Stan Kroenke has bought a 520,000 acres ranch in Texas that's half the size of Rhode Island for $725 million.

The ranch is bigger than Los Angeles and New York City combined.

"This is an incredible opportunity and an even greater responsibility," Kroenke said in a statement. "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."

The ranch is located about 175 miles northwest of Dallas and has 6,800 head of cattle, 500 quarter horses, 1,000 oil wells and 30,000 acres of cropland.

Kroenke is worth an estimated $7.2 billion.