Musician and original island chiller Jimmy Buffett is now planning to open a Margaritaville-themed retirement community for people aged “55 and better.” Wait, they mean “older” don’t they? Veeeery clever…
Buffet’s company, Margarita Holdings, will collaborate with Canadian home builder, Minto Communities, on the $1B construction of 7k fully furnished, two-to-three bedroom houses in Daytona Beach, Florida.
It’s gonna be paradise for “Parrotheads”
As soon as 2018, people will be able to move into homes starting at $200k in Latitude Margaritaville’s “active adult community.” Which, according to its website, will feature fitness facilities, a spa, restaurants, and “FINtastic nightlife.”
Three words: Sign. Us. Up.
This isn’t Buffett’s first foray into real estate, either. Last year, his company started work on an $8m family resort, including a 12-acre water park and 1,200 homes. Because he’s more than just a musician…
He’s the grandfather of lifestyle branding
The guy has built an empire on wearing white linen pants and always giving off that “just rolled out of a hammock” vibe.
Starting as an island-themed chain of restaurants, Margarita Holdings has expanded into lodging, alcohol, licensing, and media — all based on a laid back “state of mind,” rather than a singular product.
In 2016 alone, it earned $1.5B in sales on everything from jewelry, to furniture, to craft beer, and is now pursuing growth overseas.
But unfortunately, his fans are aging
Buffett’s core fanbase are mostly baby boomers, and they’re not gonna be around forever.
That said, the population of people in the US over 65 is still expected to double between 2014 and 2060 — and gaining a stake in the $63B market for retirement communities is a brilliant way to monetize them.