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I don't know if you're in the US, but if so, it's probably not that anyone purchased those rights, but rather that under, as I recall, Western US water right conventions, where land is more arid, if someone is a pre-existing user of water, you can't go upstream from them and block off water from flowing to them (which people would probably tend to do, otherwise).
kagis
Yeah. Apparently the legal term is "prior-appropriation water rights".
https://en.wikipedia.org/wiki/Prior-appropriation_water_rights
EDIT: Oh, though they do say that the rights can be sold, so maybe someone did purchase them.