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This is a digitized version of an article from The Times’s print archive, before the start of online publication in 1996. To preserve these articles as they originally appeared, The Times does not alter, edit or update them.
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PHOENIX, Dec. 16 (UPI) — Tax problems have forced the sale of the Red River Land Company, co‐owned by the late actor, John Wayne, for more than $30 million. It is one of the largest farm and ranch sales in Arizona history.
The buyer of the 47,000 acres, owned by Wayne and his partner, Louis Johnson, is the Loel Company of Phoenix. The concern is controlled by Herbert J. Louis, Lawrence R. Wilson and Karl Eller, the Phoenix businessman who is the largest single stockholder in the Gannett newspaper chain, Loel is engaged in land investment and development, with interests in oil and gas.
The sale includes the 36,000‐acre 26 Bar Ranch near Springerville and the 11,000‐acre Red River Ranch in the Maricopa‐Stanfield area, 40 miles south of here.
Michael Wayne, who announced the sale yesterday, said that his father never planned for his estate, “so the taxes have created a burden for the estate.” He said that “a lot of taxes” were owed on the ranch.
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