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This Day in Georgia History

May 24, 1993

Basinger Filed for Bankruptcy

In 1989, Athens-born actress Kim Basinger was a partner in the purchase of the Georgia town of Braselton, which is located in western Jackson County. The area was first settled in 1876 by William H. Braselton and his family. Several Braselton families owned most of the land in the area, and in 1916 were able to get the legislature to incorporate the town. In terms of population, Braselton remained a small, rural community;and in the late 1980s, the Braselton families (who owned most of the land in the city) took the unusual step of offering the city for sale. That offer, plus the location of nearby Chateau Elan Winery, which was expanding into a golf resort, led Basinger to partner with Ameritech Pension Fund and purchase Brasleton for $20 million in the hopes of promoting tourism, movie production, and film festivals. The transformation of Braselton into a tourist mecca did not occur, and on May 24, 1993, Basinger was forced to file for bankruptcy to avoid paying $7.4 million settlement. Despite her financial setback, Basinger’s screen career prospered, and in 1997 she won an Academy Award for best supporting actress for her role in the film L.A. Confidential.