Historic Pedernales River Ranch. Steeped in Texas history and stewarded by the Paul family since the 1950s, this extraordinary 39.66-acre ranch has exchanged hands only three times since the original Texas land grant of 1836. Rarely does a property with such heritage and potential become available, offering a unique opportunity to bring your vision to life in the heart of the Hill Country. Currently Agricultural Exempt, the property is fully fenced and features multiple level building sites ideal for a homestead, ranch headquarters, or future development. The land appears to not be zoned or located within an ETJ, providing incredible flexibility for both residential and commercial possibilities. The topography is mostly flat with gentle elevation changes that slope toward a Pedernales River slough, where you'll also find the unique and storied "living cave." Walking access down to the slough provides scenic beauty and recreation, while higher ground outside the partial floodplain ensures plenty of usable space for construction. The property already has a water well and electrical is available, with a septic system needed for future improvements. Stands of mature oaks and native vegetation are scattered throughout, all set against a backdrop of iconic Texas sunsets. With only very light, seller-imposed restrictions, this land is truly ready for development and offers exceptional potential for commercial ventures. Located in the highly acclaimed Lake Travis ISD and less than a 10-minute drive to Pace Bend Park, this property offers unmatched versatility, natural beauty, and a legacy that stretches back to the earliest days of the Republic. Whether your dream is a private ranch retreat, an agricultural enterprise, or a commercial project with deep Texas roots, this is a rare chance to own a piece of Texas history and create something extraordinary.