With no heirs to leave it to, this billionaire is pouring his fortune into a Texas ghost town of about 25 people
John Poindexter, the 81-year-old founder of truck-body maker J.B. Poindexter & Co., wants to turn Shafter, Texas, into a living history museum.
Billionaire John Poindexter, an 81-year-old Houston manufacturing magnate, is funneling his vast fortune into preserving a desolate Texas town called Shafter. Poindexter has invested nearly $67 million into the town, with his foundation's signature project being the restoration of the historic town, which currently houses just about 25 people.
Shafter was once a thriving silver-mining community but has since fallen into decay, with its population dwindling significantly since the 2010 Census. Poindexter, who has never been married and has no children, is using his wealth to breathe new life into the town by turning it into a resort and living history museum featuring a rebuilt saloon, general store, post office, and a dozen adobe homes available for overnight rentals.
The town's history as a silver-mining center dates back to 1883, and Poindexter's investment aims to restore the past and generate a renewed interest in the community.
Written by urgent.news from Fortune's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
