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Justin Timberlake loses millions on golf course sale
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.
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.
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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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Tour Rundown: Malnati’s 2nd, Korda rebounds
March has brought out the lion as the month draws to a close. An early spring fortnight brought dreams of golf for the northern states until Mother Nature shrieked a veil of snow across those emerald fairways. Fortunately for golf, the sun shined bright and warm across a fair part of the links landscape, and events in Singapore, the Yucatan, California, and Florida, went off as planned. We hold our breath when champion golfers rise to the occasion in grand slam events. For the Malnatis, Feaglers, and Svenssons of the golfverse, every week is a major opportunity. In honor of their efforts, let’s begin this week’s Tour Rundown with a flying beast seen rarely outside the southern oceans: the albatross
ALBATROSS FOR @ROBBY_SHELTON!
Are you kidding?! ? pic.twitter.com/UzNOQQHkqo
— PGA TOUR (@PGATOUR) March 24, 2024
PGA Tour @ Valspar: Malnati earns second tour title
Keith Mitchell played 54 great holes from Thursday to Saturday in Florida and played two more great ones on Sunday. It was the eight rotten holes on day four that cost him nine shots and dropped him from first to 17th in one round. Mitchell looked like a man poised to collect his first tour title, until his Sunday malaise. His struggles cleared the way for a number of challengers to move up the board. The tournament was won at 12-under par, but eight players finished within four shots of that lead.
Four shots are not a lot to make up on the Copperhead golf course at Innisbrook. Adam Hadwin, Carly Yuan, Xander Schauffele, and Ryan Moore finished on 276 strokes, four back fo the leader and tied for fifth. Mackenzie Hughes and Chandler Phillips finished one shot lower, at 275 strokes, in a tie for third spot. The runner-up spot was claimed by Cameron Young, perhaps the most talented player on tour without a win. Young was spectacular all week, never leaving the 60s.
Late in the round, Peter Malnati posted his fifth birdie of the day, at the difficult 17th. His tee ball from 200 yards settled six feet from the hole, and he guided the putt home. Ahead of him, on the uphill 18th, Young flew his drive far left but was able to loft an approach onto the green. His first putt, from 50-ish feet, came up woefully short and his attempt to save par was wide of its mark. Despite a drive into the left fairway bunker at the last, Malnati was able to recover to the green in two and coax a 25-feet approach put to tap in range. The victory was Malnati’s first since 2015, and his second overall.
Another birdie for @PeterMalnati ?
He holes the solo lead with one to play @ValsparChamp. pic.twitter.com/plqKr3dvm1
— PGA TOUR (@PGATOUR) March 24, 2024
LPGA @ Se Ri Pak Championship: Korda rebounds for overtime win
During the first week of March Madness, maddening things happened on and off the hardwood. For Nelly Korda, the eagle she collected with five holes to play, should have given her momentum and confidence. Instead, it took her in the opposite direction. She found bogies at 15, 17, and 18, and it was only a saving birdie at the 16th that allowed her entry into a playoff with Ryann O’Toole. The pair returned to the 18th tee, and Korda once again managed to reverse fortune.
After the eagle, Korda strode at 11-under par, while her closest pursuers were a solid handful behind. At that juncture, O’Toole snared birdies at 15 and 16, and closed with pars at 17 and 18. She waited 45 minutes for Korda to finish, certainly uncertain as to her chances for more golf. In the playoff, both golfers hit stellar approach shots to the home green, with Korda about four feet inside O’Toole. The UCLA alumna missed her run at birdie, but Korda’s aim was true. The victory was her 10th on tour and her second of the 2024 campaign.
Two gorgeous approaches from @RyannOToole and @NellyKorda ?
This is gonna be a close one! pic.twitter.com/tKIZyRNxZd
— LPGA (@LPGA) March 24, 2024
DP World Tour @ Singapore Classic: That’s Svensson with three S’s
Svenson and its variations must be somewhat similar to the name Smith across the English-speaking world. Your father was a guy named Sven, so they didn’t think too long before giving you a last name. Jesper Svensson must be relieved: coming from a long line of Svens (hence the double S in the middle) his parents strayed from the norm and went all in on Jesper. This week in Singapore (which might be renamed Ssingapore for a bit) Jesper, son of Svenss, took down a guy that the golf world was all in on, just a decade ago.
Kiradech Aphibarnrat has a fun name to pronunce, at least for filologists. Back in the 2010s, he was a rising star, bound for glory. He collected four wins on the DP World Tour, from 2015 to 2018. Then, inexplicably, he went away. The Thai golfer made his return to our collective view in 2024 and came within a whisper of collectin win number five on Europe’s tour. Aphibarnrat opened and closed the event with rounds of 64, and normally, those fireworks would have sufficed to ice the trophy. Then came a guy named Jesper, son of Svenss.
