Chip and Joanna Gaines company acquires McMurtry's bookstores in Archer City

The late author Larry McMurtry’s legacy of books and storefront in his hometown of Archer City add up to just over a quarter-million dollars in value, according to tax records.

The Booked Up properties were acquired by XVI Investments of Waco in late 2022. XVI Investments is owned by Chip and Joanna Gaines, who built a fortune with the TV show Fixer Upper and have expanded into program networking and real estate interests.

Records from the Archer County Appraisal District indicate the Gaines’ company acquired the real estate properties from Khristal Collins on Nov. 8, 2022. Collins, who had managed the bookstores, was deeded the properties on Aug. 11 by the Larry McMurtry heirs.

McMurtry died in March 2021 after a long literary career that saw him win a Pulitzer Prize and Academy Award, among other honors. Among his many works were The Last Picture Show and Lonesome Dove. An admitted bibliophile, McMurtry had operated book shops in Archer City for many years. The shelves were full of volumes ranging from rare works to obscure titles.

The items of greatest value left in the stores appear to be the books. Personal property tax value for 2022 was set at $151,650 for books, shelving and fixtures. Tax values on the two real estate properties on South Center Street were $55,120 for Booked Up No. 1 and $59,880 for Booked Up No. 2. Taxable values do not always equate to actual sales values.

Sales price of the properties to the company was listed as $10 and “other good and valuable consideration” – a common phrase in deeds that does not reveal total price.

Chip Gaines traces his family roots to Archer City, which was home to his grandparents.

This article originally appeared on Wichita Falls Times Record News: Gaines’ company acquires McMurtry's bookstores in Archer City