Augusta National appears to want to own the entire namesake Georgia town. Jay’s Music sits right outside golf’s most exclusive club, which must be hard for members inside the gates. The store is so important to the club that they were willing to recently purchase the property for $5.35 million dollars.
That’s right, I said millions of dollars. The price tag seems a little much because you would only know the store existed if you live in Augusta or you parked there for the Masters. Curious about the worth of this pristine slice of real estate? Well, based on public records, the price Augusta paid is 8 times more than the normal selling price. As if you didn’t know, money is no object when it comes to Augusta.
You wouldn’t think the golf course can dish out money at will to buy local Augusta gems, but local real estate must be one of the club’s hobbies. Since 1999, Augusta racked up $55 million dollars purchasing 100 acres of land surrounding the National and Country Club. That seems like a lot for the land surrounding a golf course, but supposedly Augusta finds the investment worth it.
So what are they doing with all these acres? Well, Augusta National uses these acres for parking, hospitality, a media center and practice areas. It sounds to me like Augusta is building the town into the empire of Augusta. But at least they are giving local residents enough to retire, in Jay’s case a couple times. And Jay himself has no problem stating:
“Even though we’re not a destination-type store, it’s one of those things where you don’t want to be isolated to that point”
I’ve got no problem with Augusta National investing in the town, because they’re paying out the nose for it. They can certainly raise the money and if they thirst so badly for domination over Augusta, Georgia, than so be it.