Cincinnati Bengals quarterback Joe Burrow, along with other major athletes in the U.S. have decided to buy a 104-acre farm in Iowa for roughly $5 million.
This news comes from a report first published by Front Office Sports, according to CBSsports.com
Joining Burrow in the purchase of the farm is Celtics forward Blake Griffin, Islanders forward Anders Lee, Blue Jays pitchers Kevin Gausman and dozens of other American athletes.
According to an online article from CBS Sports, the farm produces corn and soybeans. It’s expected the athletes will lease the land to farmers and get a single-digit annual return.
The company that arranged the group, Patricof Co., and includes Kemba Walker, Khris Middleton, Zach Ertz and Sam Hubbard bought the farm. Founder of Patricof Co., Mark Patricof, told Front Office Sports that the famous athletes bought the property because the market was right to invest in farming.
“We did three investments last year after doing six the year before,” said Patricof. “The market changed. The world changed. Prices didn’t necessarily go down, but valuations should have, so we held back. It was the right time in the cycle to put money into this asset class.”
It’s anticipated that the athletes will purchase more farm properties, including a watermelon farm in Oregon soon, the report says.
©2023 Cox Media Group