Kilmer sold all but 141 acres to Benjamin A. Strickling III and his wife, Roxann, reported the Santa Fe New Mexican.
The attorney who handled the agreement for Kilmer did not comment on whether the actor would keep a home in northern New Mexico.
The ranch originally was put on the market in 2009 for $33 million.
Kilmer starred in films such as "Tombstone," "Top Gun" and "The Doors."
The Associated Press contributed to this report.