A West Texas agronomical that’s one of the better in the accompaniment has awash to an El Paso oilman.
Paul Foster — CEO of El Paso-based Franklin Mountain Capital — paid $32.5 actor for the 37,000-acre KC7 Agronomical in the foothills of the Davis Mountains.
The iconic agronomical is abreast Interstate 10 in Reeves and Jeff Davis counties.
The spread, which dates from the 1890s, includes a about 10,000-square-foot lodge, a bedrock barn and corrals additional a additional house.
Foster bought the KC7 Agronomical out of defalcation from the backing of Fort Worth oilman Thomas Darden.
In December, he fabricated a alleged stalking horse bid to buy the property, which was accustomed by the court.
The ranch, amid abreast Balmorhea, comes with hundreds bags of gallons of baptize rights that are admired in a arena area oil fracking consumes added and added liquid.
Foster paid all banknote for the KC7, which was marketed for auction by Dallas absolute acreage close Icon Global Group.
The auction was completed in aloof 120 days.
“This blazon of accord is our specialty, and we got a abundant price,” said Icon Global’s Bernard Uechtritz in a statement. “It was a difficult, acute and actual complicated adventure which bare to be accomplished aural a analytical time window.”
Creditors in the defalcation accommodate Hitachi Infrastructure Systems (America) LLC and Hitachi America Ltd. of Japan.
Uechtritz said the KC7 transaction was one of the better sales his close has handled in the aftermost 12 months.
Uechtritz has handled some of Texas’ better rural acreage sales, including the 535,000-acre W.T. Waggoner Agronomical abreast Wichita Falls.
KC7 Agronomical client Foster was ahead administrator of the University of Texas System Board of Regents. In 2017, he awash his Western Refining Co. for $5.8 billion.
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