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
9 East 71st Street and Jeffrey Epstein (Photos via Getty)
Jeffrey Epstein’s UES townhouse in contract for around $50M
Jeffrey Epstein’s UES townhouse in contract for around $50M
 JLL CEO of capital markets Richard Bloxam and Roofstock CEO Gary Beasley (JLL, Roofstock, iStock)
JLL gets in rental home business
JLL gets in rental home business
Mack-Cali Realty CEO Mahbod Nia and MaryAnne Gilmartin (Photos via Mack-Cali Realty)
Mack-Cali Realty names Mahbod Nia as CEO
Mack-Cali Realty names Mahbod Nia as CEO
(iStock/Illustration by Kevin Rebong for The Real Deal)
January home prices up 10% in biggest annual gain in 7 years
January home prices up 10% in biggest annual gain in 7 years
Joel Simkhai and a rendering of 215 East 19th Street (Photos via Getty, Gramercy Square/Woods Bagot)
Grindr founder snaps up Gramercy penthouse listed at $29.5M
Grindr founder snaps up Gramercy penthouse listed at $29.5M
Lydia Sussek and Howard Lorber (Corcoran, Getty)
Corcoran vet Lydia Sussek joins Elliman
Corcoran vet Lydia Sussek joins Elliman
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Mortgage rates surge — and refinance applications sink
Mortgage rates surge — and refinance applications sink
Compass CEO Robert Reffkin (iStock, Getty/Illustration by Kevin Rebong for The Real Deal)
How much Compass paid to scale up
How much Compass paid to scale up
arrow_forward_ios

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

Loading...