Phone: 832-681-5701 In addition, he is the equine veterinarian for King Ranch and has served on the King Ranch Board of Directors. The boards of these companies were selected for recognition: Seven private companies were honored for governance excellence demonstrated by their fiduciary or advisory boards. The King Ranch name and its Running W brand, first used by Captain King 1869 when he became a sole proprietor, continue as one of the most widely recognized identities in the industry. King Ranch, Inc., is a privately-held agricultural production and resource management company established in 1853. In 1867 King began using the Running W brand to mark his cattle. Parker Ranch, Inc. is the for-profit corporation that owns and operates the assets of the cattle ranch, real . HOUSTON - August 9, 2021 - The King Ranch, Inc., Board of Directors announced that Robert Hodgen will be the new President and Chief Executive Officer of the company effective today. DeJuana Bivins By this time, the newer, nonagricultural businesses were accounting for more than half of the company's income, and Tio Kleberg was the only King descendant still actively working the ranch. Meeting time shifted from management doing most of the talking to the advisors doing the majority of the talking and management listening. Hodgen also served on Amerra's board of . Cotton farming was another area into which the company plunged with a fair amount of success. The external directors are adding value in development of a strategic plan that allows the company to grow and create value for employee-owners (debt, cash flow, investments). Governance highlights include: King Ranch Email: dbivins@king-ranch.com, King Ranch Corporate Offices They join other board members Michael W. Gibson, Warren H. Haruki, Robert L. Hind III, Timothy E. Johns, David H. McCoy (Board chairman), Brendan G. Moynahan, Randolph G. Moore, Herbert M. (Monty) Richards Jr., and Arthur C. Tokin. Corporation Service Company d/b/a CSC-Lawyers Incorporating Service Company, agent. He worked at the East Bay Regional Park District in a variety of positions for 38 years, beginning in 1974. For questions, contact Darci Cross at darcic@kcranch.org 303-979-1876, ext. Three Riverway, Suite 1600 (Houston, Texas) The King Ranch, Inc., Board of Directors today announced the search for a successor for the His son, Dick, Jr., had been playing an increasingly important role in company affairs since the 1940s, and in 1969 he was named chairman of the King Ranch board of directors. Governance highlights include: MLR Media publishes Directors & Boards, Family Business and Private Company Director magazines, and produces the Private Company Governance Summit; the Transitions (Spring and Fall) and Family Business Legacy & Wealth conferences; The NextGen Summit and the Transformational Women in Family Business and Character of the Corporation forums. King Ranch Corporate Offices Bob Kleberg, the driving force behind the program, also became interested in thoroughbred racing horses. (832) 681-5700. The Santa Gertrudis cattle combined the beefiness of the British Shorthorns with the Brahmans' ability to withstand the hot climate of summertime Texas. in Animal Science from Oklahoma State University and an MBA in Finance from The Wharton School of the University of Pennsylvania. Regardless of its future path, the King Ranch name and its Running W brand would surely continue as one of the most widely recognized identities in the industry. Clement Jr., is the chairman of the King Ranch board of directors. The Santa Gertrudis cattle combined the beefiness of the British Shorthorns with the Brahmans' ability to withstand the hot climate of summertime Texas. Youth at Risk; DYS; . I was just honored to be considered for the board. The board focuses on strategic issues and selecting advisors with specific skill sets to help management. The Company operates various retail operations, including the famous King Ranch Saddle Shop, and has These transplanted villagers went to work on the ranch. Much of the livestock ended up in the Chicago stockyards; other destinations included new ranches springing up in Oklahoma, Nebraska, Colorado, Wyoming, and Montana, as the cattle industry of the West began to mature. A complete timeline of King Ranch's History from founding to present including key milestones and major events. "I was surprised when I got a call, and honored," King said Friday. Corporate management at the ranch predated Jack Hunt. According to a 2003 New York Times article, "The ruling could set an important precedent for questioning the legitimacy of land titles secured in Texas in the 19th century, especially for Hispanic families who contend that land grants dating to the Spanish empire were taken over by white settlers through fraudulent methods." Six-member board today: five independent directors plus CEO. Environmental Systems Design We see them around but we don't know what goes on behind