Weathered cowboys? More like wealthy Austin newcomers eager to buy land for personal playgrounds
By Michelle Pitcher – Staff Writer, Austin Business Journal
Feb 20, 2022, 10:38pm EST
Peter Rex, founder and CEO of real estate and technology company Rex LLC, chose to move his company’s headquarters to Austin from the West Coast in 2020. He recently doubled down on the decision to call the Lone Star State his home base by purchasing more than 1,000 acres of ranch land in the Llano area.
Rex is keeping the land for recreational and family use, with plans to have cattle on the ranch. He said he wants to teach his four kids, all under the age of eight, about working the ranch and taking care of the animals.
There will be plenty of room for recreation on the property, which has a massive creek running through it and pink granite features throughout. Rex said he might build a landing strip for private planes, install a rocket launch range or bring some riding bulls onto the property.
“I'm not one of these people who are going to try to change Texas to be like me,” Rex said. “I want to embrace what Texas is.”
Rex is by no means the only high net worth Austinite buying ranch land for personal use. Brokers said the demand for high-end ranches is high, with much of the interest in the higher-priced side of the market coming from out of state.