Mike B or Joe P,
Is the property close to the no longer planned C & C designed course on a fromer oil tank farm? As I recall, a desalination plant and the oil company mentioned in one of the links were involved.
The property doesn't seem to make a lot of sense from a development standpoint. Most developers I've known just don't tie up their own money in land even for short periods of time. Maybe a Silicon Valley angel will see $110MM as chump change and come forward.
Joe P,
Why don't you want a golf course on that site? Are you concerned with run-offs, too many people accessing the property, low-density development, or what? Based on the many restrictions listed in your link, if the families have a lot of income, a possible exit strategy is to get friendly appraisals, donate the land to the state and take the tax write-offs.