First of all let's say that I don't believe anything that D.C. says, so I agree with you on that one.
However I don't measure an elite education by having a rowing lake or beautiful rolling hills or a state of the art tech suite. Just to prove a point, one of our local schools underwent a major rebuilding programme, it now has state of the art facillities but it is still a sink school.
I went to an elite school in Italy - I went to school with the son of the current president, and princes and princesses as well as sons and daughters of journalists, civil servants, teachers, architects, plumbers and electricians. We were all side by side. It was a state school.
It wasn't elite because it had excellent facilities, in fact the building was falling apart and I remember being taught in a freezing 14th century hall with pieces of frescos dropping on my desk. We didn't have any grounds and didn't have access to any sports.
However the education we received was second to none; academically it has set all of us up for life and the expectations of everyone, no matter what social class, were sky high. I am still in touch with my classmates and I would say everyone with no exception went to be very successful in their chosen field.
What I loved about my school is that there was no snobbery whatsoever as it was all about intellect not about money. We didn't even wear a uniform, we all wore tracksuits and cheap jeans - it was really very special.
Maybe it is because I am from a different culture, but I am not blinded by facillities or fancy IT suites - we managed a fantastic top of the class education without it.
I think you can achieve a state of the art education with very little money. It's all about expectations.