500 Acres in Spicewood hit Market for $44M

As luxury development booms west of Austin in Spicewood, the owner of 517 acres of land is sizing up potential buyers. 

Calvin Chen, the majority owner of the land that’s dubbed the Flying X Ranch, put the land up for sale last year for $85,000 per acre, or $44 million if sold altogether. Chen, the founder of Art Hub ATX and owner of his own architecture firm, can afford to be choosy with potential buyers, according to the Austin Business Journal. 

Chen told the outlet that the ideal buyer is someone interested in “culture,” someone who is going to push the envelope in terms of unique experiences. Offers so far have come from industrial companies, and a California-based aviation company that wants to build a private luxury airport next to a currently unpaved runway. Another offer came in from a major Japanese car manufacturer, who wants to build a racetrack on the property, Chen told the outlet. They’re still in the early phases of the search for a unique partner. 

Chen listed developments like the Thermal motorsport country club in California and the Faena Hotel brand that operates globally as options for the land. Spicewood, which sits along Highway 71 on the west side of Austin, is close to the Colorado River and Pedernales Falls State Park.

While Chen and the other owners of the 517 acres mull over ideas for the land, other projects in the Austin area are moving right along. Kelly Slater’s Austin Surf Club is looking to restart construction as it stares down the barrel of $16 million in liens. The Surf Club developers are looking to establish a Municipal Management District to fund needed infrastructure. 

Work is also expected to begin at the Dog’s Head, an Endeavor-owned tract of land towards the far east portions of Austin that was just annexed into city limits. Recent reports tie Amazon to the Dog’s Head site. 

— Hunter Cooke

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