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William Wrigley Jr., an heir to the Wrigley’s chewing gum fortune, is listing his Central Florida ranch for $20 million.

Mr. Wrigley previously tried to sell the Ocala property for a far more ambitious price of $85 million a decade ago, but has now revised his expectations, said Gary Pohrer of Douglas Elliman, who is listing the property as a co-exclusive with local agent Joan Pletcher.

The…