After the previous nightmare for investor members, will 281 golfers stump up considerable sums of cash and risk losing it with zero rights??
I am struggling to see what this course can offer that can't be had a lot cheaper or better elsewhere. Next door are two Thomson Perrett courses at Moonah Links. One can get a membership there with no joining fee for $2,700 a year.
Further up the road at The National one can play a Thomson Perrett course, a Norman course, and a Trent Jones course for a bit over $3000 a year once they buy an equity share which ranges in price but could be less than $10,000.
With only 281 members, I cannot see what this club is offering as a point of difference. Unless the owner has a lot of friends wo want to hang out together, it will struggle, because membership of a club on the Mornington Peninsula isn't worth much on the open market.