They Bought The Farm

NASHVILLE (Billboard) - 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, the Nashville Tennesseean reported. According to the report, which cited official 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.

"We always felt the land would be a good long term investment for us," Superfly President Jonathan Mayers told Billboard in an earlier interview. "It's a big investment for us, but we believe in the long term of the festival and other events we can create on the property, and the fact that we're going to be able to put permanent infrastructure there. We're really excited about that."

The festival is set for June 14-17 this year, with headliners the Police, Tool and Widespread Panic on the bill.