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Sale Of Bankrupt Texas Resort Approved
A judge has approved the sale of a bankrupt Texas resort for $13.5 million.
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(December 8, 2007)--A federal judge has approved the sale of a bankrupt resort in West Texas to a Dallas businessman for $13.5 million.
The approved bid came from Kelcy Warren, co-founder of Energy Transfer Partners LP, a natural gas and propane distributor.
Warren agreed to keep Lajitas, The Ultimate Hideout open for now.
But he wouldn't say what his long-term plans were for the 25,000-acre resort, which features a golf course, luxury hotel and restaurants.
Located near Big Bend National Park, the resort owes between $18 million and $20 million to creditors.
The Lajitas resort was purchased by an Austin communications mogul for more than $ million in 2000.
He then pumped another $100 million into the property in a failed effort to create a secluded desert destination for the rich.
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