Lush lakefront resort at Possum Kingdom splashes onto market for $11 million
A nearly 2.6-acre lakefront resort — yes, an entire resort — less than 150 miles west of Dallas can be yours for $11 million.
Husband-and-wife owners Bo and Gelasia Bennett recently put the for-sale sign on Lush Resort, which sits along Possum Kingdom Lake in the Palo Pinto County town of Graford. The property features 18,000 square feet of lodging, dining, and meeting space. It boasts 12 hotel rooms, six lakefront suites, and four two-bedroom bungalows, along with a restaurant, bar, spa, three swimming pools, and four RV sites.
The Bennetts bought the property in 2014 and since have poured about $5 million to $6 million into various upgrades. Although cooped-up North Texans itching for close-by getaways have kept the resort booked solid for weeks, Bo Bennett says he and his wife are ready to sell it. Bennett says they’re also open to converting the resort into a condominium complex.
Bo Bennett, a part-time Realtor with Grapevine-based Century 21 Mike Bowman Inc., has the listing for Lush Resort.
Bennett, who’s 48, says he and his wife always planned to own and operate the resort until he turned 50. But the coronavirus pandemic has accelerated that plan. Bennett says they want to free themselves from business debt, the day-to-day grind of running a resort, and the legal tug of war going on between the couple and the contractor that worked on the property’s recent expansion.
“We’ve created something that’s a little bit bigger than just the two of us. It’s quite a project,” Bennett says. “We put in 16 hours a day apiece, and the phone rings all night. And that’s a great thing, you know. Definitely not complaining.”
If a new owner snaps up the resort, which the Bennetts also call home, the couple ideally would like to relocate to Key West, Florida. The Bennetts are eager to kick up their feet and immerse themselves in the boating lifestyle. They own a 27-year-old, 40-foot boat that’s docked at Possum Kingdom Lake, which locals lovingly call P.K. for short.
Bennett envisions the potential buyer as someone from the East Coast or West Coast who wants to flee a high-cost, high-stress atmosphere and settle down in a lower-cost, slower-paced environment.
“If somebody really knew what they were doing, they could make such a great living,” Bennett says. “What’s unique about the property is it’s not just a business. It’s a lifestyle, it’s beauty, it’s serenity, and it’s … very expensive real estate.”
The site of Lush Resort originally housed Scuba Point, which opened in 1960 and evolved into a well-known scuba-diving site. When the Bennetts bought the property, it was an RV park. As owners and operators, they’ve managed to achieve harmony as business and life partners, according to Bo Bennett.
“We built a resort,” Bennett says, “and we love each other more than ever.”
The Bennetts first met at Possum Kingdom Lake in 1991 — they were introduced to one another by her dad — and then reconnected in 2012 when her father’s ashes were spread there. The couple went on their first date at a P.K. fundraiser, and Bo proposed to Gelasia on the porch of their P.K. condo. They’ve been married for seven years.
Aside from the rich history attached to the property, Bo Bennett highlights his wife’s décor selections for the guest rooms.
“My wife is very picky about where we stay, and she’s put that love into these rooms,” he says. “People are shocked — they see the pictures, and show up and say it’s so much nicer than even the pictures, so there’s some pride in that.”