Texas Billionaire Gets Biggest Real Estate Deal of the Year

A Texas billionaire who's also one of the wealthiest people in America just pulled off the biggest U.S. real estate deal of the year. Kelcy Warren, who heads a Dallas-based gas-pipeline company, snapped up one of the biggest ranch spreads in Colorado -- Boot Jack Ranch.

The Wall Street Journal reports that the chairman and chief executive of Energy Transfer Partners, LP paid $46.5 million for the 3,500-acre ranch in Pagosa Springs, Colo. That's almost half-price.

The ranch near Telluride, owned by a San Francisco Bay-area developer, originally was listed for $88 million.