Great Northern Iron Ore Properties is the landlord of one big iron formation. The trust gets income from royalties on iron ore minerals (principally taconite) taken from its more than 67,000 acres on the Mesabi Iron Formation in Minnesota. The trust was formed in 1906 to own the properties of an affiliate of Burlington Northern Santa Fe (BNSF, formerly Great Northern Railway). The trust's beneficiaries were the heirs of railroad founder James Hill; however, the last survivor, his grandson Louis Hill, died in 1995. In 2015 (20 years after Louis Hill's death) the land will be transferred to a unit of ConocoPhillips, which acquired the BNSF assets in 2005.