Augusta National (Home Of The Masters) Spent $8.3 Million To Make A Parking Lot
It spent $8.3 million on the property in 2012, Bloomberg reports.
There's widespread speculation that eventually Augusta National is going build some more housing on the lot to host guests during the Masters, but a spokesperson tells Bloomberg, "Any other commentary would be misleading and potentially create public speculation that is unnecessary."
Bloomberg decided to skip the spokesperson's warning, and reported the following:
Since Billy Payne took over as the club's chairman in 2006, Augusta National has built $13 million worth of cabins and corporate entertainment facilities, including the two-year-old, 90,000-square-foot Berckmans Place inside the gates. There are no such club-operated structures outside the grounds and limited housing options for guests.
While it makes sense for the club to use it as a parking lot now, the land might eventually be the site of lodging or corporate-entertainment facilities for its members and commercial partners as the club caters more to business guests under Payne's leadership, said Steve Parry, who opened the 1018 Club, a corporate-entertainment house a half-mile from the main clubhouse, in 2005. Other than on-course cabins, current club visitors can stay at downtown Augusta hotels about 5 miles from the golf course.