Val Kilmer's ranch sells for 18.5m

Val Kilmer has sold most of his New Mexico ranch for $18.5 million to a Texan oil executive and his wife.

Val Kilmer has sold most of his New Mexico ranch for $18.5 million.

The 'Top Gun' star has finally managed to offload the property after originally listing it for sale for $33 million in 2009, before subsequently dropping the price to $23 million in October 2010 and again to $18.5 million two months later.

According to The Santa Fe New Mexican newspaper Val sold everything except 141 acres to Texas oil and gas executive Benjamin A. Strickling III and his wife, Roxann, with the deed transfer filed on September 30.

The ranch had been involved in a custody dispute between Val and his ex-wife Joanne Whalley - who had two children, Mercedes and Jack, with the actor before their split in 1996 -after she demanded the property in lieu of child support owed to her.

Joanne had alleged Val had fallen behind with his $27,500-per-month payments and so established a lien on his property to force the actor to pay up.