Texas billionaire Tito Beveridge has quietly accumulated thousands of acres in Bastrop County over the last few years, keeping his intentions shrouded in mystery.
While much of the area east of Austin is rapidly transforming due to Elon Musk’s industrial ventures, Beveridge’s land purchases, dating back to 2021, have largely gone unnoticed, the Austin Business Journal reported. However, the scope of the land grab is significant, especially in a region experiencing rapid development.
Beveridge, best known as the founder of Tito’s Vodka, has scooped up 63 parcels in Bastrop under his company Capital Land Investments 3 LP. These parcels, totaling nearly 13,000 acres, are primarily centered around the XS Ranch, a large tract that once faced legal troubles when proposed as a subdivision.
The parcels have an assessed value of $156 million, Bastrop County property records show.
Unlike Musk, whose 600 acres in Bastrop have been swiftly developed for projects like Boring Company and SpaceX, Beveridge has yet to file any development plans.
Riley-McLean Land, which managed the XS Ranch transfer, hinted that the property might remain undeveloped, at least for the foreseeable future. In a letter during the 2021 transfer, Managing Partner Tim Riley noted the possibility of holding the asset without further development.
Since then, the land’s development agreements have only been renewed concerning groundwater rights, without applications for construction permits. The possibility of large-scale development remains, but for now, Beveridge’s neighbors are cautiously optimistic that any future projects will be environmentally sensitive.
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Kay Rogers, who lives near one of Beveridge’s parcels, said she is relieved that the land was not turned into a solar farm, as was previously proposed.
“They’ve walked the walk so far,” Rogers said, adding that she hopes Beveridge will consider leaving some of the land as a conservation easement.
— Andrew Terrell