Billionaire John Poindexter is pouring millions into reviving Shafter, Texas, a West Texas ghost town with about 25 residents.
As baby boomers prepare to hand down an estimated $124 trillion in wealth, most of that money is expected to stay within families. However, Poindexter has no wife or children to hand that money down to, so he is taking a different approach.
Here's what to know
Fortune reported that Houston manufacturing magnate John Poindexter is directing his fortune toward Shafter, a nearly abandoned former silver-mining town in Presidio County.
IRS filings compiled by ProPublica show Poindexter's Tidewater and Big Bend Foundation has received about $67 million in contributions since late 2020, including $20.6 million in the fiscal year ending in November 2024.
Plans for the town focus on a resort and living history museum, with reconstructed versions of the saloon, general store, and post office, plus roughly a dozen adobe homes for overnight stays.
When the Times asked why his family would not inherit his wealth, Poindexter said, "I've never been married, I have no children."
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The town he selected draws attention because of its declining population. Census Bureau figures show Presidio County had about 5,433 residents in 2025, down 11.4% from 2020 and well below its 2010 population of 7,818.
More background
Shafter largely declined after the Presidio Mine closed. Black Bear Minerals said the mine operated from 1883 to 1942 and yielded 35.2 million ounces of silver.
His foundation officer, Henry Thompson, told the Big Bend Sentinel the concept is "kind of the same as Colonial Williamsburg, where you can actually stay in town, and then some of the structures will just be museum visiting."
Fortune reported that Poindexter is a Vietnam veteran who spent 14 years in finance before starting JB Poindexter & Co. in 1985. A 2024 EY announcement said the company had expanded through more than 40 acquisitions to annualized revenue above $2.7 billion. His company claims to produce 66% of the step vans in the U.S. class five delivery market.
For some in the town, Poindexter's investments are warmly welcomed. Fortune cited Census Bureau data showing Presidio County's median household income is $43,802, that close to one in five residents live in poverty, and that residents must travel 19 miles to Presidio for groceries.
What's being done?
The Big Bend Sentinel reported that Poindexter had acquired several properties in Shafter and had also offered to restore the historic church at the town's entrance.
According to the New York Times, Poindexter's foundation is eventually set to own all of his properties, including the 30,000-acre Cibolo Creek Ranch.
Fortune reported that while not every resident is fully sold on the plan, a new restaurant and shop would be welcomed.
Shafter resident and water board president David Long told the Big Bend Sentinel, "This is a wake-up call for sure, for people to start considering what's going to happen to the town. Once we get a dependable, good water system in here, the place is going to boom."
Where can I learn more?
Across the U.S. and beyond, wealthy landowners and developers are reshaping the land. Here's a look at major investments, conservation deals, and redevelopment fights.
• In North Carolina, Epic founder Tim Sweeney quietly bought over 50,000 acres for conservation.
• In Taylor, a park-destined tract is now a $10 million data center site.
• Southern New Mexico courted jobs and got a thirsty data center and gas plant.
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