You’ve probably seen the headlines. A billionaire buys a whole town in the middle of nowhere, and suddenly everyone is convinced it’s going to become a futuristic tech hub or a massive theme park. But when it comes to who owns Mustang Texas, the reality is a lot more human—and honestly, a lot more boring—than the internet rumors would have you believe.
As of early 2026, the owner of Mustang, Texas, is still billionaire entrepreneur and Shark Tank star Mark Cuban.
He didn't buy it to build a crypto-utopia. He didn't buy it to move the Dallas Mavericks out to the Navarro County scrub brush. He basically bought it as a favor.
The Story Behind the Purchase
In December 2021, news broke that Cuban had snapped up the 77-acre town located about 55 miles south of Dallas. At the time, the price tag was rumored to be around $2 million, though Cuban later hinted it might have been slightly less, closer to $1.9 million.
The transaction wasn't some calculated real estate play. It was personal.
The previous owner was Marty Price, a long-time friend of Cuban’s and a fixture at Mavericks games. Price had been battling cancer and, according to Cuban, the town was his only real asset. He needed to liquidate it to handle his affairs, and after the property sat on the market for years—originally listed for a staggering $4 million back in 2017—Cuban stepped in.
It was a "help a buddy out" move that happened to result in him becoming the sole owner of an incorporated municipality.
What exactly did he buy?
If you're picturing a charming town square with a gazebo, you've got the wrong Mustang. This place is a ghost town in the most literal sense. When Cuban took over, the "assets" included:
- A dilapidated mobile home park.
- A fire station that had seen better days.
- A long-abandoned strip club (the "Mustang Club") known for a gruesome murder back in 2008.
- An alligator living in a local pond.
The population? Effectively zero. While the 2010 census claimed there were about 21 or 23 people living there, the 2020 census officially clocked the population at 0 residents. It is one of only a handful of incorporated towns in the United States with absolutely no people.
Why Who Owns Mustang Texas Still Matters
People keep asking about this place because it’s Mark Cuban. Everything he touches usually turns into a massive project. For a while, there was a wild rumor that he was going to partner with Dino Don (an entrepreneur from Shark Tank who makes animatronic dinosaurs) to turn the acreage into Jurassic Texas.
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Cuban actually leaned into this for a second. He mentioned it on The Drew Barrymore Show in 2022, and the internet lost its mind. Imagine: life-sized T-Rexes towering over I-45.
But by August of 2022, he walked it back. He told WFAA that the dinosaur park wasn't happening. Fast forward to 2023, and locals noticed bulldozers on the property. Was this the start of something big?
Nope.
Cuban confirmed he was just tearing down the old strip club. He called it "just cleaning up."
The ghost town reality
Since that demolition, not much has changed. In early 2024, reports surfaced that Cuban hadn't even visited the town since buying it. He’s essentially a remote landlord of a vacant lot that happens to have its own zip code.
One of his buddies apparently serves as the "mayor," which mostly involves making sure the grass doesn't get too high and the trash gets picked up.
Legal Nuance: Can You Actually "Own" a Town?
Ownership is a tricky word here. Cuban’s company owns the land and the structures, but Mustang is still an incorporated town under Texas law. This means it technically has a government, even if the government is just a guy Cuban knows.
He can’t just declare himself King of Mustang and start printing his own currency. He still has to follow Navarro County regulations and Texas state laws.
If he wanted to develop it into a casino (a topic he’s been vocal about regarding Texas gambling laws), he’d still need the state to play ball. Right now, it’s just 77 acres of dirt and potential.
What’s Next for Mustang?
If you're looking for a massive redevelopment project, you're going to be waiting a while. Cuban’s recent business moves—like selling his majority stake in the Dallas Mavericks and focusing more on his Cost Plus Drugs venture—suggest that a 77-acre real estate project in rural Texas is pretty low on his priority list.
However, the land’s location is its biggest asset. It sits right on Interstate 45, the main artery between Dallas and Houston. As the DFW metroplex continues to explode southward, that "middle of nowhere" land becomes "prime transit real estate" very quickly.
Actionable Insights for the Curious
If you are tracking the status of Mustang for investment or curiosity, keep these points in mind:
- Public Records: You can track the tax status and ownership via the Navarro County Appraisal District. If the ownership name changes from a Cuban-linked LLC to a developer, that’s your signal that something is actually happening.
- Zoning and Permits: Any real change in Mustang would require public permits. Watch the Navarro County commissioners' meetings if you’re looking for the first sign of construction.
- The "Dinosaur" Myth: Don't believe the theme park rumors until you see actual steel in the ground. Cuban is known for being cheeky with the press; he often throws out ideas just to see how they land.
- No Trespassing: It might look like a ghost town, but it is private property. Local law enforcement and the "mayor" still keep an eye on the place to prevent vandalism.
The mystery of who owns Mustang Texas is solved—it’s Mark Cuban—but the question of what he’ll do with it remains the ultimate "wait and see" story of Texas real estate. For now, it’s just a quiet patch of land where the only resident is likely still that alligator in the pond.