Saturday, December 8, 2007
Dallas businessman buys bankrupt Lajitas resort in West Texas
Wonder if he'll do better than the last rich guy who bought it?
A federal judge gave the go-ahead to the sale of "Lajitas, The Ultimate Hideout," a bankrupt resort near Big Bend National Park in West Texas, to Dallas businessman Kelcy Warren.
Warren, co-founder of Energy Transfer Partners, a natural gas and propane distributor, got the bankrupt property for $13.5 million. The resort has 25,000 acres, a golf course, restaurants, and a luxury hotel. It owes $18-$20 million to creditors. It went into bankruptcy under the stewardship of Stephen R. Smith, one of the founders of Excel Communications, who bought it for $4.25 million in 2000 in what was described as a "gripping bidding war" between himself and San Francisco hotelier Manou Mobedshahi. Smith invested $100 million into it but never got it off the ground.
Posted by T.G.
Michael Davis, says:
I wonder if it sits on a natural gas line... I heard that a huge luxury property in Denton that no one wanted for some time may be off the market because of its location on the Barnett Shale.
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