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> When I eventually encountered people who were afforded just such a deal ("elite" private school in a wealthy area), they were far less impressive than the top college-level facilities they enjoyed as grade schoolers
This is exactly the argument in favor of home schooling. If you just throw money at it but pay little attention to it then you get a beautiful campus with expensive landscaping and not necessarily the highest quality education, because it's easier for parents to judge the quality of the facilities than the quality of the instruction. Whereas if you actually care and you want something done right you have to do it yourself.