During its entire existence, Frankfort was only accessible by boat. It was to be a boomtown development by the Frankfort Land and Investment Company, with both the town and company named for partners [James] Frank Bourn and Frank Scott. The first three years were alive with prospect, then the next 70 saw it slowly pass away with the last resident dying in 1964. During its life, it had The Gannon Hotel, Frankfort Chronicle newspaper, school, saloon and many residences.