Owned by Wiley Waldrep until his death in 1997, the farm was passed on to his grandchildren. Appeals by them to try and maintain the family business ran into difficulty, with costs eventually preventing the farm from even breaking even. As a result, on August 5, 2003 the farm was sold to TOUSA Homes. Court appeals filed by Broward County prevented immediate development of the site. The case was decided in November 2004 in favor of the developer. It is estimated that approximately 1,900 homes will be built on the land with construction beginning in 2006.
Originally part of unincorporated Broward County, the site was annexed by the City of Cooper City in 2004. The development of the land remains a sour point of discussion amongst many long time residents of the area. A new housing development called Monterra is under construction on the site where Waldrep Dairy Farm once was.