Tommy,
While the acquisition of land, and its cost has been taken care of, there is still the cost to design and build a golf course and a club house and possibly other buildings along with the operating expenses associated with running same, year round. These costs would have to be recouped from the members ? Staffing full time, for food and other services is also expensive, and would drive up the dues on an underutilized facility.
You have to ask yourself, how many prospective members want to pay initiation and dues at a club that they have no say in ? A private club, with an owner other then the members running the show ?
You also have to ask yourself, will the club take in anybody who has the money, or will they be selective in their membership process ?
I mentioned Friar's Head because it has access to 15,000,000 people, sit's on a bluff overlooking a large body of water, has a superior golf course, and is in an area where people will build second or third homes.
I don't know what the population of Portland, Eugene, Florence are, but, I'd guess it's a few shy of 15,000,000.
I would think that Mike Keiser has the right idea in creating four (4) or five (5) distinct golf courses as an attraction for visiting golfers. I think he's creating good accomodations for those visiting, and providing good food and other services,
all of which are profit centers to make the operation successful.
How long would he retain a private club if it lost money every year, and what would be the shelf life of those members subjected to increasing dues to meet escalating operational costs each and every year ?
The economy may be an impediment as well.
Realistically, I don't see a truely private club anytime in the near future.