the scenes. A couple months later, Abraham Zaleznik, a King Ranch director since 1988, replaced the retiring Denman as chairman of the board. Finally, we can read about how these great companies came about with Company Histories.. Best practices taken from public boards: a first-ever corporate sustainability report, a targeted DEI initiative, quarterly board meetings with separate executive session, board agendas focused on strategy and global issues rather than operational updates, focus on ESG, board members serve set terms, allowing for ongoing board refresh. The King Ranch Saddle Shop, once exclusively a supplier of cowboy gear for the kinenos, went into the retail clothing and luggage business. Within a decade, through a combination of strategic horse purchases and the application of its fabulously successful breeding techniques, King Ranch had established a dynasty of champion cutting horses. By the end of the Civil War, thousands of head of cattle were roaming the ranch, which had grown to nearly 150,000 acres in size. Between 1869 and 1884, over 100,000 head of cattle from King Ranch made the trip. Captain King started up his ranch in 1853 in an area known at the time as the Wild Horse Desert or the Nueces Strip, bounded by the Nueces River on the north and the Rio Grande on the south. King Ranch. To get the company back in the black, Kleberg turned to petroleum. In 1858 King built the first ranch house at the Santa Gertrudis site on a spot suggested by his friend Robert E. Lee, a young lieutenant colonel at the time. production, horses, wildlife management and recreation, and the production of a number of agricultural commodities Email: dbivins@king-ranch.com, King Ranch Corporate Offices During the Civil War, the ranch served as a depot for the export of southern cotton through Mexico, sidestepping the Union naval blockade. Phone: 832-681-5701 Clement stated that Underbrink will remain President, CEO and a board member until a successor is announced. His son, Dick Jr., had been playing an increasingly important role in company affairs since the 1940s, and in 1969 he was named chairman of the King Ranch board of directors. More and more emphasis was placed on applying modern business principles to these tradition-bound endeavors. Smith's reign lasted only a year. The King Ranch Saddle Shop, once exclusively a supplier of cowboy gear for the kiñ-os, went into the retail clothing and luggage business. Copyright 2023 King Ranch. Founders of the organization sought to address the loss of historically significant ranch structures to time and the elements. Black Angus Beef Cattle, Feeder Calves and Replacement Heifers. Its employees Name Occupation Birth DeathKnown for; Ray L. Hunt: Business: 6-Apr-1943 : Chairman of Hunt Oil . One by one, the problems of running a growing ranch were addressed. 10 years.. Avery Rush No Affiliation Jeff Mitchell No Affiliation Lilia Escajeda No Affiliation Jane King No Affiliation Mike King No Affiliation Shannon Stapp No Affiliation . Tio and his wife Janell have 3 children, 6 grandchildren and reside at the King Ranch in Kingsville, Texas. King Ranch began selling Santa Gertrudis bulls to other ranchers in the 1930s, and in 1940 the United States Department of Agriculture recognized Santa Gertrudis as the first ever American-produced beef breed. Meanwhile, brother Dick served the company from the outside as president of the Texas and Southwestern Cattle Raisers Association and, beginning in 1931, as a seven-term member of the U.S. Congress. Kingsville, TX 78364 United States. Cowboys Working in the Laureles Division - King Ranch Saddle Shop. Privacy Policy, Barles, Pete, "He Stayed Ahead of the Herd; Be Bold: Richard King, With Grit and Innovation, Built the World's Largest Ranch,", Chapman, Art, "Texas Supreme Court Ruling Adds Appeal to Legendary King Ranch Celebration,", "The Fabulous House of Kleberg: A World of Cattle and Grass,", Gonzalez, John W., "Nostalgia, Prestige Rules Kingsville, Texas, Ranch Auction,", "The King Ranch: The Last Frontier Empire Confronts the Modern World,", Pare, Terence, "New Chairman Tenderfoot Takes Over,", Romero, Simon, "Betting the Ranch, a Really Big One,". By 1952 the company was sending livestock to outposts in Cuba and Australia in hopes of boosting production by introducing Santa Gertrudis genes into the mix. Under Tio Kleberg's guidance, the company continued to update its cattle, horse, and farming operations. He began his career within the Animal Nutrition Division management team of Cargill, Inc. King Ranch has a rich, world-renowned legacy. King Ranch, Inc. (trading name, 2013-07-02 - ) Agent Name. Four years later he became the first president of King Ranch Oil and Gas, Inc., a new wholly owned subsidiary formed to handle all of King Ranch's petroleum affairs. Range in Sheridan and Cherry Counties.. As Kleberg became weaker, he passed on responsibility for running the ranch to his sons, Bob and Dick