Why did billionaire Mark Cuban purchase this Texas city?

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  • Estimated read time 7 min read
  • 31/07/2022










Why did billionaire Mark Cuban purchase this Texas city?













The Shark Tank billionaire’s new actual property buy

Mark Cuban, the billionaire businessman, took house-hunting to the following stage when he snapped up the tiny Texan city of Mustang. An empty ghost city with a darkish previous and little however trailer parks and deserted buildings, it is an uncommon buy for the entrepreneur. So why precisely did the settlement pique his curiosity? Click on or scroll on to take a tour and uncover the rationale behind his stunning funding…



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Billionaire businessman

With a internet price of $4.5 billion, Mark Cuban made a reputation for himself when the World Vast Net was in its infancy, founding web radio firm Broadcast.com in 1995, which he bought to Yahoo! 4 years later for $5.7 billion. He now holds stakes in TV networks and has appeared as an investor on ABC’s Shark Tank since 2011. Contemplating his illustrious profession, a small city in Texas appears somewhat misplaced within the billionaire’s enterprise portfolio…



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Uncommon purchases

Nevertheless, the Mustang is not the one uncommon buy the billionaire has made through the years. Again in 2000, Cuban purchased a majority stake within the Dallas Mavericks basketball group for an eye-watering $285 million and underneath his possession, the group received the 2011 NBA championship. Remarkably, he additionally holds the Guinness World Report for the most important single e-commerce transaction ever, when he purchased a Gulfstream enterprise jet on the web for $40 million in 1999.



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Tiny Texas city

However what about Cuban’s newest buy? Not like his earlier acquisitions, his tiny city is not fairly so glamorous. Situated in Navarro County, Texas, Mustang is only a 45-minute drive south of Dallas. Nevertheless, what looks as if an idyllic buy comes with a captivating historical past, darkish secrets and techniques and deserted buildings.



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Up for grabs

Initially in the marketplace in 2017 for $4 million, the city was listed on the market after the principal proprietor, Marty Value, fell sick, in accordance with NBC Information, who spoke to the unique itemizing agent, Mike Turner of J. Elmer Turner Realtors. Value, who was an legal professional and a devoted Mavericks fan, sadly handed away in August 2021.



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Unlikely purchaser

After languishing in the marketplace with little curiosity, the city’s worth was decreased to $2 million. Following Value’s loss of life, Mark Cuban stepped in to buy Mustang for an undisclosed sum. In an e-mail replying to NBC Information, the billionaire clarified his causes for purchasing the city: “Did it to assist out a buddy. No plans but!” It is unclear whether or not that buddy was Value or maybe one in every of his kin.



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The origins of Mustang

Based within the Seventies, Mustang has a inhabitants of 0 in accordance with america Census, although different sources quantity its residents at 23, nevertheless it wasn’t all the time that manner. Within the early Nineteen Nineties, Mustang was the house of a number of liquor shops and a dance corridor, in accordance with the Texas State Historic Affiliation. Mike Turner informed the New York Put up: “There was an extended line of vehicles from Corsicana and all-around Navarro County right here.” Thought-about one of many solely locations to purchase alcohol, Mustang was fairly the boomtown.



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Light glory

Nevertheless, at the moment the city is a shadow of its former self, in comparison with its vibrant heyday. In keeping with the Los Angeles Instancesin 2007, Marsha McKie, the widow of Mustang’s co-founder, fought for possession of the city with plans to rescue it and switch it right into a family-friendly relaxation cease with an RV park and playground.



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Altering of palms

However Marsha’s plan was thwarted when she got here up towards Thomas Sinclair, a strip membership operator, who agreed to purchase Mustang for $600,000 from the McKies in 2005. On the time, Sinclair was represented by Marty Value – the exact same Marty Value who would finally come to personal the city, earlier than Mark Cuban snapped it up.



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A brand new lease of life?

As we speak, all that is left are the remainders of yesteryear, from ranches and a vacant cell residence park to an deserted strip membership, an empty grownup ebook retailer and a water tower. At the moment with no zoning limitations, the city’s new billionaire purchaser is definitely well-placed to provide Mustang a brand new lease of life, although he has no plans for its growth but.



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Tight-knit neighborhood

It might be a ghost city, however Mustang can also be residence to its very personal hearth station. A volunteer hearth division, its presence suggests there is a tight-knit neighborhood within the areas surrounding the city. The division even has its personal truck full with the Mustang brand, which is a enjoyable addition to Cuban’s new buy.



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A nasty repute

Abandoned and desolate, Mustang does cover a darkish secret. “There was a strip membership there known as Wispers that has since completely closed. There was a killing there, the enterprise had fairly a story,” Mike Turner revealed to the Houston Chronicle in a 2017 interview. In keeping with the Corsicana Each day Solara patron died outdoors the constructing again in 2008 following a confrontation within the membership.



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Stunning magnificence spots

Regardless of its checked previous, there’s a lot to admire in Mustang too. Sitting on 77 acres of land, the city has many stunning magnificence spots that might make it a draw for guests, if it is given the eye it so afternoon wants. Heading away from the deserted buildings nature takes over. This stream, flanked by woodlands, is a tranquil escape from the city’s dilapidated infrastructure.



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A wildlife hotspot

Mustang is perhaps brief on human residents, however it’s residence to an alligator that lives in one of many city’s scenic ponds, in accordance with experiences. Excuse us if we do not introduce ourselves… Now in Mark Cuban’s palms, we will not wait to see what turns into of this empty Texan ghost city.

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