Golf courses are notoriously difficult business enterprises. One of my dad’s golf buddies once told me that 65 percent of new golf courses go belly up within five years. Granted, the dude hasn’t closed the book on the idea of 9/11 being an inside job, so let’s consider that fact shaky at best. However, if it’s true, the newest member of the 65 percent is none other than my main man, Justin Timberlake.
We’ve known for years that J.T. is a near-scratch golfer, something I respect a lot, given how busy he is. But what I’m starting to gather is that J.T. doesn’t necessarily have the best business mind. I mean, the dude owns Myspace. That’s not a good investment at any price. His newest fancy shirt-losing enterprise is the Mirimichi Golf Course, a club located in his native land of Memphis. Now, I don’t want to make any assumptions about the quality of the course (anyone who’s played it, feel free to speak up) but it seems pretty obvious that someone fucked up here.
Timberlake and his family bought the course back in 2009 and put a reported $16 million into renovating it. These efforts clearly didn’t work, as Timberlake just sold the course for $500,000 to Memphis businessman Fred Edmaiston. The course was named one of the “best courses you can play” in 2013 and 2014 by Golfweek, but this clearly didn’t help whatever was going on with the books.
At the end of the day, $16 million is the price of a lazy weekend in Timberlake’s world, so this won’t hurt his bottom line too much. But I think it’s safe to say that going forward, J.T. should probably stick to dominating the course rather than buying in and allowing the opposite to happen..
[via Golf Channel]
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