Masters: Augusta National spends $8.3 million on potential parking lot
The cost of property around Augusta National is expensive, but not as expensive as you might think.
First of all, I just want to tell you guys how good it felt to type "Masters" in the headline there. We are just over four months away from the azaleas and white caddie jumpsuits and It can't get here soon enough.
On to the real news. According to Bloomberg, in 2012 Augusta National purchased The Greens on Washington Road which is an apartment complex built back in 1972.
9.8 acres for $8.3 million.
Now they're tearing it down.
Why? That's still up in the air. Maybe for more parking, maybe for more housing, maybe for corporate events.
Augusta spokesman Steve Ethun said it is for "parking and undisclosed support services" and that "any other commentary would be misleading and potentially create public speculation that is unnecessary."
$8.3 million is expensive, for sure. It's about $19 per square foot. But when you compare it to real estate in Manhattan, it's actually pretty cheap. According to this report land in Manhattan sold for $2,3000 a square foot as recently as 2000.
Augusta is no Manhattan but the Masters is the supreme sporting event in the world. So whether Augusta National uses the 9.8 acres for parking or otherwise, you have to think they got a pretty great deal.
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