In Mexico, the neoliberal model acquired such strength during the 1980s that it gave rise to the neoliberalization of space. In this framework, constitutional reforms were approved in order to provide legal backing for these processes of appropriation of public assets. For example, the amendment of Article 27 (1992) transformed socially owned land (ejidos and communal lands), which used to be inalienable and not subject to seizure, into a tradable good. On the basis of David Harvey’s concept of accumulation by dispossession, the article analyzes the Cabo San Lucas ejido in the city of the same name, whose land was fully incorporated into the real estate market. This land is today subject of speculative practices for building and real estate companies.