Billionaire John Poindexter Funnels $67 Million Into Texas Ghost Town Shafter

Billionaire John Poindexter, 81, is directing a portion of his fortune into revitalizing Shafter, Texas, a former silver-mining ghost town of roughly 25 residents, as he has no heirs to inherit his estate, according to IRS filings compiled by ProPublica. His Tidewater and Big Bend Foundation has received nearly $67 million in contributions since late 2020, including $20.6 million in the fiscal year ending November 2024, when it reported $62.5 million in net assets. The foundation's signature project calls for a resort and living history museum in Shafter, anchored by a rebuilt saloon, general store, and post office. Poindexter founded J.B. Poindexter & Co. in 1985 and remains its sole owner. The Houston manufacturer grew from $40 million in revenue in 1994 to more than $2.7 billion in annualized revenue through over 40 acquisitions. His foundation will eventually own all his properties, including the 30,000-acre Cibolo Creek Ranch.