California ghost town sells for $1.4M

INYO COUNTY, Calif. (KABC) -- Cheap property in California is hard to come by, but for a cool $1.4 million someone purchased an entire ghost town in the Owens Valley.

The ghost town, Cerro Gordo, is an abandoned mining town located near Lone Pine on the drive up to Mammoth on the 395 Highway.

Silver was discovered nearby there in 1865, which played a role in the development of Los Angeles.

It was described as a real "Wild West" kind of place: saloon, bunkhouse and murders.

It's been abandoned for decades, but sold for $1.4 million due to the potential of it to be developed into a destination spot with dining, music and special events.