In Cerro Gordo, a town nestled in the Inyo Mountains of California, near Death Valley, there’s a single saloon with swinging doors, two out-of-tune pianos and a mysterious bloodstain on the wall beneath three bullet holes.

It’s one of Brent Underwood’s favorite places in the ghost town, and now that he owns it, he plans on sharing it with the world. (He’s still trying to learn the story behind the bloodstain.)

On Friday, Mr. Underwood and his friend Jon Bier became the latest owners of Cerro Gordo, which translates to “fat hill,” after buying it for $1.4 million. They plan to restore the town while preserving its past, Mr. Underwood said, adding that they hope to attract a variety of visitors. He said they expected to spend about $1 million to get things started.

Jake Rasmuson of Bishop Real Estate said that he received hundreds of inquiries after the sale was announced in early June. Twelve of the offers were serious, he said, noting that the original asking price was $925,000.