Chris:
You ask the question HOW GOOD?
Consider these quotations:
"My first impression was the 'wow' factor. The property is almost mind boggling."
"It's nothing short of sensational. I was going wild (on my first visit) because I never had anything even close to this to work with. I was like a kid in the candy store."
"Without question, People will come here and say this golf course is as good as it gets."
The source: Tom Fazio, the golf course designer, Robb Report, 2000.
Now consider these quotations:
"The owners want as natural a golf course as can be brushed from the soil. A walk of the proposed routing confirms (this). Except for a brief hike up a hill to the second tee, the routing follows a sensible line of least resistance that you'd follow just strolling through the property. It's one long, lazy loop from first tee to last green, a full five miles around the base of a large foothill."
"The first fairway is already perfect, framed by a hillside and a stream. The third fairway, untouched by bulldozer, couldn't be improved. A bluff of exposed white chalk dominates the par-5 eighth that will run along its base. A fork formed by adjoining creeks provides an ideal spot for the ninth green. The meadow that will cradle the 10th through 13th is so graceful in its rolls and contours that heavy equipment may never touch this end of the course. The 18th, over a canyon off the tee, will finish in an existing hollow beneath the clubhouse. Only the uphill par-3 16th will need a little tweaking."
The source: Ron Whitten, Golf World, October 25, 1995
It seems that the world's foremost golf architect and golf architecture critic are in agreement as to how special this property is. Note that Whitten's comments pre-date the hiring of Fazio (the routing was done by Mike Poellot and Sandy Tatum).
I've played Pine Hill. It's a nice piece of property, but in putting into perspective with The Preserve property, it's like comparing Cyndi Lauper to Rene Russo. The Preserve property is in the league of Pacific Dunes, Sand Hills, Augusta, and Ballybunion.
Switching gears to consider Gib's suggestion: Can The Preserve be "tweaked" or "redesigned" so that it can achieve all of its promise, thereby bringing value to the investors?
It's an intriguing question, because, in theory, it can be done.
Reality says it won't happen.
Damn.