Lobo is a tiny windswept ghost town in West Texas. ... Alexander Bardorff, one of the owners, said a friend spotted a “town for sale” sign while driving past Lobo in the late 1990s.

More than 70 people descended on Lobo, Texas, recently for the opportunity to own a ghost town for $100,000. Alexander Bardoff, who bought Lobo with a group of friends for $20,000 in 2001, is ...