The former Hot Wells Shooting Range in Cypress has hit the market asking $8.5 million.
Compass’ ranch and land division is handling the sale of the 48-acre property located along U.S. 290, between Barker Cypress and Fry roads, the Houston Business Journal reported. The property was historically home to the two-story Houston Hot Wells Hotel & Sanitarium.
Shortly after wildcatters and free-range oil well drillers discovered the artesian spring and three lakes on the property in 1904, the 500-bed hotel opened for people looking to experience the water’s health benefits. The spring water was so sought after, that the hotel stored it in concrete basins at two temperatures. The property was later converted into a shooting range.
“There are a multitude of potential uses for this property that is so rich in history,” listing agent Kathy McKinney told the outlet. “The land could be ideal for single or multifamily development, commercial development, or even recreational development as in the past. There are very few parcels of land available in this size and area; it could even be an outstanding single-family sanctuary without having to leave town.”
The pandemic sent the popularity of luxury properties through the roof, and ranch properties were no exception. Ranches are particularly desirable for the wealthiest Americans. The nation’s 100 largest landowners held 42.2 million acres as of last August, according to the Land Report, led by timber tycoon Archie Aldis “Red” Emmerson, the founder of Sierra Pacific Industries.
Ranch sales turned necks in Texas last year, such as the sale of the ranch from “Yellowstone” and the late T. Boone Pickens’ ranch in the Texas Panhandle going for a total of $170 million, sold in two pieces.
Texas cashed in on this boom, as did Montana, Colorado and other western states. While longtime local farm and ranch brokers held their own in Texas, national brokers such Douglas Elliman launched new ranch and land divisions.
— Victoria Pruitt
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