Surely Bandon is not anymore out of the way than Ballyneal, Dismal Riv and Sand Hills.
But who really knows.
When playing a handful of years ago the caretaker told our group that indeed the owner's vision was to one day finish/formalize the course and make it uber exclusive and private.
I bet Tom Doak knows more than any of us.
If I recall correctly that big master plan pdf that was floating around here a few years back mentioned a private course.
I am inclined to think it'd work just fine, where there is fabulous golf there will be people who want to join.
As far as someone's comment that the land is the best of the bunch, I do not agree. It is very Pebble Beach like, IMHO, with room for 3-4 holes on the edges of the cliffs. The land is tilted so most holes will/do offer ocean views.
But the soil does not appear as ideal as that of Pacific Dunes. It's rolling, but they are big rolls, not little subtle ones. It isn't very "linksy" which to me is the ideal terrain for golf.