Hahaha .. I am still in the Augusta mood here:
Question: Augusta National Membership: How much does it cost and how do you apply?
Answer: The easy answers:
How much does it cost? Probably a lot less than you'd expect.
How do you apply for membership? You don't.
Augusta National Membership Costs
Augusta National Golf Club does charge its members an initiation fee and monthly dues (and there are other club costs, such as lodging and dining for those members who chose to use those services). But the fact is, the club makes so much money off The Masters Tournament and Masters merchandising, it doesn't need to charge huge membership fees.
In 2009, Golf World magazine published an article titled "Inside Augusta National Golf Club." A club member (speaking anonymously) told the magazine that the initiation fee is in "the low five-figures." So definitely less than $50,000, and we can probably interpret that to mean less than $25,000 (and it might even be closer to $10,000). A lot of money, to be sure, but much less than many, many other exclusive golf clubs charge.
As for monthly dues, another source told Golf World they amount to "a few thousand" dollars. So in the neighborhood of $250 a month/$3,000 a year.
Applying for Augusta National Membership
How do you apply for membership? Again, you don't. There is no way to apply to join Augusta National. Augusta National memberships are by invitation only. When a membership spot opens, the club decides who to invite and mails the invitation.