Kleberg. Yarborough to take control of King Ranch's oil and gas business. Duard King Boeing Dave Vogee Blaine Pubic Schools Rob Kline Project Manager . Private Independent Foundations (T22) 267 were here. Richard Jr. King born 1860-12-15 in King's Ranch, Texas - 1922. Tio Kleberg commented on the company's diversification in a 1995 U.S. News & World Report: "We no longer see ourselves in the cattle business, as such. books that might be critical omissions. The King Ranch, Inc., Board of Directors announced last week the search for a successor for current President and Chief Executive Officer, Robert J. Underbrink, 59, of Houston, Texas. Houston, TX 77056 Another turnover in management took place in 1995. King Ranch, Inc. operates one of the largest and most famous cattle ranches in the world. The GO debt and the O&M is . Company Ownership: Employee-owned He serves as a board member of the Texas State Historical . A majority independent board with nine outside directors, four inside (including three founders). Yarborough, an independent petroleum operator and former Humble Oil geologist--not to mention the husband of Richard Kleberg, Sr.'s, daughter Katherine--decided to take on the task on a part-time basis. Several new ways to generate revenue were found over the next few years. His son, Dick, Jr., had been playing an increasingly important role in company affairs since the 1940s, and in 1969 he was named chairman of the King Ranch board of directors. Mr Duard King Tall Timber Ranch. Houston, TX 77056 The ranch covered more than 600,000 acres by this time. Internet Explorer presents a security risk. We are in the resource-management business. In addition, the number of company shareholders had increased over the years through inheritances, and the very future of the ranch as a single entity was called into question. 4 years ago. top of page. Known for; Roger L. Jarvis: Business: c. 1954 : CEO of Spinnaker Exploration, 1996-2005: CURRENT BOARD MEMBERS OR DIRECTORS. For Immediate Release. He quickly formed a partnership with another friend, Texas Ranger Captain Legs Lewis. Before joining King Ranch, Hodgen spent six years as managing director at AMERRA Capital Management, where the Private Equity team under his leadership invested in six agribusiness and aquaculture platform companies and he served on the board of directors for two of those investments. They may be accessed by the "Bibliography" tab at Chartered as a Texas non-profit corporation in 1969, the Association's stated purpose was to preserve the physical, social and cultural aspects of ranching and to perpetuate the traditions intrinsic values and history of one of our nation's most important industries. Growth has been aggressively pursued. In 1854 King brought north not only all of the cattle from one particular Mexican village suffering through a drought, but all of the village's humans as well. Corporation Service Company d/b/a CSC-Lawyers Incorporating Service Company. Bob Kleberg, the driving force behind the program, also became interested in thoroughbred racing horses. Hodgen holds a bachelors degree in animal science from Oklahoma State University and an masters degree in finance from The Wharton School of the University of Pennsylvania. Under Kleberg's management, operations at the ranch were streamlined and made more efficient. By the early 1970s, King Ranch controlled about 11.5 million acres of land worldwide. The family is in its 7th generation, and we believe the time is right to proceed with Official Website: . King Ranch Board of Directors to Begin CEO Search, King Ranch Institute for Ranch Management, Caesar Kleberg Wildlife Research Institute. The exact . He is a trustee of the Caesar Kleberg Foundation for Wildlife Conservation. Angel has lived in Moreno Valley for 14 years, and spent two years at March Air Reserve Base (2003-2004). They began crossbreeding Brahman bulls native to India with their own Shorthorn stock. King Ranch, Inc. operates one of the largest and most famous cattle ranches in the world. In 1884 a young lawyer named Robert Kleberg began handling the legal affairs of King Ranch. As income from both cattle and petroleum operations declined, the company was forced to look for other business areas in which to try its hand. His buying trips frequently took him into Mexico. 