Who would pay $41 million for a pair of strip malls in Augusta, Georgia? The answer is Augusta National Golf Club, home of The Masters
AUGUSTA, Ga.—More than half a century after it opened, the Lakemont Presbyterian Church last year was eyeing a move. But all it had to sell was an outdated building on 1.7 acres bordering a sea of empty lots.
Needing cash for a new facility, the church appealed to a higher power: Augusta National Golf Club, the nearby host of this week’s Masters tournament. Within months, they had a deal. Just before Christmas, the club bought the church for $1.65 million.
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