News

Justin Timberlake loses millions on golf course sale

Published

12 years ago

Nov 10, 2014

Justin Timberlake is one of music’s biggest money makers on stage, with an estimated net worth of $175 million, but he took a billboard-sized hit on the sale of his hometown golf course.

TimberlakeMirimichi

Timberlake, who is also a 3-handicap, bought the Mirimichi Golf Course in Memphis with his investment group in 2007 at auction for $880,000. The group then spent roughly $16 million on renovations on the course to make it both beautiful and eco-friendly, which brought accolades from Golfweek — Mirimichi was named one of the “best courses you can play” by the magazine in both 2013 and 2014.

[youtube id=”kAl_Z_GNHYs” width=”620″ height=”360″]

Last week, the singer, songwriter, actor and pop-superstar sold it for a mere $500,000 to Fred Edmaiston, Memphis businessman and CEO of Aircon Corp., which was confirmed by public deed of the property sale.

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Andrew Tursky

He played on the Hawaii Pacific University Men's Golf team and earned a Masters degree in Communications. He also played college golf at Rutgers University, where he graduated with a Bachelor of Arts in Journalism.

38 Comments

Mike Bodnar

Nov 13, 2014 at 7:56 am

I love the way people use the term “write-off”. I realize that Justin Timberlake is worth millions, and there is surely more to the sale than the straight $500,000 public deed price, but I assume that they do realize that a loss is still a loss. So he reduces his tax burden next time by loosing “X” million on this deal…wow…guess he really didn’t lose it, huh? Take that, rich guy!

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Chase

Nov 11, 2014 at 6:02 pm

Tax write off! I’m glad he bought the course and re-did it. It’s a fabulous place to play. Here-say it was costing him 400,000 a year to maintain it. He may lost a little but it wasn’t much. Everyone in this area is pretty appreciative he did what he did with the course. Most of the public course have closed in this area. As far as losing 16,000,000 he dug that out of his couch.

Reply Report comment
William

Nov 11, 2014 at 12:10 pm

I wonder if this loss was as much as he gave to Obama at the fundraising he held for him?

Reply Report comment
- This is a golf blog
  
  Nov 12, 2014 at 2:46 pm
  
  Of course there are public records of campaign contributions, so you don’t have to wonder that. But, if you were committed to intelligent thought about politics you probably wouldn’t be the type of guy that takes shots at the President on a golf blog. Head back to Brietbart or Fox News and keep your politics off my golf.
  
  Reply Report comment
  - AllBOdoesisgolf
    
    Nov 13, 2014 at 2:32 pm
    
    actually. his comments are pretty fitting since his enema has played over 200 rounds of golf… and counting.
    
    Reply Report comment
Joe

Nov 11, 2014 at 11:27 am

People aren’t going to pay more for a golf course that is environmentally friendly, over one that isn’t. There is no way to justify the added costs, especially when the acheivements are not valued by the consumers.

Reply Report comment
marcel

Nov 11, 2014 at 12:22 am

its a normal investment write off. so hes investment group have $16m to write off against profits they made so would not be losing much.

Reply Report comment
- lol_golfwrx
  
  Nov 11, 2014 at 8:25 am
  
  Really with this article? Please just do a tiny bit of due diligence…
  
  Reply Report comment
Fsubaseball21

Nov 10, 2014 at 8:17 pm

Im a golf professional. Our industry is stagnet at best. Try going into a bank and getting a loan for anything golf related. The meeting is over the second the word golf comes out of your mouth. $500k would be a realistic if the buyer assumed existing debt. I don’t think it would be enough on a clean short sale.

Reply Report comment
B

Nov 10, 2014 at 8:13 pm

Good Lord people – there is FAR, FAR more to this story, but this brief article does not even mention the likelihood of such. Even a 12 year-old newspaper boy knows that 300 acres of prime golf course or residential/commercial building land does not sell for only $1,666 per acre. There is a mega amount of off-book ‘consideration(s)’ [monetary, or monetary equivalent] for this property that has not come out yet…but news of it eventually will come out.

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BigBoy

Nov 10, 2014 at 5:52 pm

Justin came to South Australia thinking he could walk on to the Royal Adelaide Golf Club, a Alistair McKenzie gem, nope was the answer, there are other courses in this city that will accommodate you…haha, bye bye Justin.

Reply Report comment
- Mikec
  
  Nov 10, 2014 at 9:34 pm
  
  So…What?
  
  Reply Report comment
- Bobby Bottleservice
  
  Nov 11, 2014 at 7:28 pm
  
  cool story bro
  
  Reply Report comment
MHendon

Nov 10, 2014 at 4:53 pm

Good lord I just watched the fly over of the course. That thing is a beast and an example of how not to design a golf course if you want much play. Long forced carries, water in play everywhere, trees, tall fescue and natural areas. I’m a 1.5 and would only want to play that course when my swing is grooved. I can’t imagine your average 15 plus on that course. Talk about a frustrating round.

Reply Report comment
- Rich
  
  Nov 10, 2014 at 6:01 pm
  
  I think it’s a good example of playing from the right tee box. If higher markers played this from the tips, I think you’re right. But if they played it off forward tees, it would be an enjoyable round if they weren’t totally out of form. Looks like a cool course. I’m an 8.5 and it wouldn’t scare me off.
  
  Reply Report comment
- Kyle
  
  Nov 10, 2014 at 6:10 pm
  
  Speak for yourself. I’d rather play a really hard course than an easy course.
  
