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Businesses The Almighty Buck Apple

Apple Pays Couple $1.7m For 1 Acre Plot 215

itwbennett writes "Chris Nerney is blogging about Apple's $1.7 million purchase of a 1-acre lot in Maiden, N.C. where it plans to build a $1 billion, 500,000 sq. ft. data center. The couple who owned the land, and the home that sat on the land, Donnie and Kathy Fulbright (hereafter known as Apple's shrewdest investors) reportedly 'rejected two previous offers from Apple before being told to name their price,' says Nerney."
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Apple Pays Couple $1.7m For 1 Acre Plot

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  • by bogaboga (793279) on Sunday October 10, 2010 @02:12AM (#33850220)

    I mean...being paid that much money is like winning the lottery. The trouble I see with this is that many of the folks who won the lottery are not happy at all if this story [] or this one [] are to be believed.

    I would have wanted Apple to pay me some regular good cash making me fluid till my last days on planet earth. How about that?

  • by santax (1541065) on Sunday October 10, 2010 @02:36AM (#33850326)
    Mwaw, those are 8 stories gone wrong. How many people have won millions? About now... probably also millions worldwide. Here when you win a big price they suggest you take like 200.000-400.000 and spend it on stupid things. That cool car, buy that expensive leather handmade coat... hell buy 2! When that money is gone, come back to us and we give you the rest of the sum. In that time people have a chance to live 'big' and after those initial feelings of *luxury must have* are gone... they know a bit better how fast you can spend an incredible amount of money.
  • by jcr (53032) <jcr@m a c . c om> on Sunday October 10, 2010 @02:40AM (#33850336) Journal

    Ask any real estate agent about it.


  • Re:More details (Score:3, Interesting)

    by im_thatoneguy (819432) on Sunday October 10, 2010 @02:43AM (#33850344)

    Am I the only one who finds it extremely unsettling that Apple plans to run a $1B facility with up to 50 people and *maybe* employ up to 250 more minimum wage people for security etc?

    That's a trend that's not going to go away. Welcome to the information economy where people are in a surplus. How long until a $10B facility is managed by 2 people (excluding the ISS)?

  • by Firehed (942385) on Sunday October 10, 2010 @02:49AM (#33850362) Homepage

    A quick check on some Cupertino real estate says that'll get you a home around 3500 sq. ft. on around 1/5 of an acre. Most land I saw in that price range was about 1/2 an acre. I expect commercial real estate is significantly higher.

    So by their standards, it's a hell of a bargain.

  • Re:fools! (Score:3, Interesting)

    by Barny (103770) <> on Sunday October 10, 2010 @04:50AM (#33850640) Homepage Journal

    Not sure about in America, but in Australia you don't own the mineral wealth under your property.

  • by squiggleslash (241428) on Sunday October 10, 2010 @09:58AM (#33851640) Homepage Journal

    Long term capital gains (which is what this would fall under) maxes out at 20% (15% this year, but it's going up next year.), with the tax being applied to the difference between the cost bought and the cost sold. It's (much!) less than income tax, which doesn't apply to capital gains at all.

  • by Pharmboy (216950) on Sunday October 10, 2010 @05:13PM (#33854462) Journal

    I understand what you are saying, but most URBAN lots are closer to the 1/4 acre size or often smaller. I have three houses, on 1.05 (3100 sqft), 1.48 (1700 sqft) and .28 acres (1300 sqft), and the lots over 1 acre I can subdivide into smaller lots if I wanted (I don't). In Guilford County NC, for instance (largest of a 1.5mil metro area) the required size for a lot IF THERE IS NO SEWER SERVICE is only .67 acres. Some upscale residential areas have their own requirements, but general code is must less than these HOAs.

    The required lot size has more to do with how the land percs more than anything else. Available well water is sometimes a consideration as well. In some areas of the state, they require much less, some areas more. This is tobacco land, with clay soil that percs quite well, thus the smaller minimums. We have lots of water 20ft to 150ft in most areas, although some is only at 650ft+.

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