If you want to get into a good business, find some property surrounding Augusta National and give it some time.
Jay’s Music and Sound Supercenter, a store that has been located on 0.73 acres at the corner of Old Berckmans and Washington Road for the past 25 years, has been purchased for $5.35 million by an Augusta National-affiliated real estate company. Owner Doug Frohman will be moved out of his current building by December 1, relocating to a property down the road.
According to Richmond County real estate records, the purchased land and its 5,600 square-foot store was recently valued at $637,900. If you are keeping score, that’s around eight times less than $5.35 million.
This is nothing new for Augusta National and its surrounding properties. It has been estimated that the club has spent upwards of $55 million to purchase 100 acres of land around the original property. Earlier this year, there were whispers that the club would buy a piece of land behind the 13th tee from Augusta Country Club for an estimated $27 million, but nothing has come of it to this point.
Pep Boys, right next door to Jay’s Music, is our running favorite to be bought out next.