I have a friend who had the same problem. He went to his local builder supply store and got that cedar tongue and groove closet liner material and some bead for the corners and edges by the walls. I think it cost less than $50. He covered the beam with the cedar, put the bead on it and coated it in tongue oil. It looks really great! Did it in a day too. Now instead of lookig ugly, it's a really classy look!