The club was developed by Fred Green, who also developed Nantucket. He's had no trouble selling memberships as he wants to, although I'm not sure if the price was quite as high as quoted above.
I walked the course this spring, and liked it. Very severe greens -- wild stuff. Several Euro pros are practicing on it before The Masters.
The bunkers are all faced with heather sod, but the roughs are just seeded with heather and it may be some time before they mature. In the meantime, the roughs and the sand are fine places to be, but if you're on the faces of the bunkers you're "x", which is a bit weird.