How about the Cliffs of Moher
They did build that course, near Kinsale. OK, the cliffs there are more like 300 feet than 700, but its just as cool standing on the edge and looking straight down from either one.
If you want to build a course near a precipice, how about having a course running around the Rock of Gibraltar? Might be a bit narrow, but as long as it went around counterclockwise I'd have no problem with it! A nice brisk walk playing 9 holes up to the top, take in the view and get a bite to eat at the little shop on top, then take the tram back down. Free drop if one of the monkeys steals your ball