  Reply Report comment
ron

Nov 10, 2014 at 4:52 pm

On a side note, Thats a really nice looking course! Im sure we’ll see more drone flyover vids soon.

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Pat

Nov 10, 2014 at 3:36 pm

I never feel sorry for these celebrities that lose money on business deals. They can afford the hit. He obviously bought the course to boost his ego and tell his buddies that he owns a golf course. This is just karma taking effect as celebrities almost never have to pay full retail for anything. Most of the time they obtain their possessions w/o having to pay a dime or at a deeply discounted rate as long as the individual on the other end gets an endorsement/exposure from the celebrity. Also, spending 16 million in repairs/restoration was far from a smart investment.

Reply Report comment
- KK
  
  Nov 10, 2014 at 6:16 pm
  
  How would you feel if third world citizens wished you got your karma for being a spoiled and entitled citizen of a developed country?
  
  Reply Report comment
  - Pat
    
    Nov 11, 2014 at 7:57 am
    
    You guys are hilarious. I bet your the celebrity slurpers that kneel at their presence or are in awe when you see one on the street. Got news for you. I’ve been around celebrities. My country club, El Caballero has a bunch of them. Most of them are arrogant, and self entitled and full of themselves. Also, Timberlake investing 16 million into his golf course isn’t him doing a selfless act for golf like you make it out to be. Profits were to be made and he poured the funds in so he could eventually cash in. Like most celebrity ventures, he fell flat on his face and nobody should feel sorry for him because he has all the money in the world and then some.
    
    Reply Report comment
    - Sunny
      
      Nov 11, 2014 at 11:15 am
      
      Lol ur girlfriend must’ve left u for a one night stand with Justin Timberlake or somethin. Ur so mad at him for no reason
      
      Reply Report comment
      - Me Nunya
        
        Nov 11, 2014 at 5:15 pm
        
        Y so mad tho?
        
        Reply Report comment
- John B.
  
  Nov 10, 2014 at 6:39 pm
  
  What karma is involved? He tried to grow the game and beautify a golf course. Seems like pretty good karma to me. Okay, it may have failed but be grateful he went all out and spent the 16 million. He’s done more for the game then you ever have.
  
  Reply Report comment
- marcel
  
  Nov 11, 2014 at 12:23 am
  
  all in the books as write off so probably no taxes for few years. smart ppl dont lose money
  
  Reply Report comment
Chris

Nov 10, 2014 at 3:29 pm

500k? Are you kidding?! The house across the street from me in California just sold for 490k and My neighborhood is nothing special. Lol

Reply Report comment
Jeff

Nov 10, 2014 at 3:07 pm

Dudes got 200 million dollars, maybe he planned on spending some to restore a great course, but now that it’s done, doesn’t want to manage the day to day operations.

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Chris Kirkpatrick

Nov 10, 2014 at 2:54 pm

$550,000 on paper maybe
Just like when people sell a car
Bill of sale says $100
Price was $5,000

Reply Report comment
- Rich
  
  Nov 10, 2014 at 5:49 pm
  
  Good call. I think you’re spot on.
  
  Reply Report comment
Jeff B

Nov 10, 2014 at 1:34 pm

Justin’s a good guy from what i can tell. Shame he lost money on it.

Reply Report comment
West

Nov 10, 2014 at 12:16 pm

I’m not sorry some multimillion dollar pop star lost $$$ to a savvy businessman. If anything, it has helped the local economy and will help give golf another gem to help promote the game. Win for the people and for golf. I just hope this is not some doomsday “sign of the times.”

Reply Report comment
Albert

Nov 10, 2014 at 12:12 pm

Played there this summer and the course was in awful shape. It was obvious at the time that several areas of the course had been given up on.

Reply Report comment
bainz

Nov 10, 2014 at 12:09 pm

Why sell at that price after all that investment? Unless its going down as a tax loss?

Reply Report comment
scott

Nov 10, 2014 at 12:09 pm

There has to be more to this story than that. Selling for $500,000 does not make any sense.

Reply Report comment
- Golfpunk
  
  Nov 10, 2014 at 12:40 pm
  
  It makes sense when it is losing so much money each year on operation costs. Sounds like he’s pretty much just paying for the value of the land.
  
  Reply Report comment
  - MHendon
    
    Nov 10, 2014 at 2:15 pm
    
    I would say that’s a spot on analysis of what’s probably happened. Two of my local public courses have been bought by a golf management company running them on shoe string budgets just to stay in business and one of our private clubs has recently gone up for sale.
    
    Reply Report comment
tom stickney

Nov 10, 2014 at 11:59 am

It’s a shame he lost so much money there…we played the old layout every week in qualifying in college…never saw the new one but friends said it was an unreal change. Sorry he lost so much money but I do know everyone appreciated his vision.

Reply Report comment
- Tyler Elton
  
  Nov 10, 2014 at 12:39 pm
  
  Is it possible that he wanted to create the course as a way to give back to the game, the environment and the community and sold it so cheap because he knew the person he sold it too? Surely it is worth more than that. Could there be an underlying reason?
  
  Reply Report comment
  - Carl truitt
    
    Nov 10, 2014 at 4:15 pm
    
    There is more to the story. The deed does not necessarily reflect the business venture, or the equity position of the shareholders. The only news here is that it sold on paper for 500k. The deed could have said $1. There really is no difference.
    
    Everyone thinks this guy is heading to the poor house…if it was a no name investor there would be no story.
    
    Kudos though for puking out what has already been floating around the regional business journal for a while.
    
    Reply Report comment

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