Justin Timberlake Sells Mirimichi GC
By Torleif Sorenson on 11/6/14
Pop music star Justin Timberlake and his family have sold Mirimichi Golf Club in Millington, Tennessee to Memphis-area businessman Fred Edmaiston, CEO of Memphis-based Aircon Corp. The sale price is reported to be around $500,000. According to Ryan Poe of Memphis Business Journal, Edmaiston is a current member at Mirimichi and was on the practice range there when he first discussed buying the course.
Timberlake bought what was then known as Big Creek Golf Course outside Memphis for around $880,000 back in 2007. The music star then spilled approximately $1.2 million for properties surrounding the golf course, then invested some $16 million for renovations that included water features and various environmentally-friendly improvements. In fact, the Audubon Society named Mirimichi as their first "Audubon Classic Sanctuary" in the United States. It is also the first in the Western Hemisphere to be designated as Golf Environment Organization Certified.
Timberlake is well-known as a serious golf enthusiast and in his younger days played the course, which was previously known as Woodstock Hills Country Club and then later as Big Creek GC. Given the numbers, Timberlake clearly bought Mirimichi as a labor of love, rather than as a business investment.
Amos Maki of the Memphis Daily News reports that Edmaiston will scrap the private membership structure and turn it into a destination course, adding a few tee-boxes in order to accommodate higher-handicap players.
Also among the investors in Edmaiston's group is PGA Master Professional Bill Munguia. Maki also reports that Timberlake has allowed the new owners to continue associating his name with Mirimichi.
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Image via Twitter, Mirimichi Golf Club
[ comments ]
I wonder if part of the sale involved assumption of debt. The place must have been bleeding red ink for Timberlake to dump it for so little.
500k... feel like we could've passed a hat around here.
Purchasing and maintaining are two very different price tags.
Golf courses are probably like boats.
More like a BOATT, Bust Out Another TEN Thousand
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