to read more, check out this edition at barron's.com. that's all for us tonight. see you next week on "barron's roundtable." mug. ♪ n underwater strange inheritance. >> we've had this in the family since 1899. >> their world's an oyster. >> do you want to try and shuck >> i would. it's all about the shuck. >> but their biz is belly-up. >> they pretty much said this oyster-planting business is over. >> they want to revive it. >> a couple drinks make anything sound good. >> so, will they sink... >> we looked at our debt for the first time, like, "whoa. it's, like, $350,000". >> ...or float? >> okay, here we go. come to mama. ♪ [ door creaks ] [ wind howls ] [ thunder rumbles ] [ bird caws ] ♪ >> i'm jamie colby, in virginia, driving along the chesapeake bay.

isn't it beautiful? i'm on my way to the town of topping to hear all about a strange inheritance that was literally stuck in mud. >> my brother billy and i inherited our father's oyster biz, which his father started farming in 1899. >> we didn't want them. the business was dead. hoping we could bring it back to life. >> hey, guys, i'm jamie. >> hey. i'm travis. this is my cousin ryan. >> nice to meet you. >> how are you? it's absolutely gorgeous here. before i crack open the croxton family story, you got to know a thing or two about oysters, which -- raw, baked, or fried -- have been a part of the north american seafood diet for thousands of years. i get the scoop from tommy leggett, a marine scientist and longtime commercial fisherman. so, were they always so popular? i mean, oysters are all the rage. is that sudden? >> no, no, no. native americans have been

eating oysters forever, all around the chesapeake bay. >> tommy tells me oysters were not a delicacy back then, but an everyday meal. >> when they finished eating them, whether they were raw or roasted or on a fire, they tossed the shells. and so you can find these old fossil shell piles from 1,000 years ago. >> oyster harvesting becomes a big business in the chesapeake bay -- more than 14 million bushels a year by the 1880s. the supply seems endless. >> it was a wild commodity that you would just go out and take, and there weren't a whole lot of regulations on it. so it created this leasing structure where the state went out and carved it up into real estate. >> in 1899, dirt farmer james croxton, grandfather of billy and jimmy and great-grandfather to ryan and travis, gets in on the new underwater real estate, leasing two acres from the commonwealth of virginia. >> when he got into the

oystering, that was to supplement his income in the winter. >> james' plots are located at the mouth of the rappahannock river, where it meets the chesapeake bay. each year, he and other oyster farmers are allowed to harvest baby oysters from reefs in the bay's public waters and plant them in the muddy bottom on their plots. >> he planted oysters on the bottom. so the bushels are there, and you wait 2 1/2, 3 years to retrieve them. and you hope that they matured and they all lived. >> croxton successfully farms oysters for more than half a century, then passes away in 1961 at age 85, leaving his oyster bed leases to his son bill, jimmy and billy's father. over the years, bill croxton takes on more bed leases, expanding operations to 200 acres and putting a name to the business, the rappahannock

river oyster company. he harvests about 7,000 bushels a year and sells to grocery stores, shuck houses, even the campbell's soup company. >> we really loved selling the oysters that ended up with campbell's soup because they wanted a small oyster, so we didn't have to leave them overboard as long. >> so it lessened the risk. >> but by the 1980s, decades of pollution and overfishing have taken a huge toll on harvest numbers -- less than 2 million bushels in the chesapeake bay in 1985, a mere fraction of the 14 million at the turn of the century. what happened? >> we took too many oysters, it got out of hand. >> you kill a whole ecosystem. >> that's what we did in the chesapeake bay and up and down the east coast. >> the croxton brothers say their father's ledgers tell the story of the oyster harvest decline, year after disappointing year. were there any significant losses? >> yeah, there's one that is

really sad. it's "total loss". he lost $100,000, which had accumulated over the years. it was a sad, sad experience. for about a week, he'd come to dinner, but he couldn't eat. >> their father dissolves the business but holds on to his 200 acres of oyster bed leases. did you want to take it on? >> it was sort of a dead business at the time. nobody was getting into it. but we had the oyster grounds, and we didn't want to give them up. >> bill croxton dies in 1991 at age 78 and leaves his sons, jimmy and billy, the rights to his 200 acres of oyster bed leases, along with a bit of advice. >> he pretty much said, "this oyster planting business is over". >> so for the next decade, the croxton brothers retain the rights to the oyster beds but let them lay dormant, paying about $200 a year to keep their names on them. in 2001, when it comes time to renew those leases for another 10 years or give them back to

