Back in December, we drove through Quincy, Florida (a town Bloomberg has written on, for its Coke millionaires):
QUINCY, Fla. — In 1922, tobacco farmers in Quincy, Fla., hauled in a bumper crop and at the urging of local banker Mark Monroe plowed their profits into shares of Coca-Cola Co.
“Coke had just come public and Daddy liked the taste,” recalled Julia Woodward, Monroe’s 80-year-old daughter. “Plus, he figured the stock would be good collateral because folks would always have a nickel to buy a bottle.”
For the progeny of the farmers who heeded the banker and never sold, the payoff has been dazzling. Today, they own 7.5 million shares valued at $375 million. Adjusted for splits, the stock cost them 2 cents a share.
Largess from the town’s 25 Coke millionaires trickles down to the 8,000 residents of Quincy…
…At one time, the town’s residents held two-thirds of all Coke shares outstanding, said Quincy historian Johnny Blitch. As a courtesy to Quincy’s Coke investors, the Atlanta soft-drink company would dispatch a special envoy to town before the annual meeting to collect proxies.
The Coke stock made Quincy one of the wealthiest communities in the country. In fact, before World War II–and before some of the Coke holders left–Quincy was the richest town in America on a per-capita basis.
Accordingly, Quincy has a lovely residential district:
This home above is on the market for $275k (and this (ugh, fuzzy pic I took while driving by) doesn’t even show the lovely little cottage on the grounds).
Twice or three times a year when feeling especially lustful about my dream home, I’ll get look at what ridiculously beautiful, huge homes go for in little towns where the housing market isn’t what it should be (then I dream about aliens beaming that palatial mansion up, then gently back down on our property, of course. this is a dream, after all).
While usually my taste is more Greek Revival, this very moment I’m thinking of *an Upjohn-designed home* on the Register:
The Richard Upjohn – designed 1860 Kenworthy Hall in Marion, on the market from Bill Mackey:
“…distinguished by its massive brick structure, arched windows, and four story tower. One of the finest antebellum mansions in the South, the estate includes19 acres with original kitchen, carriage house and cistern. Designated as a National Landmark in 2004 and documented in the Historic American Building Survey.” $849,000