www.upworthy.com
Texas family takes a $40 million hit to turn their massive ranch into a public park
Most people will never see a million dollars in their lifetime, much less tens of millions of dollars. Even fewer would pass up an easy opportunity to become $40 million richer, regardless of how wealthy they already are. That's what a family in Central Texas did when private real estate developers from around the world offered upwards of $130 for their sprawling 1507-acre ranch. Instead of taking one of those huge real estate deals, they chose to sell RGK Ranch to Travis County, Texas, for a reduced purchase price of $90 million—$30 million below its appraised value—so the land could be preserved as a public park. Nadya Scott and her brother Gregory Kozmetsky inherited the ranch from their parents, George and Ronya Kozmetsky, who purchased the land in 1970. The elder Kozmetsky was a technology innovator and co-founder of Teledyne Inc. who passed away in 2003. He was also an educator and philanthropist who gave away millions of dollars through the RGK Foundation. Now his descendants are donating tens of millions of dollars worth of their family's land rights for the public good. The ranch sits outside of Austin, which has seen record growth over the past decade as America's fastest-growing metro area. The family credits Nadya Scott, Kozmetsky's daughter, with the vision to make the ranch into a public park.“I want to preserve the land for future generations because I have seen what happens when the land around a city becomes so valuable that it is sold, and little wild area is preserved,” said Nadya Scott in a press release. “I believe in protecting unique land for the future and I am glad that people before me also wanted to protect land so that I can explore beautiful areas in my travels. The RGK Ranch is a beautiful and unique part of Texas.”Scott's son, Jordan, told Texas Monthly that she had been inspired by picnicking and hiking at Will Rogers State Historic Park in Los Angeles, on land that had once belonged to the film star’s ranch, when they lived in California. “Those experiences truly planted a seed for [my mother] to see she could create a similar experience for people in Austin,” he said.Jordan Scott also said in a press release, “Austin and Central Texas are beloved by the Scott and Kozmetsky families. The cherished memories our family created on this land will now be shared with our community. I am honored by my mother’s decision to preserve and protect this land.”In the U.S. around 40% of land is publicly owned, while 60% is private. But state by state, the percentages vary widely. In Alaska, for instance, nearly 90% of land is public and the rest privately owned. In Texas, less than 5% of land is public while over 95% is privately owned. Public land is a big part of conservation efforts as it can be protected by law. Natural areas that are preserved for the public, such as our National and State Parks, serve to absorb harmful carbon in our atmosphere as well as keep ecosystems healthy. In states like Texas where very little land is protected, public lands are even more important.The park will play a vital role in protecting the environment, acting as a natural filter, absorbing rainwater to contribute to the aquifer, and contributing excess run-off water directly to Lake Travis—a huge benefit since Travis County faces water scarcity concerns. The park will also serve the wildlife of the area, creating corridors for animals to wander from habitat to habitat. “Due to the families’ generosity and the foresight of Travis County, a large and very valuable property with significant conservation value will become parkland, benefiting wildlife, water quality, and future park goers in our community,” said Jeff Francell, associate director of land protection for The Nature Conservancy in Texas, an environmental nonprofit organization that helped facilitate the transaction.County Judge Andy Brown, who helped lead the efforts to acquire the land for the county, added, “The Scott family's generosity also ensures that future generations will have the chance to experience the beauty and ecological value of this land. We look forward to collaborating with the community to develop a park that reflects the diverse needs and interests of our residents.”The county will create a master plan for the land, but according to Texas Monthly, a home on the ranch is already slated to be turned an events center. The Scott family will retain ownership of 90 acres of land adjacent to what, but Travis County will have right of first refusal to buy that land if the family decides to sell in the future. The park is expected to open to the public in late 2025.
New Posts (Home)
ChatBox
Popular Posts 
Game Zone
Top PodCasts
