Last week, Justin Timberlake completed the sale of Mirimichi, the Memphis, Tenn.-area golf course he bought, restored and managed along with his parents, to an area businessman.
This week, we learned of the sale price, which was only $500,000.
The price point comes in way less than the reported $16 million Timberlake spent turning the course into one of the nation’s most environmentally-friendly and top public tracks.
That raises the eyebrows on the deal and points to non-cash considerations being part of it.
The sale of course was official on Oct. 31 but the process had been ongoing and according to the Memphis Business Journal, the University of Memphis had shown interest in purchasing the course over the summer.
But, why was the sale price so low? Even for Timberlake, who reportedly earned more than $31 million this year during his 20/20 Experience tour and carries an estimated net worth at nearly $175 million, that’s a tough loss.
But as the Business Journal mentions, there very well could be additional benefits to the transaction and the new owner, Fred Edmaiston plans to restructure the membership. So, it’s fair to say that time will tell the story behind Timberlake’s mysterious sale of the club he bought, restored and sold at a cut-rate price in his hometown.
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