Quick Poll
The Georgia DOT says the Highway 34 Bypass widening project & its contractors will get a 6-month extension to complete the job. Will the GDOT complete the project in 6 months or will it need another extension?
- Completed: 61
- Extension: 385
- Not Sure: 38
- No Opinion: 17
Total Votes:
Published Tuesday, June 30, 2009 in Local
Ware buys 20,000 acres for $39.5 million
The Newnan Times-Herald
Pursuant to previously announced strategic initiatives, Forestar Group Inc. has announced that it entered into a definitive agreement with Hogansville businessman Holland M. Ware to sell approximately 20,000 acres of HBU timberland in Georgia for approximately $39.5 million in a cash transaction.
The transaction is expected to close in the third quarter of 2009. The company intends to use proceeds from the sale to reduce debt.
A fax from Lee Jennings of the Rocky Mountain News indicated the land is in Coweta, Troup and Heard counties. "This transaction is particularly important in that it surrounds my home area," Ware stated in the release from Jennings.
"This sale represents another significant step in executing our strategic initiatives. We have executed definitive agreements with investors for the sale of approximately 95,000 acres of timberland in Georgia and Alabama for almost $160 million, including $120 million which was completed on June 16, 2009. We firmly believe these strategic initiatives will enhance shareholder value," said Jim DeCosmo, president and chief executive officer of Forestar.
Goldman, Sachs & Co. served as financial advisor and Sutherland Asbill & Brennan LLP served as legal advisor to Forestar in connection with the transaction.
Forestar was spun off in 2007 from Temple-Inland, a timber company that owned large tracts in Coweta County for years. In that restructuring, Temple-Inland moved its real estate operation in the separate company, Forestar, and moved is financial service into Guaranty Bank.
Ware grew up in Hogansville, where his boyhood image is captured in a mural in the town. Ware has long been involved in buying and selling timber and has owned tracts in Coweta County over the years.
Ware has purchased significant parcels of land from Weyerhaeuser, International Paper Company and many others in the most recent years. He is the owner of St. Regis Paper Co., LLC.
Ware is a longtime philanthropist and founder of the Holland M. Ware Charitable Foundation. He has been a key player in large land transactions in Georgia, Florida and South Carolina.
In 2004, Ware and three other investors bought 270,000 acres of timber land in Georgia from Weyerhaeuser for $400 million. At the time, it was believed to be the single largest real estate transaction in Georgia history.
In November 2006, Ware and several partners closed on a purchase of 4.2 million acres from International Paper for $5 billion. International Paper said that it was the biggest single private purchase of forest land in U.S. history.
Ware has used his riches to make several large charitable donations over the years. He funded the Holland M. Ware Cancer Research Center at Emory University and the Holland M. Ware Imaging Center at the Auburn University College of Veterinary Medicine.
In January 2008, Ware donated $200,000 to the Humane Society of the United States to combat dog fighting. He donated an additional $250,000 in August of last year.
Forestar Group Inc. operates in three business segments -- real estate, mineral resources and fiber resources. The real estate segment owns directly or through ventures more than 288,000 acres of real estate located in 10 states and 13 markets in the United States.
Several months ago, Ware offered $535 million to purchase Forestar. In January, when that offer was reported, it was noted that Forestar owned thousands of acres of land in Coweta County and that Ware already owned some Forestar stock.
A search on the Coweta County Tax Assessors office Web site for property owned by Forestar returned 50 hits. The holdings include numerous building lots and tracts of 202.5, 244.261 and 598.54 acres.
The property is spread across the county from Al Roberts Road near Haralson to Roscoe Road, Jim Starr Road and Mt. Carmel Road.
Brooks Elementary School is being built on land in north Coweta purchased from Forestar. The Coweta County School System also bought land from Forestar for new schools adjacent to Corinth Landing.
The Brown's Mill Battlefield site and the future Chattahoochee Bend State Park Property were both formerly owned by Temple-Inland.
Comment On This Story
Times-Herald.com does not necessarily agree with the comments posted below. Responsibility of comments rests solely with the writer. Comments posted in ALL CAPS will be deleted.
Submission of a comment does not guarantee publication. Comments will be posted by a moderator after being scanned for abusive language, relevance, etc. See our Comments FAQ for more details.
