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This billionaire is pouring his fortune into a Texas ghost town of about 25 people
Fortune • • business
Key Points:
- Billionaire John Poindexter, who has no descendants, is investing nearly $67 million through his Tidewater and Big Bend Foundation to revitalize Shafter, a nearly abandoned ghost town in West Texas with about 25 residents.
- Shafter, a former silver-mining town in Presidio County experiencing population decline and economic hardship, is set to be transformed into a resort and living history museum featuring restored historic buildings and adobe homes for overnight stays.
- Poindexter’s foundation plans to own all his properties, including the 30,000-acre Cibolo Creek Ranch, and aims to preserve local heritage similarly to Colonial Williamsburg, emphasizing restoration over new development.
- The initiative has mixed local reactions but is seen by some residents as a potential catalyst for growth, especially with improvements like a reliable water system expected to attract more people.
- Poindexter made his fortune in manufacturing, notably producing UPS delivery truck bodies, and is taking a public approach to philanthropy by inviting guests to Shafter and openly discussing his motivations tied to honoring past generations.
