Some years ago, the chief executive officer of a cybersecurity firm, fresh off the biggest deal of his career, resolved to celebrate as avid golfers do: with a round at a course he’d long dreamed of playing. The name of that course was not Augusta National, which would have been an easier get.

After trying and failing to gain access through his tech-world contacts, the CEO turned to his last and best resort. His firm, the sponsor of a PGA Tour event, gave him a direct line to Ponte Vedra, where a top executive had pledged to help arrange an outing on any course he wished. In went the request, and back came the answer.

Sorry, that’s one place we can’t do.

“So, that gives you a sense of how we’ve operated here,” Randy Fry said the other day.

IT WAS A BLAZING AFTERNOON in June, and Fry was sitting on a shaded patio in the hills about an hour south of San Francisco. Behind him stretched the green folds of a course where he has hosted guests for decades — if only precious few.

Private enclaves are commonplace in golf. But even the stoutest barriers to entry seem quaint compared to those erected around Fry’s home club, The Institute. To call it exclusive leaves a lot unsaid. In the digital age, when even the most sequestered corners of the game eventually surface on a screen, The Institute has remained stubbornly invisible. Until recently, Googling it yielded almost nothing reliable. Images were scarce beyond a few distant drone shots. Unsubstantiated stories filled in for facts. One told of a course so meticulously maintained that fresh sod was laid the instant any divots were taken. Others were old-fashioned tales of woe involving business tycoons and globetrotting list-chasers who’d rapped at the gates and were turned away. Basic course information was elusive. The scorecard showed up nowhere. The architect’s identity was a subject of debate, the guest list a source of speculation.

What most everyone agreed on was that the usual currencies of access held no sway. Neither bloodlines nor bankroll mattered. An invite to play was a lottery-odds long shot. It depended on your having a specific kind of tie to a group of fewer than a dozen people. For everyone else, The Institute was less a private club than a rumor with a zip code, as enigmatic as it was out of reach.

That’s now changed.

“It’s exciting,” Fry said. “The cat’s out of the bag.”

Partly, anyway.

The Institute has not opened its tee sheet to the public. Far from it. But it has lifted its veil of secrecy, slightly, just enough to let a few more people and prying eyes in. The club is looking to add members — a tiny number, thank you — and exploring the possibility of hosting a professional tour event, potentially as early as next year.

All of this is part of a transition that began just before Covid lockdowns and has proceeded in a quiet, deliberate manner suited to the property’s reputation and the personality of the man spearheading the shift.

At 68, with white hair crowning a sun-ruddied face, Randy Fry has the tall, sturdy build of the tight end he once was and the self-assured mien of the executive he is. He has, for decades, steered clear of publicity. Before last month, he’d never spoken on the record about The Institute.

“To know me is to know that I don’t walk into a room and tell people who I am,” Fry said. “I just lay low. I listen. People ask me what I do, I say, ‘I’m semi-retired.’”

For much his career, he kept busy with Fry’s Electronics, the retail juggernaut he built with his brothers, John and David, using seed money from the sale of Fry’s Food and Drug, a supermarket chain their father co-founded and ran. From its birth in 1985 with a single store in Sunnyvale, Calif., Fry’s Electronics expanded to 36 locations in nine states, accounting, at their peak, for estimated annual sales of $3.2 billion. In the emergent digital age, the stores were fixtures of the zeitgeist, beloved by computer nerds and garage tinkerers, and promoted through near-ubiquitous radio ads whose tagline — “The best buys are always at Fry’s. Guaranteed!” punctuated by laser-gun fire — became a meme before “meme” entered the mainstream.

Gradually, then suddenly, business cratered. The rise of online shopping signaled trouble. Box-store sales sagged. In 2021, struggling in a retail landscape reshaped by Amazon, Fry’s Electronics folded and its outposts went dark.

But they left a grassy legacy behind.

