The real story
The legend was first printed in an Athens newspaper in 1890. It says Colonel William H. Jackson loved a great white oak so much that he deeded it ownership of itself and all the land within eight feet of its trunk. No such deed has ever been found, and legal scholars point out that a tree can't hold property. The town decided that didn't matter, and the tree has been treated as its own owner ever since.
The original oak, probably a few centuries old, fell in a windstorm on 9 October 1942. Members of the Junior Ladies Garden Club grew a sapling from its acorns, and on 4 December 1946 they planted it on the exact same spot. People call it the 'Son of the Tree That Owns Itself', and the club still looks after it at the corner of Dearing and Finley Streets.