I looked but I couldn’t find in the narrative of the listing where oil or gold reserves were found on the property, that would be the only justification, I’m sure Texaco has engineers on site.
I have seen some listings raise their price and then cut it pretty quickly below the original price so they can advertise a “huge price drop” Even though it wasn’t that much of a drop from the original price. Another explanation is that it is a short sale and the bank balked at the original price, short pricing is not set by the banks, the realtors have to guess until they have an offer they can submit, then based on the bank’s rejection feedback they can figure out what the bank will take.
The final theory is that someone (owner or realtor) is a moron and they are counting on not being the only moron in the area.
