A San Antonio real estate executive has taken a former Fiesta royal to court over millions of dollars in unpaid loans connected to a sprawling South Texas ranch the two once bought together. Michael J. Lynd Jr., chief executive of Kairoi Residential, filed suit this past Thursday in state district court in San Antonio against Mark M. Johnson Jr., who served as King Antonio XCIII in 2015, alleging breach of contract and breach of an informal fiduciary duty.
According to the San Antonio Express-News, Lynd alleges Johnson owes him more than $7.3 million in principal and interest, and the suit seeks collection of that debt. Johnson, who works as managing partner and senior investment adviser with King Luther Capital Management, is pushing back hard on the characterization of the dispute. He said he disputes Lynd’s demand for a cash payment instead of a resolution the two had agreed on, and he denied using the borrowed funds to finance his personal lifestyle.
A Ranch Partnership Gone Sideways
The roots of the dispute trace back to 2019, when Lynd and Johnson formed MMJ Ranch LLC to acquire a 1,113-acre ranch near Pearsall and Moore in Frio County, the same report notes. That entity later changed its name to JL Brush Country Partners LLC, and the property is now known as Brush Ranch. The ranch acquired by Lynd and Johnson was then known as Black Creek Ranch and had been listed for sale at $5.2 million, the Express-News reports; Republic Ranches describes it as 1,112.76 acres near Pearsall.
Per the lawsuit, Lynd loaned Johnson nearly $3.5 million in total from October 2020 through July 2022, spread across 19 numbered loan notes. Those notes carried an annual interest rate of 4%, compounded monthly, rising to 9% after default, and were due in full on November 1, 2023. The complaint alleges Johnson made no payments on the notes. As of September 17, 2026, Lynd claims Johnson owed about $5.1 million on that first set of loans alone.
A Second Round of Advances
The suit also describes a separate stream of money: Lynd says he advanced another $1.6 million from September 2022 through August 2026 to cover Johnson’s share of ranch capital contributions and operating expenses. Those additional loans carry interest at the prime rate plus 5%, and the suit states that no due date was specified for them. By Lynd’s accounting as of September 17, 2026, Johnson owed about $2.2 million on that second tranche.
Lynd’s suit further alleges that Johnson retained the benefits of the loans, including enjoying what the complaint describes as a family legacy ranch while holding himself out as its owner, the Express-News reports. Johnson, for his part, offered a starkly different account of who was actually steering the money. He said Lynd controlled the funds, never provided them directly to Johnson, and directed their expenditure himself as manager of the jointly owned ranch.
Personal Ties Strained by the Fallout
Beyond the dollar figures, Johnson framed the dispute as a painful rupture in a long friendship. He said he regrets that the disagreement has strained their longtime relationship and said he hopes the two can still resolve the matter and preserve it.
As King Antonio, a ceremonial role within the Texas Cavaliers, Johnson would have represented the organization during Fiesta festivities, supporting charitable giving, school and community visits, and honoring military service, according to the Texas Cavaliers. How the ranch dispute between two men with deep ties to San Antonio’s business and civic circles plays out in court remains to be seen, since the full complaint and its exhibits were not available for independent review.
