006.By 2009, Kilmer had changed strategy and put the entire ranch on the market. The Land Report reported an asking price of $33 million, with the property offering several homes and outbuildings as well as more than five miles of Pecos River frontage. The listing represented a significant escalation from his earlier attempts to sell smaller portions of the ranch.The property’s price subsequently dropped sharply. By late 2010, reports said the ranch had been reduced to $18.5 million, down from $23 million earlier that year. The AP also reported that the ranch included more than 10 natural springs, hiking and riding trails, guest quarters and a large main residence.The ranch was not simply a private residence. Kilmer had sought permission to operate guesthouses as overnight accommodations, eventually receiving approval from San Miguel County after controversy surrounding remarks he had previously made about the region. The Los Angeles Times reported that the proposed lodging involved three guesthouses, while contemporary coverage described the property as operating as a bed-and-breakfast with rental cabins.Its history also extended well beyond Kilmer. The land formed part of the larger Forked Lightning Ranch associated with oilman Buddy Fogelson and actress Greer Garson. According to the National Park Service, Fogelson purchased the original 5,500-acre ranch in 1941, and he and Garson later used it as a residence and gathering place for prominent figures from Hollywood and beyond. After Fogelson’s death, the property was divided among his heirs, with portions eventually passing to Kilmer and actress Jane Fonda.After several years of being on the market, the majority of Kilmer’s substantial Pecos River property was finally sold in the year 2011. According to reports from CBS News, the identity of the buyer was revealed to be Texas oil and gas executive Benjamin A. Strickling III, along with his wife, Roxann. The official deed transfer for this sale was recorded on September 30, 2011, as detailed in various property reports from that time. The final sale price of $18.5 million was a significant decrease from Kilmer’s original asking price, which was set at $33 million. This reduction represents a staggering drop of about 44% below the initial listing amount.The completion of this sale marked the conclusion of what had been a lengthy chapter for Kilmer on the Pecos River, where he not only constructed a residence but developed an expansive private retreat that harmonized with the surrounding landscape. In the years that followed, the property maintained its connections to conservation and outdoor recreation pursuits. Meanwhile, the broader historic Forked Lightning Ranch continues to receive preservation efforts in part through the auspices of Pecos National Historical Park.What are your thoughts on this development? We invite you to share your opinions in the comments section below.