by John Waters
Publisher

Kelcy L. Warren of Dallas has bought the bankrupt Lajitas Resort for $13.5 million.

Today Bankruptcy Court officials in San Antonio confirmed the price, and said a final hearing is set for December 18. An internal Lajitas memo issued today said Warren would be on the property this weekend and the sale should close by 12/21.

Warren, through a representative, declined comment until the sale has closed. “It’s been a strange process," Warren told this newspaper in a previous interview. "I was the high bidder. There have been a series of postponements to allow another bidder to bid and arrange financing…. I love that part of the world and I love the people.”

Warren added that his bid was not comprised of any debt and he thought any bid with a debt component would result in failure. Warren is CEO of Dallas-based Energy Transfer Partners, LLC a company listed on the New York Stock Exchange. Last year the company grossed $6.7 billion and had a net profit of $676 million.

The sale to Warren represents the end to a failed experiment by Steve Smith of Austin to transform the remote resort into a 5-star destination for the wealthy. Smith, who bought Lajitas in 2000 for $4 million, has invested approximately $100 million into the venture. It is unknown what plans Warren has for the property.