Take one look at the Ford truck carrying the city name and you may think Mustang, Texas is the quintessential Texas town. As it turns out, Mustang isn't that innocent.

"That was a big deal when it happened," said Trina Jeffers, the city secretary for Angus. "We were just a little Baptist community and those bad people across the street wanted to sell beer ... They went wet and Angus stayed dry."

She explained that in the 1970s, Mustang was incorporated because residents wanted a place to buy booze. Since then, the 76-acre rectangle, stretching east of Interstate 45 about 50 miles from Dallas, hasn't held more than 50 people. Today, both communities can sell alcohol.

An adult novelty store open in town is the last sign of life for the economy and the town's owner, a Dallas lawyer, is ready to put it on the market.

"The asking price is $4 million but all offers will be considered," said realtor Mike Turner.

"To the best of my knowledge, there's only two privately owned towns in Texas, Mustang and of course Carl's Corner, which is owned by Willie Nelson," he said.

So what does $4 million get you? There's a volunteer fire department with an engine that's ready to roll out. Head down Regan Street and you'll find a small mobile home park that's ripe for redevelopment. There's even a state-licensed waste water treatment plant.

"You can buy this, and as long as you conform to the local government code, you can be the mayor," Turner said. "You can appoint a police chief. You name it."

Back across the street in Angus, Jeffers is hopeful a new owner will turn around her neighbor's reputation.

"I would like to see someone buy it and maybe put a big truck stop, something that's of value to the community there," she said.