A group of over 30 African American families who owned 48 acres of land in Collierville, Tennessee, are celebrating having sold it in a historic multi-million dollar deal. The land, located on Bailey Station Road, had been in the family for over 100 years, and the small farmers had worked together for more than two decades to acquire the market sale.
During a press conference and celebratory event attended by the town’s mayor and other local leaders, the family repeatedly expressed how happy they are with the terms of the deal. For 23 years to be exact, the family fought for a fair price and even battled eminent domain to prevent the land from being seized by the government.
Thomas Brown, head of the farmers’ group, told Fox 13 Memphis that they were once offered up to $2 per square foot even though the land was worth up to $10 per square foot.
But their patience has paid off. The land has now been officially sold to Orgill Inc., a hardware distributor. Orgill will use the land to build a $77.2 million Customer Concept Center which will be just a few miles away from headquarters.
An attorney who was representing the group said that several individual family members became millionaires because of the deal.
Source: blackbusiness.com