JC,
While I know Kemper Sports told MK that he was nuts, I don't think its ever a huge risk to build on the ocean, at least in the US. As exciting as Sand Valley site is, do enough golfers share the vision for a PV type course as they do for a PB/CPC type course? If it would work anywhere, the high play states of MN and WI would be one of the best bets, though.
As to how this will be viewed, in the larger context of the current "1% of wealthy" political context, I wonder if the nicest courses will be viewed as even more "pure excess" than in any previous generation. I know its existed in the past, but throw that notion out for discussion....why not?
Sorry for the OT diversion, (although you can argue that any ocean front course has potential to be great) but how many waterfront courses have failed financially?