Making money in Harrisburg

University of Massachusetts political science professor Jerry Mileur, the Harrisburg Senators’ owner since their return to City Island in 1987, finalizes the paperwork 31 years ago today to sell the Class AA franchise to four investors from suburban Philadelphia.

The sale price is $4.1 million – a nice return in 1995 on the $85,000 Mileur spends in 1981 to purchase the franchise, then located in Holyoke, Mass.

Within a year, the same quartet, which almost since the day when the original transaction paperwork is filed threatens to move the team to Springfield, Mass., resells the franchise to the city of Harrisburg for $6.9 million.

All of our IRAs should do as well.

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