John Poindexter, a Houston manufacturing billionaire with no spouse or children, is investing millions through the Tidewater and Big Bend Foundation to revive Shafter, a nearly deserted former silver‑mining town in West Texas with about 25 residents. The plan would create a resort and living‑history museum with reconstructed historic buildings and overnight adobe homes. The foundation has taken in roughly $67 million since late 2020, and is expected to assume ownership of Poindexter’s wider properties, including a 30,000‑acre ranch. Locals welcome investment but stress infrastructure needs — especially reliable water — before the town can truly rebound.
Texas Billionaire Bets Millions to Revive 25‑Person Ghost Town — A Resort and Living‑History Plan for Shafter
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Billionaire John Poindexter is investing millions to revive Shafter, a nearly abandoned former silver‑mining town in West Texas that today counts roughly 25 residents. Through the Tidewater and Big Bend Foundation, Poindexter is funding a project that aims to turn the hamlet into a resort and living‑history destination while restoring key historic structures.
Project Plans
Officials and foundation representatives say the plan centers on a small resort and a living‑history museum that would recreate the town's historic core. Proposed elements include reconstructed versions of the saloon, general store and post office, about a dozen adobe‑style homes available for overnight stays, and restoration of the town church near the entrance.
Funding And Ownership
Public records compiled by ProPublica and reported by Fortune show the Tidewater and Big Bend Foundation has received about $67 million in contributions since late 2020, including $20.6 million in the fiscal year ending November 2024. The New York Times reports the foundation is expected to hold Poindexter’s properties over time, including the 30,000‑acre Cibolo Creek Ranch.
Why Shafter?
Shafter declined after the Presidio Mine shut down. Black Bear Minerals reports the mine operated from 1883 to 1942 and produced roughly 35.2 million ounces of silver. Presidio County has seen long‑term population loss: Census Bureau figures put the county population at about 5,433 in 2025, down 11.4% from 2020 and well below the 2010 level of 7,818.
Local Context And Reaction
Residents and local leaders have greeted the investment with cautious optimism. Fortune cited Census data showing Presidio County’s median household income is $43,802, nearly one in five residents live in poverty, and many must travel about 19 miles for groceries. Poindexter has already acquired several properties in Shafter and offered to restore the historic church.
"I've never been married, I have no children,"
Poindexter told The New York Times when asked why his fortune will not pass directly to heirs.
"This is a wake‑up call for sure... Once we get a dependable, good water system in here, the place is going to boom,"
said David Long, Shafter water board president, to the Big Bend Sentinel.
Who Is John Poindexter?
Fortune reports Poindexter is a Vietnam veteran who spent 14 years in finance before founding JB Poindexter & Co. in 1985. An EY announcement in 2024 said the company grew through more than 40 acquisitions to annualized revenue above $2.7 billion. The company also claims to produce about 66% of step vans in the U.S. Class Five delivery market.
Broader Trend
Observers say Poindexter’s Shafter project fits a wider pattern of wealthy landowners and developers reshaping large tracts of rural land — from major conservation purchases to commercial redevelopment and data‑center projects.
What’s next: Foundation and local officials will need to secure infrastructure improvements (especially reliable water) and community buy‑in before the vision can scale from renovation projects to a viable tourism destination.
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