210.861.4765. benespy@icloud.com. The company represents a colorful part of Texas history. The Board of Directors of King Ranch, Inc. appointed Mr. Underbrink as Vice President of Farming Operations in June 1998. The Company continues to expand its operations. Hodgen, 45, brings nearly 25 years of executive leadership and, KINGSVILLE, July. 109. As the 1990s opened, King Ranch faced a number of questions. Prior to AMERRA, he served as senior vice president of J.D. The awards were created to recognize private companies that go above and beyond legal governance requirements and commit to the highest levels of governance, whether through fiduciary or advisory boards. Our alumni are progressive leaders and exceptional managers at some of the most diverse ranches in the country. Approximate Annual Company Revenues: Under $100 million King Ranch remained focused on its oil holdings as well and in 1999 spun off its King Ranch Energy Inc. subsidiary just before its merger with St. Mary Land and Exploration Co. COMPANY. In 1854 King brought north not only all of the cattle from one particular Mexican village suffering through a drought, but all of the village's humans as well. Henrietta King died in 1925, at the age of 92. Approximate Annual Company Revenues: $350 million-$1 billion Compared to last week: Feeder steers and heifers sold mostly steady to 4.00 higher, , Continue Reading about Texas, Oklahoma weekly livestock auction summaries for March 3, This week's drought summary Type of Private Board: Advisory Headquartered in Texas and owner of the historic 825,000 acre King Ranch, its operations include cattle breeding and Copyright 2023 King Ranch. Company Ownership: Family-owned During the horrible drought years of the 1890s, Kleberg experimented with various ways of getting water to the land. EIN. Modern game management and preservation systems were also set up. Tio Kleberg King Ranch Board of Directors. On a trip through the Wild Horse Desert, King noticed a promising piece of land along the Santa Gertrudis Creek. The Kleberg family's choice to replace him as president and chief executive officer of the company was James H. Clement, the husband of Ida Larkin, one of Richard King's great-granddaughters (and Robert Kleberg Sr.'s granddaughters). These transplanted villagers went to work on the ranch. In Australia, one of King's partners was Swift & Co., the biggest buyer of the ranch's U.S. beef output. He then bought the parcels and annexed them to the ranch. I feel as if I have been preparing for this role my wholelife and look forward to applying the knowledge and experience Ive gained over my career to the many facets that make up the King Ranch.. Captain King started up his ranch in 1853 in an area known at the time as the Wild Horse Desert or the Nueces Strip, bounded by the Nueces River on the north and the Rio Grande on the south. Approximate Annual Company Revenues: Under $100 million Although it is perhaps most famous for its agribusiness segment (cattle breeding; horse breeding; farming; citrus groves; commodity marketing and processing; commercial hunting leases), King Ranch also oversees retail operations including luggage and leather goods, farm equipment, commercial printing, and tourism. TALL TIMBER RANCH Board of directors as of 05/28/2020 SOURCE: Self-reported by organization Board chair. Is King Ranch a real ranch? Directors / Officers. As the company developed its Santa Gertrudis cattle, it also engaged in the King Ranch Quarter Horse program. Chance completed a project focusing on Key Performance Indicators that management and the board of directors can use to determine the ranch's profitability and productivity, while also . Robert Kleberg died in 1932, signaling a complete generational shift in the ranch's management. This snub, combined with legal haggling over oil payments to family members, led to Shelton's departure from the company a few years later. By the end of the 1860s, King Ranch longhorns were being sold in northern markets. Within a decade, through a combination of strategic horse purchases and the application of its fabulously successful breeding techniques, King Ranch had established a dynasty of champion cutting horses. When Hunt told his board of directors at a meeting in Houston that he wanted to pay a consulting firm $500,000 to do a study assessing the King Ranch's environmental problems, Tio glared at him . King Ranch Inc. recently announced the appointment of J. Luther King Jr., of Dallas, to the King Ranch Inc. Board of Directors. 310 East Wildwood. Dick Kleberg died in 1955. King Ranch Type of Private Board: Fiduciary Approximate Annual Company Revenues: $100 million-$350 million Company Ownership: Family-owned Governance highlights include: pursue new opportunities in turfgrass, permanent nut crops, and branding joint ventures. in the United States. A private company, King Ranch is owned by 60 or so descendants of company founder Captain Richard King, a legendary figure in the history of cattle ranching in the United States. Each independent board member serves on either the audit, governance and nominating, or management development and compensation committee. PHILADELPHIA--(BUSINESS WIRE)--Seven private company boards were honored for their business governance excellence at the 2021 Private Company Governance Summit June 9-11, live online. As the company developed its Santa Gertrudis cattle, it also engaged in the King Ranch Quarter Horse program. The suit claimed that Kleberg deceived Chapman's widow, defrauding her out of control of the Rincon de Santa Gertrudis, a parcel