Real Estate: Albert, Texas, Spotted on the Sale Rack

The economy may have fallen off the roof and broken its back, making larger investments (for example, buying property) a bit precarious. But if you've ever had aspirations of owning, say, your own town, have we found a blue-light special for you. Nestled just a quick jaunt North from San Antonio, the ghost town of Albert, Texas is up for grabs at $883,000.

According to a CBS report in 2007, the town's owner Bobby Cave put the town on the market for a sum of $2.5 million (he paid $216,000 for it). That was then; this is now.

Amenities: An 85-year-old dance hall; an icehouse and beer garden; a creek; an historic limestone schoolhouse (the town rumor is that President Lyndon B. Johnson attended in 1920–but the rumor's getting harder to corroborate with subsequent population decline); pecan and peach orchards; a three-bedroom, two-bathroom home; and, according to Albert's Web site, "ample parking."

Albert once bustled with 50 residents in 1925. By 2000, the populace reduced by 50%. When Cave came along in 2003, it was nearly deserted. By October of 2007, after putting hundreds of thousands of dollars into the town, he was ready to move on. Adhering to the Texas state census, a dusty sign that reads "Population: 4" greets visitors upon entry. 

In a related story, an island (yes, an island) is also up for grabs to a lucky bidder. The seller is Brian Silvernail, a commercial real estate developer, property auctioneer, and technology enthusiast (he named his three sons Emerson, Ethan, and Elliot so that he can refer to them as his e-boys).  It seems that he too has grown tired of his privately owned (and water-ensconced) land mass, which is available for perusal and–he hopes–purchase.