ALONG WITH EARLY LESSONS in Business 101, the three Fry boys had received a childhood introduction to golf. Their father loved the game and sponsored the Tour pro Jackie Cupit, who would stay with the family when competitions brought him to Northern California.

“We grew up with golf all around us,” Randy said.

During college, at Santa Clara University, he mothballed his sticks, playing one year as a walk-on tight end before turning to crew. He picked up his clubs again after graduation but played only sporadically. Though he enjoyed the challenge and the recreation, he came to see another purpose for the game.

At many of the most exclusive golf clubs, deal-making is discouraged. Randy and his brothers flipped that script, setting out to build a course expressly for that purpose: a luxe retreat whose sole reason for existing was hosting clients. For that, they needed land, which they found in Morgan Hill, near San Jose, on a site once occupied by the Flying Lady, a giant aviation-themed restaurant, museum and resort with a modest nine-hole course beside it. When the Flying Lady went bankrupt in 1994, the Frys bought the property. Two years and $22 million later, The Institute welcomed its first rounds.

There was no ceremony, no ribbon-cutting. In wider industry circles, though, there were whispers. Jeff Sanchez, a Bay Area-born golf professional, first caught wind of them in the late 1990s, while working at a resort in the Carolinas.

“You heard about a handful of people that got to play,” said Sanchez, who now serves as The Institute’s general manager. “Stories about walking the fairways with caddies and these elegant meals after golf. You weren’t sure if they were real stories or if that was really happening.”

It was — on an extremely limited basis. The club’s policy was simple and restrictive. Aside from Randy, John and David Fry, eight top Fry’s executives were entitled to bring guests, but only if those guests were deemed important clients. Whether a candidate met the threshold was determined by the Frys. Without their sign-off, the answer was no — frequently delivered to people unaccustomed to hearing that word.

As for those who cleared the bar, they found that “yes” could be disorienting, too. Take the Panasonic CEO. Invited for a round in the years before the iPhone existed, he arrived to find an empty parking lot, a desolate locker room and a host who explained, matter-of-factly, that they would be the only group on the property. For a course that averaged roughly eight rounds a week, that was not unusual. Still, the CEO was gobsmacked. As Randy Fry relays the story, the executive surveyed the silent, immaculate grounds, then announced that he would have to leave immediately. “I have to go buy a camera,” he said. “No one is going to believe this.”

Adding to the mystique was the club’s non-golfy name, which hinted at its intended dual purpose: It was meant to double as the new headquarters of the American Institute of Mathematics, which John Fry established to further research and education in the field. Plans included designs for a 164,000-square-foot clubhouse called the Castle, patterned on the Alhambra in Spain, a 13th-century marvel of Moorish engineering. Work crews went so far as to dig a giant hole for an underground parking garage that would sit below the Castle, where, as the Frys envisioned it, golf operations would share space with brainiacs engaged in high-brow cogitation.

Construction stalled, though, in the wake of tragedy. In 2010, a pipeline explosion in the South Bay city of San Bruno killed eight people. Due to the nearby location of two major gas lines, PG&E filed a lawsuit to stop the project. The case was settled 12 years later with a mutual walkaway. The giant hole was filled in and The Institute built a par-3 course called the ‘little i’ instead.

That marked a change, but it wasn’t the club’s most significant shift. For years, Fry’s Electronics more than justified the existence of the course and the millions of dollars required to maintain it. Given the business sums at stake, the balance sheet fell heavily in the brothers’ favor.

“If we were doing, say, $400 million with a vendor, and we could shave off three percentage points, and you times that by 40 vendors, next thing you know, you’re way ahead of the game,” Randy said. “And they just can’t wait to come back the next year and make another deal.”

Nothing, however, lasts forever. The Frys weren’t blind to that. As early as 2011, they’d begun to contemplate a different future for The Institute, with functions that extended beyond business. There was talk of morphing into a members club and maybe staging a PGA Tour event, which would not have been a stretch. At the time, Fry’s was the title sponsor of the Frys.com Open, which, after stints in Las Vegas and Arizona, had moved to Cordevalle, a 10-minute drive across the valley from The Institute.

