Tom buys a golf course on January 1, 2008 for $10 million. He borrows
$6 million from a bank at 8% interest fixed with a 20 year amortization on the debt. The other $4 million is his money and he
puts this as cash or "investment" in the deal.

After all expenses and paying the bank the mortgage each year, he earns the following (cash) on the club's operations:

Year 1 $20,000
Year 2 $336,000
Year 3 $478,000
Year 4 $211,000 ( lost a few greens that year!)
Year 5 $560,000
Year 6 $660,231

At the end of year 6, on December 31st, he sells the club for $14,000,000. He pays off the bank debt, gets his $4 million back, and keeps the profits from the sale.

What is the IRR on Tom's $4 million investment?