Citing current “global economic turmoil and financial constraints,” Abilene developer Kenneth Musgrave has pulled out of a move to purchase Hendrick River Ranch, a massive 42,175-acre spread in Shackelford, Throckmorton and Haskell counties that includes 33 miles of the Brazos River twisting through its center.

Hendrick River Ranch is part of Hendrick Home for Children.

Musgrave said previously that he planned to sell off tracts of land along the river — on both sides — and that it was a high priority of his to help the city of Abilene with its long-term efforts to build the Cedar Ridge Reservoir in that area. The proposed reservoir would cover a portion of the ranch.

But now, according to a written statement Wednesday, Musgrave concluded that “going forward with the closing of the ranch purchase may not be in the best interest of Musgrave Enterprises or Hendrick Home for Children.”

Musgrave rejected an offer from J.P. Morgan Chase Bank, the Hendrick Home for Children’s trustee, to extend the closing date another six months, believing that it “will take a minimum of one year for economic conditions to improve,” the statement said.

“If he is correct,” the statement continued, “Musgrave Enterprises would be better served keeping its cash available and being in an excellent position to take advantage of other opportunities that will be available as a result of the financial crisis.”

Musgrave, according to the statement, has always been a supporter of Hendrick Home for Children and “feels that extending the closing six months would restrict their ability to move forward and Musgrave wishes nothing but the best for Hendrick Home for Children.”

David Miller, president and CEO of Hendrick Home for Children, was out of the office today and unavailable for immediate comment.

Hendrick Home for Children hadn’t placed the property on the market when Musgrave pursued the deal.

Musgrave’s contract was the second offered by an interested buyer. The first contract fell through after the potential buyers withdrew their offer.

The facilities, Musgrave had said, would make a first-class recreational club, using a portion to hunt deer, dove, quail and wild hog.

“We believe that the Hendrick ranch ... is one of the premier tracts in all Texas,” Musgrave said in late April, when he announced efforts to purchase the ranch, adding that he would take “nothing less” than $39.4 million for the ranch headquarters and 15,775 acres.