of land equal to approximately 7,500 acres. Board Certified Equine Reproduction. Two weeks ago two other . With the controversial lawsuit behind it, King Ranch went ahead with its anniversary festivities, which included a highly publicized cattle and horse charity auction. Under Kleberg's management, operations at the ranch were streamlined and made more efficient. Dick Kleberg died in 1955. The deal catapulted Consolidated Citrus into the upper echelon of citrus producers and secured King Ranch's position as the largest citrus grower in the United States. Company Ownership: Family-owned By that time, King Ranch had grown to well over a million acres in size and was home to 94,000 head of cattle and 4,500 horses and mules, the quality of which had become very high through selective breeding. During the first 15 years of the 20th century, King Ranch managed once again to thrive in the face of further droughts, wars with Mexican raiders, and Kleberg's failing health. Kleberg married King's daughter Alice the following year. RISMedia's 2022 Power Broker Report ranks Fathom Realty number 16 in total residential sales volume, up from number 22 in 2020. He serves on the boards of King Ranch, Inc.; Chairman of the Management . Wyoming 2015 King Ranch Cheyenne, WY Leopold Conservation Award Recipient. Kleberg serves on the King Ranch Board of Directors, and is past president of the American Quarter Horse Association. (Houston, Texas) -The King Ranch, Inc., Board of Directors today announced the search for a successor for the. During the 1970s, Clement began to feel that the company had become unwieldy, and he started selling off chunks of King Ranch's overseas real estate. Governance highlights include: Daily Gazette of Schenectady Copyright 2023 King Ranch. Ward 4 Board Member. Is King Ranch a real ranch? The awards honor the performance of the board as a whole. During the 1970s, Clement began to feel that the company had become unwieldy, and he started selling off chunks of King Ranch's overseas real estate. That year, Jack Hunt, formerly the CEO of California's Tejon Ranch, was named president and CEO of King Ranch. The family started an advisory board in 2012 and changed to a fiduciary board in 2015. All rights reserved. Board of Directors - 2022. Responsible for overall supervision and control of all functions of Valor Ranch. The board works hard to know and understand their customers. succession planning for this important role.. Although several King heirs wanted to break up and sell the ranch to turn a quick profit, the family decided to keep it intact. Company Ownership: Family-owned Were excited, First Renewable Energy Development on King Ranch Noria Hondo 220MW Combined Solar and Battery Farm Project King Ranch is proud to be partnering with Talen Energy Corp. in the development of the first utility scale renewable energy project, Noria Hondo,, For Immediate Release January 14, 2021 (Houston, Texas) The King Ranch, Inc., Board of Directors today announced the search for a successor for the current President and Chief Executive Officer, Robert J. Underbrink, 59, of Houston, Texas. As Kleberg became weaker, he passed on responsibility for running the ranch to his sons, Bob and Dick Kleberg. In the September 25, 2001 agreement, appellant agreed and stipulated to extend the October 19, 2001 . Only a 50,000-acre ranch in Brazil remains, run by Mr. Kleberg's son Chris, 28. King Ranch Institute for Ranch Management, Caesar Kleberg Wildlife Research Institute. In 1974 Bob Kleberg died after managing the company's operations for more than half a century. The company eventually established a presence in Brazil, Argentina, and Venezuela, where the techniques developed to clear mesquite brush in Texas could be used on South American rain forest. 26, 2014. All rights reserved. President, CEO and a member of the board for 10 years, and an employee for 36 . Yarborough, an independent petroleum operator and former Humble Oil geologist--not to mention the husband of Richard Kleberg Sr.'s daughter Katherine--decided to take on the task on a part-time basis. King split his time between his two businesses, steamboating and ranching, during this period. Dick Started as a volunteer for the Forgotten Children's fund in the 1970's, became a member of the Board of Trustees in the mid 1980's, and has volunteered regularly over the years at the Forgotten Children's M-Bar-C Ranch on Whidbey Island. All rights reserved. Schmidt Annoying wild mustangs and donkeys were captured and shipped elsewhere. Source: International Directory of Company Histories, Vol.60. expansion of the King Ranch Texas Kitchen restaurant concept. Clement was replaced by Kimberly-Clark CEO Darwin Smith, who became the first chief executive in company history with no familial ties to founder Richard King. A copy of the organization's exemption letter from the Internal Revenue Service, and iv. Company Ownership: Closely Held The result was a new breed, which they dubbed "Santa Gertrudis." The chair (family) and CEO (currently non-family) roles are split and have been for many years. They have been active on the boards and national councils of many local nonprofits, including Anderson Ranch Arts Center, the Aspen Music Festival, the Roaring Fork Music Society, Jazz Aspen and Aspen Words, among others. During the Civil War, the ranch served as a depot for the export of southern cotton through Mexico, sidestepping the Union naval blockade. (832) 681-5700. I am honored to have the opportunity to serve as the next CEO and look forward to leading such a competent and capable team, Hodgen said. Who lives on King Ranch? 