the state, jimmy and billy decide to hand them down to their sons. >> ryan was actually at my house in richmond, and we were drinking beer. and my dad called and mentioned it i was, like, "hey, we should do this". >> just like that? >> just like that. well, it wasn't a lot of money, and it was, "hey, we've had this in the family since 1899". how can you let that go? >> had you ever thought about it before? >> no, but obviously, a couple drinks make anything sound good. >> one little detail -- the two cousins work in the banking industry and know zip about oysters, other than how to order them for lunch. [ splash ] >> they're about to have their hands full. that's them? >> here's a strange inheritance quiz question... the answer after the break.

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♪ >> only certain kinds of oysters typically produce valuable pearls. and by the way, they are not the edible kind. ♪ >> in 2001, cousins ryan and travis croxton take possession

of their strange inheritance -- 200 acres of oyster beds in and around the chesapeake bay in virginia. after their grandfather's oyster-harvesting operation dried up in the late 1980s, he warned his family not to get entangled in a dying business. but his grandsons ryan and travis, they weren't really listening. what'd you go to school for? >> english. >> women. [ laughter ] >> well done. >> not really. >> so, i have a master's in english, he has a master's in finance. us have, you know, marine backgrounds. i mean, we got into oysters as a way to kind of remember our grandfather, to kind of reconnect with our heritage. i don't think we got into it, necessarily, with this great business plan. it really was more of a passion project. >> at the time, both ryan and travis have steady, well-paying jobs at a bank in richmond. as they begin to talk about the possibility of dipping a toe back in the family oyster biz, their dads ask them to

reconsider. did your father tell you, "i want you to stay in banking and have a real job"? >> he definitely didn't tell us to go into oysters. and when we kind of broached the idea, they thought we were a little crazy. >> crazy because decades of overfishing, pollution, and disease all but wiped out the oyster population in the chesapeake bay. the cousins keep their day jobs, but in their spare time, begin researching the ins and out of 21st century oyster farming. >> we started finding people local in our community who were doing some really cool, innovative stuff. >> one of those people is the local oysterman and marine scientist tommy leggett, whom we met earlier. leggett and others have begun experimenting in the chesapeake with a cool technique for farming oysters called off-bottom aquaculture. >> that's where we put our oyster seed in a cage or in a bag or on a rack and the oysters are in one place and i know

where they are. >> unlike the old form of oyster farming, where young oysters were planted right on the bay bottom, the off-bottom technique allows for oysters to be suspended in cages or bags. the upside -- the oysters receive more oxygen and better nutrients when they're not buried in the mud. the family leases ryan and travis take over give them a place in the chesapeake waters to set out these newfangled oyster cages. but the rest of the operation doesn't come cheap. how much of your own money have you had to put into this venture from the beginning? >> all of it. we had to, basically, max out our credit cards. we looked at our debt for the first time, like, "whoa. it's, like, $350,000". >> ryan and travis' money buys cages, equipment, and their first crop of baby oysters. check out these little guys. so, what's here? >> we're at the point where we're growing them out in just a

protected environment. and they're super small. >> that's them? >> yeah, but this is huge relative to when we first got them. >> wait, wait, wait so, they start out microscopic, and they're already this big? >> yeah, so, when we get these as larvae, we can fit a million larvae in the palm of our hands. >> we tell our guys, "if you drop that, that's it. you're fired". >> wow. i bet. >> what's novel about the way we're doing it now is that we have a hatchery system. we're taking healthy oysters that are in the water, pulling them out, putting them into a tank and raising the water temperature up to 75 degrees, and we're creating millions of larvae. we can then take that larvae, and that's our next generation. so we don't go out and actually take from nature. we're actually, you know, propagating nature and putting it back. >> in march 2002, the croxton cousins re-seed their strange inheritance with their first crop of oysters using the off-bottom technique and re-launch the rappahannock oyster company name, started by their grandfather 40 years earlier.

it's one of the first large-scale aquaculture plots in the entire chesapeake bay. >> we kind of arrived at a time a whole lot of options, so it was open to some kind of a bold move. >> whether a bold move or a fool's errand, it'll take more than two years to see if their investment will grow into something they can sink their teeth into. >> when we first planted, we didn't really know. it was a bit of a nail-biter. >> this is the "up" button. >> okay, here we go. come to mama. >> here's another quiz question >> the answer when we return. imagine traveling hassle-free with your golf clubs.

