The chairman and co-founder of Nike Inc., Phil Knight, has given himself a pre-retirement gift by acquiring a luxury property.

The 77-year-old Nike executive purchased a La Quinta golf course estate for $4.25 million, Los Angeles Times reported. The billionaire just saved himself a whopping $1.25 million from the deal, given that it was originally listed on the market with a reported asking price of $5.5 million a year ago. The listing agent was Nick Blodgett of Hideaway Properties Corp. while Janine Stevens of Windermere Real Estate served as Knight's agent in the deal, noted the Times, citing records from the Multiple Listing Service.

La Quinta home features

According to the Times, the 5,400-square-foot dwelling place sitting on a half-acre of prime lot with verdant views of expansive golf course, boasts a Spanish design with a modern appeal. The businessman's two-story house also presents stunning scenery from the Sta. Rosa Mountains.

The residence, which was constructed three years ago, features five bedrooms, five bathrooms, a formal living room, a grand dining room, and a kitchen with a huge center island for convenient cooking. The self-made billionaire will also like his master suite that comes with a fireplace and a bath tub.

Interior details showcase soaring ceilings, intricate chandeliers, elegantly-designed living areas and modern but comfortable design, especially in the kitchen.

Outdoors, there are interesting amenities like a swimming pool equipped with a spa, a sheltered patio, a fireplace and a fountain.

Knight's inspirational success

Knight has a net worth of nearly $25 billion, making him Oregon's richest man, stated Forbes. He is also one of the world's richest billionaires.

The mogul's success did not happen overnight. Although he was a graduate of the prestigious Stanford Business School, he had some challenges along the way, but all his efforts paid off.

After more than five decades, the news paper publisher's son has achieved success beyond his wildest dreams. With a $1000 capital from his own money and Bill Bowerman's, his track coach, Blue Ribbon Sports was born, which became Nike, Inc. in 1978. Now, it is one of the world's most valuable brands.

In June, he announced his retirement in a statement published on Nike News. Even if he is on his way to pursue other adventures in life, he will always have time for his beloved company.

"For me, NIKE has always been more than just a company - it has been my life's passion... I intend to continue to work with NIKE and look forward to contributing to its future well after my chairmanship ends."

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