Billionaire co-founder of Nike takes a loss on La Quinta lot sale

Los Angeles /
Mar.March 28, 2019 03:00 PM
Phil Knight and Madison Club (Credit: Getty Images)

It wasn’t quite a swoosh: the co-founder of Nike, Phil Knight, sold his open lot in La Quinta for $2 million, taking a minor loss on the property.

The billionaire had purchased the flat acre in the gated Madison Club community for $2.5 million about a decade ago. He listed it for that same amount in October, the Los Angeles Times reported.

The property overlooks the 13th hole of the course, with fairways and a pond bordering the property. The 500-acre community, which features views of the surrounding mountains, contains lots that are up to two acres in size.

Madison Club has recently attracted other big-name owners, including both Kris and Kylie Jenner, who each purchased properties there this year. NBA icon Jerry West, golfer Fred Couples and actor Sylvester Stallone have also owned properties there.

Knight’s open lot sale is part of a growing submarket of land-only listings, which have ballooned in L.A., where the entitlement process has become too arduous for big developers.

Kylie Jenner’s $3.3 million deal in the Madison Club community earlier this month, for example, included development plans from star architect Gala Asher. [LAT]Gregory Cornfield


Related Articles

arrow_forward_ios
Avril Lavigne and 6453 Guernsey Avenue (Getty, Realtor)

Avril Lavigne buys Malibu home Scott Gillen rebuilt

Avril Lavigne buys Malibu home Scott Gillen rebuilt
Bret Michaels and the city of Calabasas (Getty)

Something to believe in: Poison’s Bret Michaels returns to Calabasas

Something to believe in: Poison’s Bret Michaels returns to Calabasas
600 The Strand and Cindy Robinson Mullen (Realtor, Tim & Cindy)

Helicopter heiress lists Hermosa Beach home for $23M

Helicopter heiress lists Hermosa Beach home for $23M
Mookie Betts (Credit: Ralph Freso/Getty Images, and Vimeo via Dirt.com)

Mookie Betts follows World Series win with Encino home buy

Mookie Betts follows World Series win with Encino home buy
Khloé Kardashian (Credit: Rodin Eckenroth via Getty Images)

Khloe Kardashian offloads Calabasas manse for record price

Khloe Kardashian offloads Calabasas manse for record price
Justin Bieber and Hailey Baldwin with 1710 Tropical Avenue (Getty, Redfin)

Bieber and Baldwin list Beverly Hills home

Bieber and Baldwin list Beverly Hills home
Kris Jenner and Khloe Kardashian both bought homes in the Hidden Hills (Getty)

Kris Jenner and Khloe Kardashian buy mansions on land once owned by Woodbridge Group

Kris Jenner and Khloe Kardashian buy mansions on land once owned by Woodbridge Group
Eva Chow and 133 S Mapleton Drive (Getty, Realtor)

Eva Chow’s supersized Holmby Hills mansion gets another price cut

Eva Chow’s supersized Holmby Hills mansion gets another price cut
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...