Phil Knight, the billionaire co-founder of sportswear giant Nike Inc., has sold a parcel of land in La Quinta’s exclusive Madison Club community for $2 million.
He bought the property a decade ago for $2.5 million, real estate records show.
The flat lot measures just over an acre and overlooks the 13th hole of the Tom Fazio-designed course. Fairways and a pond border two sides of the property. Mountain vista and tree-top views are on display in nearly every direction.
The guard-gated Madison Club, which features a limited number of home sites ranging from about three-quarters of an acre to two acres, has been a popular spot among celebrities and business elite since it opened in 2007.
Among past and present residents are Lakers legend Jerry West, golfer Fred Couples and actor Sylvester Stallone. Reality television personalities Kris and Kylie Jenner both bought properties in the 500-acre community this year.
Knight, 81, founded Blue Ribbon Sports, which later became Nike, in 1964 with legendary track and field coach Bill Bowerman and was instrumental in growing the athletic-wear corporation into a global brand. The businessman, whose net worth is estimated at $34 billion, retired as chairman of Nike three years ago after 52 years at the company.
The property had been listed since October for $2.5 million, according to the Multiple Listing Service.
Janine Stevens of Bennion Deville Homes was the listing agent. Glenn Cassell of Hideaway Properties Corp. represented the buyer.