Many good answers...
Craig....ths is exactly the sort of land I was talking about.
Tom...Interesting especially with your family connection. Middlebury has plans to replace its current golf course sometime in the future. Steve Durkee drew up plans that were displayed in the clubhouse for a time. They included using 4x the land area of the current course, 3 practice holes, and a double-ended driving range. He had planned to only keep two of the current holes. I'm not sure if the college has "hired" him as of yet, as the project is not imminent. The rumor when I was in school was that the college wanted the course to be funded entirely by donations, and it is currently on a list preceded by many new dorms and dining halls and other projects. They have alot of land to choose from, and they have a stated goal to have one of the best college courses in the nation, and one good enough to host at US Women's Amateur in honor of Midd native Patty Sheehan. I liked Durkee's work at Neshobe in Brandon, VT, and at Okemo, but I'm not sure if the plans add up to reaching the stated goal. Maybe a well-addressed portfolio is in order?
Willie.....I once happened upon an old 9-holer in VT that is still visible underneath some vegetation adjacent to route 30 halfway between Midd and Manchester. It sits in a BEAUTIFUL valley surrounded by hills, and trees have not grown back over former golf course land. I think there was even a dilapidated old shack with the faded golf course sign still attached...it wouldn't be a bad place to buy and run and forget life for a while.
Peter Z....Killington and Sugarbush already have golf courses, but neither are in "favored" status. They both are 60s-70s relics with poor conditioning and utilitarian mountain design. I have only played SB, and I would not return. Stowe's course is nice-looking although short, and Cupp has build a new course nearby called the Stowe Mountain Club. I perused the website and it looks interesting, but quirky, short, with many layups and forced carries. As Tom said as well, the ski areas are the businesses with the money. I would think after the recent condo development and new lodges that Sugarbush would be looking for an upgrade. Just hopefully not on the same site as the current course.
Mike....I agree with all three, but I would think many VT farmers would be getting up in age, and some might be willing to part with their land to an investor. I think an upscale public course would be difficult to profit from, as the only ones that survive are the privates near population (Burlington, Manchester, Waterbury) and the local courses with good support from local public play (St. Johnsbury, Barre, Middlebury, Rutland). A destination private or a resort course might be the only way. Middlebury has been selling condos for retirees aimed at alums of the college, maybe a new course at Midd could take advantage of this in the same way?
John....Didn't forget Dorset, but it's one of the few VT privates I've never been to. I've tried a few angles/connections, but have come up empty. I'm willing to grovel and pay if you have friends! Kidding aside, it sounds like Dorset is in a different category as a bit of a shorter museum piece...perhaps in the mold of a Cape Arundel.