El Paso billionaire Paul Foster is buying the 37,000-acre KC7 Ranch near Balmorhea, TX for $32.5 million through a bankruptcy sale. A federal bankruptcy court judge in Fort Worth has approved selling the ranch to Foster, who also acquired the former Kress department store in El Paso at auction this month.
The owner, KC7 Ranch Ltd., is under the umbrella of Quicksilver Resources, controlled by the Darden family. Quicksilver filed for bankruptcy protection for the ranch in December 2017, and for its other related companies in January 2018.
Prior to the ranch’s bankruptcy filing, it had been on the market with a $52-million asking price. Icon Global Group brought it to market this past October in a court-ordered sale.
The KC7 Ranch has two lakes and sits atop an underground aquifer that could potentially produce millions of gallons of water per day for fracking operations in West Texas,
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!