To amplify on [MENTION=190881]Ponder5[/MENTION]' comment, it will help if you let everyone know if there are any dimensions known at this point, i.e., are you starting with a known space, or is shopping for the location still TBD? What will you do in the live/recording part (vocals, single instruments, 20pc big band)? What will you do in the control room (tracking, mixing, mastering)?
If you can do all the carpentry and surfaces and sound treatments yourself, you should be able to accomplish a lot in any small-medium space, but that's going to take a lot of that budget. And maybe that's all you're talking about. But, if you're still needing equipment, you can spend that entire amount of money in one little converted bedroom serving as dual purpose live-recording/mixing/mastering. (No, I haven't done that, but it wouldn't take but a couple of brand changes in microphones, interfaces and monitors for me to have shot way past your budget, without even adding a single piece to what I have, and I don't have a lot.)