Ultimately, it was determined that the course wasn’t yet ready for the big stage; its tournament infrastructure needed work. But that was then. If all goes as planned, the club will soon be holding a coming-out party.

“I’m not nervous about exposing The Institute,” Randy said. “I think it’s time.”

Which invites the question: What is there to see?

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THE ENTRANCE TO THE INSTITUTE sits a few miles and several turns off Highway 101 in Morgan Hill, where a narrow road dead ends at a security gate. Affixed to it is the club logo — a curvy lower-case “i” of the kind used in mathematical notations. Enter an access code and you’re in, up a hill and around a corner to a parking lot beside a white building with green trim, a color scheme reminiscent of the one found at the end of Magnolia Lane.

It’s one of multiple Augusta-like touches. The course itself spills across ample shifts in elevation, its layout ornamented with creeks and ponds and outsize alabaster bunkers. Pine trees line many holes — since its inception, the club has planted more than 25,000 trees — their lower branches trimmed to allow for swings, the ground beneath them strewn with pine straw brought in from Georgia. Conditioning, a point of pride from the start, has been taken to Masters-level refinement by Brad Owen, the former longtime Augusta National superintendent, who came aboard as a consultant in 2025, along with former USGA agronomist Adam Moeller.

Alister MacKenzie, who co-created Augusta with Bobby Jones, did not design The Institute. But neither did Robert Muir Graves nor Damian Pascuzzo, as online posts alternately assert. Those architects provided guidance, but, according to Randy Fry, the routing was dreamed up by his brother, John, and an associate, Steve Sorenson. In recent years, Bruce Charlton of Robert Trent Jones Jr.’s design firm, has been brought on to help with modifications.

“There is always something to do,” Randy said. “We will never really be finished.”

John Fry lived on property during construction and for years after, serving as a driving force behind the operation. But he has since relocated to Florida, closer to a golf project that the Frys are developing in the Bahamas. David Fry is an active Institute member but does not take part in club governance. Of the siblings, Randy is the most involved in the day to day. The head of the club’s three-person board, which includes John and a prominent Silicon Valley member, he drives down most mornings from San Francisco to tend to details large and small. He plays once or twice a week, shooting in the 80s when his form is right.

***

ON A RECENT JUNE AFTERNOON, Fry and a guest constituted the lone group on the course, joined by two caddies. Club policy calls for walking and for each golfer to have his own looper. Fry himself has a personal rule, which he cites as a refrain to guests.

“Whoever has the most fun wins,” he said. “That’s the game.”

At 441 yards, with a yawning fairway bunker on the left, The Institute’s 1st hole is a formidable test and a fitting introduction to a gut-check opening stretch that asks a lot of the driver. The back nine poses a different sort of challenge with what Jeff Sanchez describes as “the television holes” — water-laden and rich in risk and reward. Highlights include a par-5 14th that emulates the 13th at Augusta with its dogleg bend and crossing creek. The par-3 that precedes it so closely resembles the 12th at Augusta that a prominent golf-industry figure requested that the front bunker be removed to keep the hole from looking too much like a clone. The Institute obliged.

For all its allusions to other layouts — the green on the downhill, dogleg-right 10th is long and hourglass-shaped like the 4th at Spyglass, though set at a different angle, while the approach to the par-4 15th has steep false front inspired by the 10th at Shinnecock — The Institute is not a replica course. It has a Northern California character of its own, stitched into a live-oak studded canvas along hills that go from emerald to gold as spring gives way to summer. Nor, though, is it of the minimalist style that sets the hearts of today’s architectural tastemakers aflutter, with its celebration of tawny turf and sandy wastes and rustic, jagged edges. It is not a likely candidate for the World Top 100. But it is a stand-alone experience.

