Bandon and Pebble...

[Jordan Wall]

...will these courses, or any other great public courses become private at one point??

I have heard people say that the courses sometimes get a little torn up due to all the rounds played on it , so I wonder if this or anything else would make these courses become private, or any other high end public course for the matter...

...And, what would happen to these courses, as far as conditioning and reputation, if they become private??

[Tom_Doak]

Jordan:

When the Japanese bought Pebble Beach 20-25 years ago, their plan was to sell memberships in Japan and eventually make it exclusive to those staying in the hotel, most of whom they hoped would be members.  However, the California Coastal Commission blocked that "change of use" by insisting the coast remain public access.  [I guess Cypress Point was grandfathered in.]

As for Bandon, I don't believe that Mike Keiser has any intention of turning any part of the resort private, and I believe that however he handles the place in his will there will be the stipulation that the golf courses remain public in perpetuity.

That's just the opposite of most golf course developers today, who prefer to develop private courses so they can cash out their investment more quickly.  However, that approach also shows something of a lack of faith in the product.  I don't believe you could sell memberships to Pacific Dunes and generate more money going private than it does as a public facility, although some of that has to do with its remote location.

[Patrick_Mucci]

Tom Doak,

I have no doubt that if Pacific Dunes was on the east end of Long Island, or anywhere on Long Island, that it would sell out as a private club, at a pretty steep rate.

Location, location, location.