The club that hosts the Masters has actually invested $200 million snapping up land surrounding the golf course over the past 20 years, and it’s turning some property owners into instantaneous millionaires

augusta national 1991

Augusta National Golf Club in 1991.

Phil Sheldon/Popperfoto/Getty Images.

Augusta citizens are offering their houses to golf’s most exclusive club, and it’s turning a few of them into millionaires.

In a current report by The Wall Street Journal, a map reveals that over 100 homes throughout 270 acres have actually been bought by Augusta National Golf Club given that1999 These deals have actually increased the golf club’s total land size by 75%for a total rate of $200 million– and several of them have actually made residents very rich.

“They’ve made numerous homeowners millionaires,” Augusta realtor Venus Griffin informed The Journal.

The 86- year-old course— and notorious member club for the rich and popular— is consistently ranked among America’s top greens, and hosts the Masters Tournament each year, an event where fans spend as much as $6,000 for a ticket

When purchasing, Augusta National does not use its name. Instead, The Journal reports, it goes with one of a dozen names of restricted liability companies connected to the club. A recent offer– reported to be around $20 million— involved LLCs on both sides: purchaser Augusta National Golf Club and seller Augusta Country Club. The system is completely legal and “ barely unusual” for companies seeking to keep deals under covers.

Find Out More: How to get tickets to the Masters, and how much it costs to get into one of the most unique sporting events in the world

Some house owners aren’t budging. An April 2018 article by Company Expert’s Cork Gaines reported that a couple was refusing to sell, though a close-by relative had gotten over $3.6 million for his homes. At the time, the couple themselves were already millionaires– after offering their residential or commercial property throughout the street for $1.2 million.

The majority, however, accept offers, as their houses– whose typical rate is around $125,000 according to Zillow in The Journal’s report— will receive millions of dollars instead of thousands when they sell to the golf behemoth.

“You know they benefit the cash,” stated Augusta-native Madeleine Liles, who offered her family house to Augusta National for $1.1 billion

Check out the whole article at The Wall Street Journal “

More:

Arts & Culture
BI Select
Augusta
Augusta National

Learn More