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♪

>> oysters rockefeller are baked with a rich sauce of butter, green herbs, and breadcrumbs, while oysters bienville include parmesan cheese, sherry, and butter. ♪ >> it's the spring of 2004, and cousins ryan and travis croxton have begun farming oysters in 200 acres of the chesapeake bay in virginia that have been in the family for more than a century. having planted their first crop of oysters on the same spot their great-grandfather once farmed, they're waiting to see what their harvest will yield. they've kept their full-time banking jobs, so they're burning the candle at both ends. >> we worked probably 100 hours a week on oystering -- days, nights, weekends.

>> that's what it takes. >> yeah, that's what it takes. >> we were working ourselves to death. i mean, we would get home from work to start work. >> on top of their time commitment, ryan and travis have shelled out more than 350,000 clams, maxing out credit cards and draining savings accounts. they know everything depends on their first year's harvest. >> when we first planted, we really an equation of, like,t's temperature and salinity and things like that. it was a bit of a nail-biter. >> out on the waters of their strange inheritance, travis and ryan show me what it was like pulling up those first cages. >> well, we're here, attached to our long line. each line has hundreds of cages attached to it. >> hundreds? i'm going to let you, actually, draw the honor. and meet the oysters? >> yeah. this is the "up" button. >> okay, here we go. >> not too complicated. >> come to mama. ♪ wow! >> there they are. >> that is so awesome. >> that's good. you can let it stop right there.

>> the cousins were relieved to find that nearly all of their first crop of oysters had not only survived, but had grown to market size. now, what do you look for when you're looking for one that is ready? >> you're looking for something that's a nice, deep cup, so a nice, thick cup. >> more meat? >> yeah, and you want a little bit more of a rounded shell. you want to make sure that there's not a whole lot of lip you want to try and shuck one? >> i would. it's all about the shuck. >> i got a perfect one for you right here. >> you got a perfect one? okay. perfect is good. >> oh you went in through the lip. >> is that wrong? >> no, that's, like... >> that's pro. >> i've worked in restaurants. you have to make it look pretty, too. voilà. >> [ chuckles ] >> here you go, babe. >> that was impressive. >> suck it up. and were you both standing there, travis, when you tasted that first oyster? and how did it taste? >> we're, like, "i really hope you taste good". and they did, so sure enough. >> right from the beginning? >> oh, yeah. mean, as far as we knew. it's like if have your own garden, you're going to think everything that comes out of it is terrific.

>> the area where ryan and travis grow their first crop produces a sweet-tasting oyster, something they think chefs and oyster lovers might go wild for. but the cousins know these beauties are not ready to sell themselves. >> no one was serving chesapeake oysters at the time. it was not seen as a viable, good product. so we had to educate lots of chefs and the public on, "hey, no, this is a pristine oyster, if grown the correct way. >> so ryan and travis hustle to set up tastings with well-known seafood restaurants on the east coast. their search leads them to the world-renowned restaurant le bernardin in new york city. >> we called the reservation line, and they said, "oh, we'll take a message". but then, yeah, they reached back out to us. i guess they thought the story was cute. they called us back and invited us up for a sampling. >> but when it comes time to introduce their product to the restaurant's culinary director, they're, well, fish out of water.

