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Val Kilmer sells most of New Mexico ranch

Actor Val Kilmer attends the "Twixt" After Party at Thompson Hotel during the 2011 Toronto International Film Festival on Sept. 12, 2011 in Toronto, Canada. Sonia Recchia/Getty Images

(CBS) It seems that Val Kilmer might be downsizing his digs. The Santa Fe New Mexican reported that the actor sold most of his 5,328-acre Pecos River ranch in San Miguel County, N.M. to a Texas oil and gas executive and his wife.

According to the Santa Fe New Mexican, Kilmer had been asking for $33 million when he put the property up for sale in 2009, but reduced the price to $18.5 million. A San Miguel County Clerk told the publication that Kilmer kept 14 acres for himself. It is unclear if Kilmer is going to stay in the area.

The ranch has been used as a bed and breakfast, and had some rental cabins available, the Santa Fe New Mexican reports. It also included six miles of river frontage, a 640-acre grazing lease on state land and a seven bedroom, eight and a half bathroom house. obtained pictures of house and surrounding area, which can be viewed here.

Kilmer had to gain the approval from the Santa Fe community for the rental cabins, after he made some negative remarks about the community. He has since apologized.

The Santa Fe New Mexican also stated that property was originally owned by actress Greer Garson and her husband, lawyer Buddy Fogelson. The original 5,500-acre ranch was originally known as Forked Lightning. After Fogelson died, he left the ranch to his late wife and son, the newspaper reported. His son later divided his property, selling one part to Kilmer and the other to actress Jane Fonda. Garson sold her part of the ranch to The Conservation Fund, which then donated it to the National Park Service, in 1991.

The property was also in the news when a report came out saying that Kilmer owed the IRS nearly $500,000 in back taxes. A lien was placed on several of his properties, including the Pecos River ranch.

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