I as in Florida recently and stopped at ware's $3 Book Stores. These stores send all profit to Emory Research for Cancer. I realize Mr. Ware makes lots of money, but he also contributes lots of money to worthwhile causes. He could keep it all or give it to not wo worthy projects. I love the $3 Book Store. I am sure the store generates many cancer research dollars; thank you, Mr. Ware for at least giving back some of the monies your numerous enterprizes generate.
Posted by Cyndy at 3:14 PM
Mr. Ware makes millions of dollars a year from hunting leases. Then turns around and donates 500k to the largest animal rights/anti-hunting organization in the country, not to mention one that would love to see Vet schools shut down. Doesn't make much sense to me.
Posted by YTELFEVR at 2:39 AM
Bernie if you want to steward 20,000 acres then buy some land! He buys it for 2k per acre and you expect him to lease it all out at 10 bucks and acre to you and still make a living. I suspect you don't run a business yourself. Do you own a vehicle? I would like to use it, what are your intentions for it??? Unbelievable man.
Posted by Sean L at 2:49 PM
He can do whatever he wants with it. He is the owner.
Posted by Bubba B Bad at 5:18 AM
High and better use - a term used to describe the quality of a parcel of land. Google it, this computer machine is amazing!
Posted by I'm no VI Warshawski but... at 12:11 PM
In buying all of this land...what are your intentions? Are you going to lease it out to hunters to help develop it for better wildlife? Or are you going to destroy all the beauty of the woods to widen your wallet more? People like myself are very interested in leaseing your properties for outdoor recreation like hunting.We are more interested in saving the woods for and bettering the forest for the wildlife. We understand that you have to cut timber for you to make money but when you go in and just clear cut a property then you have ruined it for the wildlife and the outdoorsman. Please let me know what your intentions are. Thank you, Bernie Schofill
Posted by Bernie Schofill at 12:37 AM
Pursuant to previously announced strategic initiatives ...? Huh?
Posted by Carol at 9:47 PM
What is HBU? The article does not explain or hint at the meaning of this acronym.
Posted by Jesse Sewell at 8:41 PM
Most Popular
- Viewed
- Emailed
- Commented
- A New Piedmont Newnan: Women's services prepared for more births
- 10th Annual Run for Angels: Event bigger, better than ever
- Education Notes: Phi Delta Kappa scholarship available to future educators
- Special Olympics: Cowetan named Georgia's Female Athlete of the Year
- Around town: Blood drives scheduled
- Where does Newnan see itself in 10 years?
- Stewart finished 11th grade at Warner
- Respected Coweta baseball coach, ex-Brave remembered
- Search dogs find drugs in vehicle at gas station
- 10 headed to jail: Cell phones, community service don't mix
- Former Atlanta Brave, area baseball coach Rick Behenna dies at 51
- Respected Coweta baseball coach, ex-Brave remembered
- McMurry candidate to replace Keeble as Coweta judge
- A New Piedmont Newnan: Women's services prepared for more births
- Hospital bringing new physicians, medical practices
- Piedmont Newnan Hospital kicks off $8 million capital campaign
- Obituary: Mrs. Mary Frances Banks Storey
- We encourage a daylong visit to the $100 million National Infantry Museum
- Domestic violence increases in Coweta, local shelter trying to help
- Prep Wrestling: Newnan shines on Senior Night
- Hwy. 34 Bypass: Another six months needed to complete widening job
- Where does Newnan see itself in 10 years?
- Smith: Lobbyists not an influence
- Proposed legislation aimed toward curbing metal thefts
- McMurry candidate to replace Keeble as Coweta judge
- Pastor's Corner: Part 2 – Is Calvinism biblical?
- Montana's mom tells her story of an autisic child
- Palmer enters race for judge
- Labor officials will work with employers on claims issues
- We encourage a daylong visit to the $100 million National Infantry Museum
Holland Ware
9/2/2011
Link To This Comment
Holland Ware is a very generous man for a very good family. He was prominently seen at the story-telling/book-signing of NO REMORSE: The Rise and Fall of John Wallace in Newnan on August 31, 2011.
Posted by Dot Moore at 3:24 PM