One oilman offers $32 million for west Texas ranch owned by bankrupt oilman

 

El Paso oilman Paul Foster has offered more than $32 million for one of the largest ranches for sale in West Texas. He’s trying to become the new owner of the 37,000-acre KC7 Ranch located inn the foothills of the Davis Mountains near Interstate 10 in Reeves and Jeff Davis counties.

Foster is CEO of Franklin Mountain capital and offered $32.5 million for the ranch once owned by bankrupt oilman Thomas Darden of Fort Worth according to a report in the Dallas Morning News.

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.

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.

Competing bidders will have the opportunity to make a higher offer for the property on Jan. 23. The court will then approve a sale.

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