You know golf has hit a new low when a celebrity worth more than $100 million decides a golf course course no longer is a worthwhile investment.Pop music sensation Justin Timberlake, who, according to the Web site CelebrityNetWorth.com, is worth about $175 million (frankly, we thought it would be more), recently bailed out of the business, selling his Memphis, Tennessee golf course Mirimichi to Memphis businessman Fred Edmaiston for an undisclosed amount.
Although terms of the deal were not disclosed, chances are Mirimichi wasn't cheap.
Timberlake and his family bought the property in 2009 when it was known as Big Creek Country Club and spent $16 million renovating the property into what the Mother Nature Network says is one of the five greenest golf courses in the country. An American Indian word meaning Place of Happy Retreat, Mirimichi is one of a handful of Audubon Classic Sanctuary golf courses and reportedly was the first to attain that status. It also is GEO certified by the Golf Environment Organization. Still, $16 million?
According to some reports, the property was earmarked for commercial development when Timberlake, an avid golfer and regular at the AT&T Pebble Beach National Pro-Am, bought it.
Edmaiston is founder of Aircon Corp., a maker of dust-control and pneumatic conveying systems.
The deal was reportedly finalized Nov. 1.