Val Kilmer offloads a big chunk of his New Mexico ranch

Oct 14, 2011 at 8:40 p.m. ET

Val Kilmer has sold most of his New Mexico ranch for $18 million.

Val Kilmer

Actor Val Kilmer has sold almost all of his 5,328-acre ranch in San Miguel County, New Mexico to a Texas oil tycoon and his wife. The actor has kept just 14 acres of the property for himself, however it is unknown how he plans on using that property.

The Top Gun actor, who had a bed and breakfast and rental cabins on the property, originally had the asking price at $33 million in 2009, but reduced it to $18.5 million. In addition to the bed and breakfast, the property contains seven miles of river frontage, a 640-acre grazing lease, more than 50 miles of hiking trails and 10 natural springs.

In addition, the property has a massive 11,573 square-foot home with 10 bedrooms and 10 bathrooms. The ranch was also considered a "working ranch," and had herds of buffalo.

Kilmer was in some hot water with his Santa Fe neighbors in 2003 when he reportedly told Rolling Stone magazine that his county was "the homicide capital of the Southwest" and that "80% of the people in my county are drunk." He later went on to say he was misquoted, but after those comments his neighbors protested his permit request to turn his ranch into a bed and breakfast.

He was recently granted permission to turn his ranch into a bed and breakfast, however no word if the new owners will continue that or keep the ranch as their personal residence.

This $18 million sale should help him pay off the $500,000 in unpaid federal taxes he owes the IRS and the unpaid child support his ex-wife says he owes her.

Photo: WENN