Nov 16th, 2016
Augusta National land grab continues
With purchase of local music store
Words: John Dean
Augusta National Golf Club's area land grab has continued with the purchase of a local music store. And it came at quite a price!
According to the Augusta Chronicle, Jay's Music Center will be relocating to another part of Washington Road in early 2017 from its current location where it has been for 25–years.
"We have to move fairly quickly," Jay's Music owner Doug Frohman told The Chronicle. "It's not the most ideal situation, but thank goodness we’ll have a roof over our heads."
Although he didn't discuss the terms of the deal with The Chronicle, public records show Frohman's family sold the property to Berckman Residential Properties LLC -- a real estate company affiliated with Augusta National -- on Oct. 13 for $5.35 million.
And that's more than eight times what the 0.73-acre piece of land and 5,600-square-foot store is assessed for, according to Richmond County real estate records.
Frohman said Augusta National's buying up of properties around his business was a major factor in selling/moving.
“Even though we’re not a destination-type store, it’s one of those things where you don’t want to be isolated to that point," he said.
Augusta National's financial might is not to be sniffed. They know what they want, and they know how to get it. Money just isn't an issue, but sometimes things don't go all their way.