Walmart heirs are reportedly launching an arts and music festival this fall in the company's birthplace of Bentonville, Arkansas

• Heirs to the Walmart fortune plan to launch an arts and music festival this September, WSJ reports.
• Known as FORMAT, the festival will welcome up to 17,000 guests, with tickets starting at $275.

Names like Coachella and Bonnaroo are fixtures of the music and arts festivals scene. But one newcomer is about to enter the mix, with the help of none other than America's richest family.

Members of the Walton family, heirs to the Walmart fortune, are helping to launch a new art and music festival later this year, The Wall Street Journal reports. The event is known as FORMAT, short for For Music + Art + Technology, and it will kick off during the weekend of September 23.

Its launch is being led by two grandsons of Walmart founder Sam Walton, Steuart and Tom Walton, and the latter's wife, Olivia Walton. They're working with creative firm Triadic and Lollapalooza concert promoter C3 Presents on the festival, according to the Journal.

FORMAT will take place on a 300-acre field surrounded by woods belonging to the Waltons in Walmart's birthplace of Bentonville, Arkansas; there will be 400 camping sites on the festival's grounds. The event will target an older demographic than the typical music and arts festival, welcoming up to 17,000 guests in their 30s and 40s, with tickets starting at $275, the Journal reports.

Walmart did not immediately respond to a request for comment.