Bonnaroo Festival Buys 530 Acre Farm For $8.7 Million
The promoters of the annual Bonnaroo music festival in Tennessee have paid $8.7 million for the 530-acre farm where the event takes place. According to tofficial records, Bonnaroo producers A.C. Entertainment and Superfly Presents bought the Manchester tract for $8,686,482 from owner Sam McAllister. The deal works out at $16,374 per acre, well above the $8,000-$10,000 per acre the Coffee County Property Assessors office says land is selling for in the area.
The investment would seem a good one. Bonnaroo grossed more than $14.7 million last year from ticket sales alone, with money from sponsorships, concessions, and other ancillaries sweetening the pot considerably. Producers have also said they plan to stage other concerts and events at the site.
The festival is set for June 14-17 this year, with headliners the Police, Tool and Widespread Panic on the bill.
The Future: A dynamic move for Superfly, the organizers of Bonnaroo. Not only will they be able to erect a permanent stage and other facilities, but they’ll be able to turn the farm into a legitimate tour and festival stop. Could this turn into a trend as an alternative to major venues?