>> we went in there, we were having a hard time shucking ourd of new to us, right? and so he's like, "let me show you how to do it". >> such rookies. >> yeah.>> what nerve! >> i know, right? >> their shucking skills might not have been up to par, but the oysters themselves, they're right on the money. >> he said, "that tastes great. how much are they?" "i have no idea". like, "what are you willing to pay?" >> well, 60 cents apiece, and they want 200 a week. for ryan and travis, it sounds like the start of something big. and they may be right. are you making a living? >> we're making 400 livings. what's your "strange inheritance" story? we'd love to tell it. send me an e-mail or go to our website, strangeinheritance.com. we trust usaa more than any other company out there. they give us excellent customer service, every time. our 18 year old was in an accident. usaa took care of her car rental, and getting her car towed. all i had to take care of was making sure that my daughter was ok. if i met another veteran,

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with sofi, get your credit cards right- by consolidating your credit card debt into one monthly payment. and get your interest rate right. so you can save big. get a no-fee personal loan up to $100k. ♪ >> now back to "strange inheritance". ♪ >> it's the spring of 2004 when cousins ryan and travis croxton get their first order for oysters harvested from their

strange inheritance, 200 acres of beds in the chesapeake bay. ♪ manhattan's renowned le bernardin wants 200 oysters a week. that only adds up to 120 bucks, but it's a start. >> we just had this determination to showcase virginia oysters as the best of the best. >> over the next four years, the croxtons land more high-end restaurant clients and rent more oyster beds, growing their operation beyond the 200 acres passed down to them from their grandfather. in 2008, they bring in 7,000 bushels, one of the largest hauls in the entire chesapeake bay. two years later, they leave their full-time jobs to go all-in with their oysters. do you get along? >> who, us two? >> i mean, it's hard to be in business with a family member. what kind of stuff do you fight over?

>> everything. >> everything. >> but i think since we can't actually divorce because we are family, we have to talk it out, so it kind of works out. ♪ >> eventually, the cousins decide they don't just want to sell oysters to other people's restaurants -- they want some restaurants of their own. in 2011, they open merroir, an upscale tasting room overlooking the rappahannock river, where their great-grandfather got things started back in 1899. ooh! look at those babies! >> anything else i can get for you? >> not for now, but more of these. >> okay. enjoy. >> and the tasting room's just the beginning. starting in 2012, the cousins launch rappahannock, a full-service farm-to-table restaurant in richmond, virginia, along with more upscale oyster bars in washington, d.c., charleston, south carolina, and l.a. >> it's kind of funny -- the oystering was scary enough, and then restaurants was super scary. know, my dad was, like, telling my wife one time, "don't let him

do this thing. don't let him do this". but now he eats at the restaurant once a week. so it's fantastic. >> as we've moved into restaurants and it's become more of a way to interact with consumers, it's been just an awesome vehicle for getting direct feedback. >> will there be 10 restaurants, 20 restaurants? >> we're kind of taking it, so, like in the near future, we've got a couple more restaurants that we're opening, we're expanding the oyster farms, and then we'll kind of see where it goes. >> not only are the cousins now making a living in the oyster biz, but they're playing a major part in reviving a way of life on the chesapeake bay that was once written off as dead. >> i mean, the nice thing is we're making 400 livings, so that's kind of been the beauty of it. >> 400 people? >> throughout the restaurants and the oyster company. >> wow. the world is, indeed, their oyster. they're now farming 2,000 acres in the chesapeake bay and harvesting 21,000 bushels a it's a long way from the business their great-grandfather

and grandfather ran. what would your dad say? could he have ever dreamed? >> no. no. jimmy and i have both talked about -- just brings tears that he could see this. >> well, it just makes you feel good to see them succeed in business like this and work hard, taking over what their grandfather and great-grandfather started. i know my father would be so proud of them. that's probably more important than anything else. >> was he always in the back of? >> oh, always, yeah. >> what do you think your grandfather would say? >> he'd be pretty impressed, i think.i think he'd be happy. hopefully, he'd be really proud. >> as fast as ryan and travis are selling oysters these days, they might want to hire this guy. in june 2017, patrick mcmurray shucked 39 oysters in one minute in a contest against celebrity chef gordon ramsay -- good enough for the guinness book of world records. i'm jamie colby. thanks so much for watching

"strange inheritance". and remember, you can't take it with you. ♪ oh, yeah. weekend. lou: good evening. a big development in the investigation into the origins of the russia collusion investigation. u.s. attorney john durham's administrative review of the origins of the deep state's efforts to overthrow our president has shifted to a criminal investigation. this expansion of durham's investigation driving the radical dimms and the left-wing media to distraction. they are complaining that the u.s. justice department has