Fry, for his part, does not seem overly concerned with rankings. He is, however, consumed with details. He speaks at length of trees the club has planted, drainage work beneath a fairway, bunker edges and green runoffs that took painstaking efforts to perfect, among other projects that occupy his days. He is equally attentive to the course’s stories. Along the left side of the 15th hole sits a ranch house where John Fry lived during the club’s early years and where Tiger Woods stayed when he played the 2011 Frys.com Open at nearby CordeValle. (The club currently has six bedrooms, with eight more to come). Beside the finishing hole, a multi-colored flower bed has been planted in the shape of the club’s “i” logo, an idea Randy borrowed after seeing a similar display at Valderrama.

As golfers make the turn, the club treats them to another flourish. Staff members set out a linen-covered table with a mid-round snack and drink — on this recent afternoon, tempura asparagus and a beet-and-ginger energy shot — part of a culinary program that the club considers a calling card on par with its conditioning and exclusivity. The cuisine keeps coming after the round with an elegant, multi-course lunch.

The meal is served in a rotunda-shaped clubhouse that, in an earlier life, was a church. The Frys preserved its bones but repurposed the sanctuary into a light-filled space with windows, sliding glass doors, a kitchen and an intimate wood-paneled locker room. There is also a small pro shop — the hats on sale have math formulas scribbled underneath their brims — and an office for the longtime head professional, Greg Fitzgerald, an amiable, bearded redhead who has been likened lightheartedly around the club to the Maytag repairman — the handyman of TV commercial fame whose phone never rang because nothing ever broke. The joke being that Fitzgerald wasn’t exactly running himself ragged at a place that got so little play.

“Early in my career, when I I worked at a resort in South Carolina, our target on a good day was 200 rounds,” Sanchez said. At the same time, he noted, The Institute was hosting 250 rounds a year.

The math has long been different for the maintenance staff. Around 50 groundskeepers help tend to a course that might not see that many loops in a month.

***

THE METICULOUS CARE CONTINUED uninterrupted even after Fry’s Electronics shuttered in 2021. The course had lost its original business rationale, but by then it had evolved into something else. Just before the pandemic, the club admitted its first members — a class of 32 who each paid an initiation fee of $1.

“For the members we seem to attract, I don’t think money is that important,” Sanchez said. “It’s the experience they’re interested in.”

The $1 fee was symbolic — a thank-you of sorts to those who had helped shape the culture of the club. There was also an understanding that dues would rise. They have.

Existing members were able to convert to equity memberships for $150,000, a price that Fry said will climb closer to $200,000 as the club approaches its target of 50 members. Those ranks might eventually grow to 75, and Fry expects dues to rise with them,

Membership isn’t the club’s only ambition. Discussions about hosting a professional tournament have resumed, and the infrastructure that once wasn’t is now in place. Land beside the 4th hole has been graded for what could serve as a television compound. The club owns another 40 acres across the road that could accommodate tournament parking. Modular buildings that housed tournament operations during the Frys.com Open have been moved to the property, where they overlook the 18th green and the gentle waterfall that flanks it. Though they declined to discuss which tour is the leading candidate, Fry and Sanchez said there’s a chance the event will come together as early as next year.

In 2023, the club staged something of a dress rehearsal when it hosted an NCAA regional final. Given The Institute’s cloaked reputation, one might have expected that event to set off a wave of publicity. But it passed with surprisingly little notice.

Now the club is inviting a closer look. There’s a risk in that. For decades, The Institute’s greatest claim to fame was the mystery around it. It existed, for most people, in imagination only. Peel back the veil, and reality is left to compete with myth.

Fry knows as much. He just doesn’t seem to mind.

He’s not nostalgic for the days when the course sat empty except for the occasional client outing. Adding members — even just a smattering — and staging a big-time tournament might dispel the mystique around The Institute. But that has been replaced by what Fry sees as a different kind of magic.

“The course,” he said, “has never been so alive.”