Business tycoon Phil Knight recently sold a parcel of undeveloped land in Southern California for $2 million.
The Nike co-founder and former CEO first listed the property last fall for $2.5 million, which is exactly what he paid for it about a decade ago. Appreciation was less than hoped for, then.
The land is part of the Madison Club community in La Quinta, though, a manicured and sylvan stretch of luxuriance. The one-acre parcel could be developed into a lovely property. The new owner was likely drawn to the plot’s location overlooking the 13th hole of the golf course. And the mountain views, which add the finishing touch to the feel of the place.
The guard-gated community itself also contributes to the property’s value considering its high-level of security, Tom Fazio-designed golf course, and roster of high profile residents.
Knight and Bill Bowerman created Blue Ribbon Sports on a handshake in 1964; the company would become Nike in 1971. Knight was reportedly not a fan of the swoosh logo, but said: “I don’t love it, but it will grow on me.” His net worth is in the neighborhood of $35 billion, so perhaps it has.