Ryan:
I can't see the distinction you are making between The Rawls Course and The Legends. We moved more earth at The Rawls Course and planted a lot more trees, but the process was very similar.
Your premise that this is a successful business model is interesting. There are hundreds and hundreds of similar projects in recent years, but most of them are compromised by housing -- for example, every course at PGA West is a created landscape. The only people who spend this kind of money to build JUST A GOLF COURSE are generally in huge markets where they can afford it, so, they're reasonably likely to be successful projects -- and if they aren't, then you don't describe them as a "created" landscape, because the transformation was not successful.
Still, there are a lot of projects that you'd have to call misses -- The Wynn, from what I've heard, did not generate the same fan base as Shadow Creek. What about the Desmond Muirhead courses in Japan, or what was that Fazio course in southeast Florida with the big waterfall? Or how's The Donald's success rate?