Why there’s growing interest in buying million-dollar ghost towns

Sunrise, Wyoming spans 225 acres and has one resident

New York Weekend Edition /
Aug.August 12, 2018 09:00 AM

(Credit: Mike LoCascio)

Though John Voight lives alone on his sprawling 225-acre property, he’s part of a group of hundreds of Americans who’ve bought ghost towns.

Churches and corporations are among other interested buyers with companies often buying the properties as a marketing strategy, while individuals often buy their vast empires of solitude to preserve history or launch a new enterprise, according to The Outline.

“There is not a demographic out there that does not want to buy a ghost town,” real estate agent Jake Rasmuson told the The Outline. He handled the listing of a ghost town called Cerro Gordo, which was a former silver mining town that emptied out in the 1860s. He took calls from interested buyers all over the world and finally sold the town with 22 historic buildings for $1.4 million in July.

The buyers, Texas entrepreneurs Brent Underwood and Jon Bier, plan on adding modern infrastructure and turning the town into a retreat for companies and creatives. Music festivals and performance groups have already been in touch with them to book the abandoned site.

“There’s probably better places to put your money right now than buying a ghost town. But at the end of the day, you have to think to yourself, what do I make money for? And for me personally, if I had an infinite amount of money, I would probably do something like buy a ghost town,” Underwood told The Outline by way of explaining his unusual investment. [The Outline]Erin Hudson


Related Articles

arrow_forward_ios
Community Development Corporation of Long Island CEO Gwen O'Shea (CDCLI, iStock)
Nassau County aims to salvage $6M rent relief program
Nassau County aims to salvage $6M rent relief program
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Senator Chuck Schumer and 70 Prospect Park West (Google Maps, Getty)
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Dick Cavett and the property in Montauk (Compass, Wikipedia)
Dick Cavett sells estate for $24M in priciest Montauk deal this year
Dick Cavett sells estate for $24M in priciest Montauk deal this year
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Judge trashes 421a rent overcharge suit against Muss
Judge trashes 421a rent overcharge suit against Muss
Judge trashes 421a rent overcharge suit against Muss
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Low interest rates and the capability for some to work from home is helping fuel the market for vacation homes, a new survey indicates. (iStock)
Pandemic continues to fuel demand for second, third homes
Pandemic continues to fuel demand for second, third homes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...