January 28, 2019
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,
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