Bloomberg published a long-form piece on the sale of a “Texas Ranch That’s the Size of a Small Nation”. In fact, the Waggoner Ranch property is the largest U.S. ranch within a single fence:

Waggoner Ranch

The rapid expansion of the estate, from the late 1880s through the turn of the century, corresponds to the period covered by Dr. Rick Hornbeck’s great paper, “Barbed Wire: Property Rights and Agricultural Development” in the Quarterly Journal of Economics (2010).