You Could Win Texas Mineral Rights or $1M for Just $4
Trying to sell something is such a pain, especially when all you’re getting are lowball offers. A family in Texas was so fed up with low ballers after having 100-acres of mineral rights up for sale that they went a more unorthodox route.
Over the past few decades, Justin Jones and his family have acquired pieces of land across Frio County in Texas. Now that many of the family members are entering retirement age, their land is looking more like a great way to create a new line of passive income.
This isn’t the first time the family considered selling their land. The family already leases out the land to an oil company for nearly $2,100 an acre, but it’s not the land that buyers have their eyes on. Many groups have approached the family looking to buy the mineral rights for dirt cheap offers, as low as $50 an acre.
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Land is great, but below the dirt is even better.
“There’s the old adage in Texas: never, ever sell your mineral rights. And that’s what I was brought up with,” Jones said.
After being tired of all the unrealistic offers, the family is taking a different route. Instead of selling 100-acres of mineral rights, the family is raffling off the rights for less than $5 a ticket. Once 500,000 tickets are sold, a winner will be chosen, and here’s where it gets interesting.
The winner can choose between two prizes:
- mineral rights to 100-acres
- $1,000,000
On top of that, since the land is leased to an oil company, the winner would get a share of that lease.
“The mineral rights game is a funny one here, because the oil companies and the investment groups, they hold all of the power,” Jones said.
However, if the minimum of 500,000 tickets is not sold, there is an alternative prize. A winner is still selected, but instead of winning the mineral rights, they will get 50% of the ticket proceeds.
“I like the idea for someone to enter into this kind of a legacy story,” Jones said.
It’s a crazy way to sell mineral rights, but imagine winning for less than a cup of coffee?
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