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Thursday, January 10, 2019 1:20:37 AM
By Steve Brown
An El Paso oilman has offered $32.5 million for one of the biggest West Texas ranches up for sale.
The 37,000-acre KC7 Ranch is in the foothills of the Davis Mountains near Interstate 10 in Reeves and Jeff Davis counties.
The historic ranch includes a nearly 10,000-square-foot lodge that dates from the 1890s. It also has a rock barn and corrals plus a second house.
Paul Foster — CEO of El Paso-based Franklin Mountain Capital — made a so-called stalking horse bid to buy the KC7 Ranch, which is being sold out of bankruptcy from the holdings of Fort Worth oilman Thomas Darden.
Dallas real estate firm Icon Global Group was hired by the court to sell the property to the highest bidder.
"It's been a wild ride, and we've done in 90 days what normally takes a year to 15 months," said Icon Global's Bernard Uechtritz. "We worked all through the holidays on the deal.
"He's an all-cash buyer and well-respected."
Foster was previously chairman of the University of Texas System Board of Regents. In 2017, he sold his Western Refining Co. for $5.8 billion.
The KC7 Ranch was previously offered for sale for more than $50 million.
Uechtritz said competing bidders will have the opportunity to make a higher offer for the property on Jan. 23. The court will then approve a sale.
The KC7 Ranch is one of two huge properties Icon Global is marketing in West Texas' Trans Pecos region.
The property firm is also hunting a buyer for the 70,000-acre Lely Ranch near Big Bend State Park. It's the largest ranch up for grabs in Texas.
Uechtritz has handled some of Texas' biggest rural land sales, including the 535,000-acre W.T. Waggoner Ranch near Wichita Falls.
https://www.dallasnews.com/business/real-estate/2019/01/08/el-paso-billionaire-bids-huge-west-texas-ranch
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