I can shed some light as my parents are members at this club. Cold Spring sits on a great piece of property, but the membership has neglected the golf course for years. The greens need to be completely redone and the bunkering is outdated.
A few years ago, the club was for sale and many members joined the club as a real estate play. However, with the collapse of the residential market and a town moratorium on golf course development, the golf course was saved. Now, the plan is to build townhomes along the 17th hole in a partnership with the owner of the castle.