When the economy stinks, the rich buy land
The uber-rich have been making some big investments during this down economy.
They've been sucking money out of stocks and pouring it into real estate, according to a magazine that tracks these things.
The Land Report says people such as Ted Turner have been "doubling down" on their investments over the past year.
Turner, who owns more U.S. acreage than anyone, again tops the magazine's annual list of the 100 largest private individual landowners.
The CNN-founder expanded his 2 million-acre empire this year by purchasing the 8,800-acre Nonami Plantation near Albany, a scary place for quail but an entertaining place for people with shotguns. He bought it from Atlanta developer Tom Cousins, and a spokesman told the magazine that he plans to manage it "in an environmentally and ecologically friendly manner."
The list includes brief biographies of the other 99 biggest owners, ranking them by acreage. Some notable Georgians include:
- Georgia native Holland Ware, who ranked 16th with half a million acres. The timber baron made a fortune off loblolly pine. He hates dogfighting and has contributed money and land to stop it.
- The heirs of John Langdale, founder of Langdale Forest Products, ranked 41st, despite the loss of 40,000 acres in a shareholder settlement. The Valdosta family still owns 200,000 acres, with holdings throughout Georgia.
- Benjamin W. Griffith III is new to the list. He founded Southern Pine Plantations in Georgia over a quarter century ago, and has accumulated 162,000 acres in Georgia and six other states. His friends call him Benjy.
About the Author
Ty Tagami is a staff writer for The Atlanta Journal-Constitution. Since joining the newspaper in 2002, he has written about everything from hurricanes to homelessness. He has deep experience covering local government and education, and can often be found under the Gold Dome when lawmakers meet or in a school somewhere in the state.
