The 535,000-acre property in Texas is bigger than Los Angeles and New York City combined. It is also bigger than Seychelles and Mauritius.
It had been listed for $725 million.
Apart from being the largest shareholder in Arsenal, Kroenke owns NFL side Los Angeles Rams.
He is worth $6.3billion, while his wife Ann Walton (Walmart heiress) is worth $4.9 billion. $725 million is therefore not about to dent their fortune.
‘This is an incredible opportunity and an even greater responsibility,’ Kroenke said of the purchase.
‘We are honored to assume ownership of the Waggoner – a true Texas and American landmark –and are deeply committed to continuing the proud legacy of W.T. “Tom” Waggoner, his family and his descendants.
‘Our gratitude to them and to the many parties involved in this process is immense. We will continue to preserve and protect this uniquely American treasure.’
Cattle baron Dan Waggoner established the estate in 1849 – and it has operated with its backwards ‘D’ logo ever since.
The estate includes the 510,000-acre ranch spread over six North Texas counties, with two main compounds, hundreds of homes, about 20 cowboy camps, hundreds of quarter-horses, thousands of heads of cattle, and 30,000 acres of cultivated land.
Oil was discovered on the property in 1902 and there are now more than a thousand wells spread across the property.
The 510,000 acres on the estate make it the largest ranch in the United States under one fence. It has been under one family for more than 100 years.
Kroenke, 68, is owner of Kroenke Sports Enterprises, which includes the NFL’s Rams, Major League Soccer’s Colorado Rapids, NHL’s Colorado Avalanche, NBA’s Denver Nuggets and the Colorado Mammoth of the National Lacrosse League.
In 2012, Kroenke bought another historic property, the 124,000-acre Broken O Ranch in Montana.
He also owns ranches in Wyoming, Arizona and British Columbia.
Additional reporting by The Sun and Daily Mail