Despite three bogies on his Sunday card, Svensson amassed eight birdies and two eagles and posted 63. This indiscrete round was enough to earn him a spot in a playoff with Aphibarnrat. The duo returned thrice to the 18th tee, and things appeared to worsen with each voyage. After having the hole with birdies in trip one, the pair managed pars in trip two, then a par and bogey in trip three. Just like that, the tournament had reached a conclusion, and Jesper Svensson the golfer will now threaten Jesper Svensson the bowler’s hold on Wiki searches. Enjoy one of his approach shots for eagle during round four.
A shot worthy of any champion ??#PorscheSingaporeClassicpic.twitter.com/apNudYeFkl
— DP World Tour (@DPWorldTour) March 24, 2024
Korn Ferry Tour @ Bupa: Feagler stands tall after playoff
The KFT event along the Mexican Riviera began day four in the hands of an Argentine golfer. Nelson Ledesma appeared worthy of the title, until he endured a thousand small cuts, on his way to a closing 81. He dropped from 1st to 31st and didn’t just open the door for his chasers. He took out two or three walls and exposed the entire barn for all to enter.
The PGA Riviera Maya course played a stout, 7200 yards this week, and its defenses were apparent for all who came to compete. The week’s low round of 65 came on Thursday, and was redeemed by Jesus Montenegro, He soared ten shots higher on day two but would steady himself enough to finish in a seventh-place tie. With 66 on Thursday, Davis Shore found himself in contention, and he would remain until closing time. As the challenges increased, scores headed north and rounds of 76 and 74 would ultimately be found on the scorecards of the men who tied at the top.
Shore posted a 76 on day three, while Clay Feagler signed for a 74. On Sunday, as Ledesma was tumbling, both Shore and Feagler marched toward a 4-under-par total. They edged past Julian Etulain and tied for the pole position. Off to extra time they went, but three trips over the 436-yard 18th resolved nothing. Each golfer posted par-bogey-par, and the playoff moved to the 10th tee for its conclusion. There, Feagler made another bogey, but Shore went one worse. Unable to avoid double bogey, Davis Shore was relegated to runner-up status, and Clay Feagler collected a shield for his first Korn Ferry Tour title.
PGA Tour Champions @ Hoag Classic: Six seniors for Padraig
If any man could ever match Bernhard Langer’s 46 wins on Tour Champions, he would certainly have many of the characteristics of Padraig Harrington. The reason he won’t is his heavy investment in a wider reach of golf. Harrington captained the European Ryder Cup side in 2021, a venture that consumes close to two years of a golfer’s attention. After turning 50, Harrington continued to play the PGA Tour, mixing in Tour Champions appearances when time allowed. The Irish golfer has also become a YouTube favorite, offering advice and wisdom to those who wish to improve at the game. In other words, he lacks Langer’s laser focus on one task: winning titles.
That’s quite all right because when Padraig Harrington is on his game, wins come his way. They are rarely runaway victories, and this enhances his reputation for performing at the wire. This week in California, Harrington managed to close out Thongchai Jaidee in a most un-Harrington-esque manner. The lad from Dublin closed birdie-double-birdie-birdie, and this was enough to hold off the champion from Thailand by one.
The double at 16 was Harrington’s second of the day. A pair of doubles is welcome in no poker hand, yet Harrington found a way to overcome. The win was his sixth on Tour Champions. With a pair of playoff losses on the senior circuit, Harrington was fortunate to conclude matters in regulation time.
Paddy is clutch!@Padraig_H bounces back from a double bogey on 16 with a birdie on 17 to tie the lead @HoagClassic ? pic.twitter.com/pYaIamtSN8
— PGA TOUR Champions (@ChampionsTour) March 24, 2024
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Morning 9: Streelman leads Valspar | Woods in for Masters | Callaway on sale rumors
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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!
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.
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?
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.
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.
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.
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.
lol_golfwrx
Nov 11, 2014 at 8:25 am
Really with this article? Please just do a tiny bit of due diligence…
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.
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.
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.
Mikec
Nov 10, 2014 at 9:34 pm
So…What?
Bobby Bottleservice
Nov 11, 2014 at 7:28 pm
cool story bro
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.
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.
Kyle
Nov 10, 2014 at 6:10 pm
Speak for yourself. I’d rather play a really hard course than an easy course.
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.
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.
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?
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.
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
Me Nunya
Nov 11, 2014 at 5:15 pm
Y so mad tho?
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.
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
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
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.
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
Rich
Nov 10, 2014 at 5:49 pm
Good call. I think you’re spot on.
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.
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.”
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.
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?
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.
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.
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.
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.
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?
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.