Chip,
Here in Denver, Wellshire GC, a private country club with a Donald Ross-designed course that opened in 1927, succumbed to the Depression and was purchased out of bankruptcy by the City of Denver in 1935 for $60,000. Over $250,000 had been invested in the club--$75,000 in the tudor style clubhouse alone. Wellshire remains a city owned public course today.
I wonder if we'll be seeing more of this sort of thing in the coming months/years.