Athletes are often looking for unique ways to invest their money, and farming could be the new hot trend in 2023.
Cincinnati Bengals star Joe Burrow and Boston Celtics veteran Blake Griffin are part of a group that is purchasing a 104-acre farm in Iowa for about $5 million.
Front Office Sports @FOS
Joe Burrow, Blake Griffin, and roughly 20 other athletes are purchasing a 104-acre farm in Iowa for roughly $5 million.<br><br>The group will eventually buy 4 more properties — leasing the land to farmers and seeking a single-digit-percentage annual return on the total investment.
According to Owen Poindexter of Front Office Sports, Burrow and Griffin are part of Patricof Co. investments with about 25 total athletes, including NBA stars Kemba Walker and Khris Middleton, the NFL's Zach Ertz, MLB's Kevin Gausman and the NHL's Anders Lee.
The first farm purchased in Iowa is focused on corn and soy, although the group plans to diversify by buying four other farms in the coming years. Among the options are watermelon farms in Oregon.
The group will then lease the land to farmers while earning an annual return on the investment.