(Freddy? What's he got to do with it?)
In 1711, Queen Anne held the first race meeting at Ascot, at the time known as 'East Cote', establishing the tradition of the Royal Ascot meeting for the next 300 years. Today, the Ascot Racecourse persists as the world's most renowned horse racing venue.
History: http://www.ascot.co.uk/aboasc/aboasc_his.html
Virtual Tour of facilities: http://www.ascot.co.uk/virtour/ascottour.php
Main page: http://www.ascot.co.uk/index.html
Perhaps the only image any American would have of the Royal Ascot is the scene from My Fair Lady wherein Eliza lets fly a dandy of an expletive... I won't repeat it, but you get the picture.
The setting is the Ascot Racecourse, and the outrageously ornate costumes worn by one and all are actually the standard for anyone who wishes to attend. Granted, styles have changed somewhat, but the men still wear formal suits, some with ascots (don't worry, I'll explain), and the women still wear lavish gowns with, shall we say, overly expressive hats. Basically, the Royal Ascot is the place to be seen if you're anybody who's anybody in England; Queen Elizabeth II herself attends every year. And so the name 'Ascot' has become synonymous with high society, posh lifestyle, and the general 'lap o' luxury'.
Royal Ascot Magazine 2008: http://edition.pagesuite-professional.co.uk/Launch.aspx?referral=other&refresh=Ha91z30TLw20&PBID=7b98fe2c-6a05-4cb0-a223-b632edc2ded8&skip
Now, in terms of clothing, an 'ascot' is a type of formal cravat, or tie, usually fastened with a stickpin and worn with a morning coat. Not surprisingly, the ascot was so named for its original appearance at the Royal Ascot.
http://en.wikipedia.org/wiki/Ascot_tie
Drawing upon the aforementioned definitions (as well as the one listed at the end), I applied the name to a home I designed during my high school years, 'Ascot Manor'. The house was my attempt to incorporate most all the luxuries I saw available in residential construction into one plan.
And last but not least, in my estimation anyway, 'Ascot' is a play on my name, 'A. Scot'. And I think it fitting, given my English and Scottish heritage.
So... now you know the story of at least one 'Ascot'.