A Houston-based commercial real estate developer has acquired a 5,000-acre ranch near Pearsall, Texas, located about 70 miles south of San Antonio. The property was purchased 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 as an amateur historian and descendant of a prominent Texas ranching family.
The sale price has not been disclosed. However, Robert Dullnig of Kuper Sotheby’s International Realty had listed the property for $16.5 million. To finance the acquisition, Seger’s entity BC Frio 5000 obtained a $13.5 million loan from Security State Bank and Trust.
The land is largely undeveloped except for several irrigation wells and a small cabin measuring approximately 1,000 square feet. According to the General Land Office, its condition remains similar to when it was granted to Maria Francisca Sosa in 1838 by the Republic of Texas.
Dullnig described the property as suitable for various improvements and noted that it offers multiple sites where homes could be built. The land has been leased out as a hunting destination in recent years and features more than seven miles of high fencing around its perimeter. Five irrigation wells provide water to troughs and tanks on site.
The ranch includes just over two miles of Leona River frontage, with additional seasonal creeks that can increase waterfront access during periods of high water.
Historical records indicate that Eugene Kincaid Jr., grandfather of Eugene Kincaid III and grandson of William Davis Kincaid—the founder of Kincaid Ranch near Uvalde—purchased this tract in 1948 for $121,000. Among his ancestors was a veteran who fought at the Battle of San Jacinto during Texas’ fight for independence. Eugene Kincaid III also worked with historians to identify historic sites on family-owned properties.
