At the death of Henrietta King in 1925, the ranch totaled 1.2 million acres that were divided among her heirs. Bob Kleberg and his wife Alice inherited over 800,000 acres that were incorporated as the King Ranch in 1934. The appraiser's Statement of Gross Estate, Mrs. H. M. King listed a net total of $5.4 million, as the owner of 997,444.56 acres (4,036.5 km2), which did not include the Santa Gertrudis headquarters, nor did it include the Kleberg's Stillman and Lasater tracts, which were not of the estate. Her son-in-law, Bob Kleberg, Sr., said "A valuation of four to five dollars an acre ($1236/km²) on a million acres (4000 km²) of raw ranchland was about right, but it took a long time for the Government to admit it." By 1929, the taxes ($859,000) had been paid up, in installments, but the trustees had to borrow money, so by the market crash of 1929, Henrietta King's estate was in debt $3,000,000.
