A Houston-based commercial real estate developer has acquired a 5,000-acre ranch near Pearsall, Texas, about 70 miles south of San Antonio. The purchase was made by an LLC registered to Mark Seger, a partner at Wellington Development Company. Public records show that the seller was a ranch company owned by the late Eugene Kincaid III, who was known for his work as an amateur historian and as a descendant of a historic Texas ranching family.
The property, which sits along the Leona River, had been listed for $16.5 million by Robert Dullnig of Kuper Sotheby’s International Realty. The final sale price has not been disclosed. To finance the acquisition, Seger’s entity BC Frio 5000 obtained a $13.5 million loan from Security State Bank and Trust.
The land remains largely undeveloped except for several irrigation wells and a small cabin measuring about 1,000 square feet. According to the General Land Office, it closely resembles its original state when it was granted to Maria Francisca Sosa in 1838 by the Republic of Texas.
Dullnig described the property as offering development potential with “improvements of your choice,” noting that there are multiple sites suitable for building homes.
For years, the ranch had been leased out as a hunting destination. It features more than seven miles of high fencing around its perimeter and five irrigation wells that provide water to troughs and tanks in addition to what is supplied by the Leona River. The property includes just over two miles of riverfront on the Leona and seasonal creeks that can add another seven miles of waterfront during periods of high water.
Eugene Kincaid Jr., grandfather to Eugene Kincaid III and grandson of William Davis Kincaid—founder of the original Kincaid Ranch near Uvalde—purchased this land in 1948 for $121,000 according to public records. Among his ancestors is a veteran from the Battle of San Jacinto, which secured independence for the Republic of Texas. Eugene Kincaid III also worked with historians to identify historical sites on family-owned land.