1946. The 50,000-acre ranch, which features Spanish-style cottages and usually has a full working staff, was settled in 1882 by a Texas Ranger named John Armstrong III, who passed the land on to the family. These innovations included mechanized brush control methods, the identification of new and better grasses, and the development of better corrals for working cattle. Beef was not the only thing King Ranch was able to breed successfully. These innovations included mechanized brush control methods, the identification of new and better grasses, and the development of better corrals for working cattle. He was then appointed as Senior Vice President in March 2008 and was appointed as President/CEO, as well as a Director, in June 2010. Clement was replaced by Kimberly-Clark CEO Darwin Smith, who became the first chief executive in company history with no familial ties to founder Richard King. James manages the ranch's horse operations and lives in a bungalow near . Company Chairman James H. Clement commented, King Ranch and its family owners recognize the leadership King's Home Board of Directors. Immediate Past Chairman: Forrest DeBuys . King Ranch Corporate Offices Three Riverway, Suite 1600 Houston, TX 77056 (832) 681-5700 In 1867 King began using the Running W brand to mark his cattle. January 14, 2021. Stephen J. King Ranch celebrated its 150th anniversary in 2003. By the early 1970s, King Ranch controlled about 11.5 million acres of land worldwide. Dick Nord. The result was a new breed, which they dubbed "Santa Gertrudis." By the end of the 1860s, King Ranch longhorns were being sold in northern markets. From its beginnings in the mid-19th century as a family cattle ranch, the company has evolved into a major multinational operation active in a variety of agricultural and energy-related activities. During the horrible drought years of the 1890s, Kleberg experimented with various ways of getting water to the land. King and Kenedy also used their shipping enterprise to supply the Confederate army. Committees: Governance Plus (the plus refers to business succession), Finance/Audit, Risk/Cyber/Safety, Business Investment and Diversification. The Texas Wildlife Association selected Bryant as the Texas Outdoorsman of the Year (2016) and he was inducted into the Texas Conservation Hall of Fame with Tio Kleberg, sponsored by the Texas Parks and Wildlife Foundation (2017). Beginning of the Kleberg Family Reign in the 1880s. A list of current Board of Directors iii. . Both in the cattle business and in its other pursuits, the management and shareholders of King Ranch expressed a commitment to the kind of experimentation and innovation that helped the company to thrive for so many years. In 1938 he bought Kentucky Derby winner Bold Venture as a foundation sire for the ranch's thoroughbred breeding program. King also began to buy and sell cattle in huge numbers. His buying trips frequently took him into Mexico. That year, a King Ranch horse, Assault (a son of Bold Venture), won horse racing's Triple Crown. The King Ranch itself covers about 825,000 acres--slightly larger than the state of Rhode Island--on four separate divisions of land in South Texas known as the "Home Ranches": Santa Gertrudis, Laureles, Norias, and Encino. He is a founding board member of The Texas Agricultural Land Trust, Texan by Nature, and served on the East Foundation's Professional Advisors Group. Smith's reign lasted only a year. As we move ahead, we will He has also been an editor for the magazine The Horse since 2008. In 1976 Clement hired W.B. Director Angel Lopez-Ramirez is a Public Servant, Combat Veteran and Wounded Warrior. The Private Company Governance Summit now in its ninth year, is the only national conference focused on the unique governance challenges for owners, shareholders, directors and advisory board members of closely held, family-owned and private equity-owned companies. Morocco and Spain soon followed as well. Tio Kleberg continued to run the ranch's day-to-day operations. He also bought a stake in the Idle Hour Stable in Lexington, Kentucky, in 1946. Mrs. King's death brought about a web of complications stemming from the division of her estate, high estate taxes, and various debts.
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