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

Nike co-founder owned flat parcel in La Quinta for 10 years

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
$49.5M price tag on curvilinear compound in Palm Desert
$49.5M price tag on curvilinear compound in Palm Desert
$49.5M price tag on curvilinear compound in Palm Desert
The Bel-Air estate (Google Maps)
Thomson media heiress lists 1920s estate for $43M
Thomson media heiress lists 1920s estate for $43M
New reality for Girardi, Jayne: ask on Pasadena estate drops to $8.2M
New reality for Girardi, Jayne: ask on Pasadena estate drops to $8.2M
New reality for Girardi, Jayne: ask on Pasadena estate drops to $8.2M
Scooter Braun asks $24M for John Travolta’s former Brentwood estate
Scooter Braun asks $24M for John Travolta’s former Brentwood estate
Scooter Braun asks $24M for John Travolta’s former Brentwood estate
Bird founder looks set to fly from glassy Bel Air mansion
Bird founder looks set to fly from glassy Bel Air mansion
Bird founder looks set to fly from glassy Bel Air mansion
12740 Hanover Street  and Norman Lear (Redfin, Getty)
Brentwood enclave once owned by Norman Lear lists for $25M
Brentwood enclave once owned by Norman Lear lists for $25M
Joel Silver and his property (Getty, Williams & Williams Estates Group)
Joel Silver relists Legorreta-designed Brentwood mansion for $75M
Joel Silver relists Legorreta-designed Brentwood mansion for $75M
Patrick Whitesell and the property (Getty, Redfin via Kurt Rappaport)
Hollywood heavy hitter asks $22M for Beverly Hills Post Office home
Hollywood heavy hitter asks $22M for Beverly Hills Post Office home
arrow_forward_ios

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

Loading...