If you need a gravel layer, that is ...
The cost of a good golf course depends on the location and the soils. If you have sand, and you don't need to buy materials for greens and bunkers, that's worth half a million dollars, and really more like a million because it makes all the construction easier.
Clearing can be half a million dollars, or zero.
Let's assume earthmoving is minimal, no more than $250K. [If you have to strip and replace topsoil, this won't go very far.]
Shaping can be anything you want, but usually it's between $200K and $500K. If you have good contour already, take the low end.
Drainage can be $750K, or again close to nothing if the contour and soils are right.
Irrigation can be $300K for a single row system, up to $2 million nowadays [no kidding].
All put together, we've done courses for anywhere between $1.4 million and $5 million, although Texas Tech will be quite a bit more than that. I believe the $1 million construction figure quoted for Wild Horse is fairly accurate, and I also believe the $37 million quoted for Shadow Creek, more than half of which was landscaping.
These are construction figures for the golf course. Add in half a million to multi millions for the land, half a million for grow-in, some number for the clubhouse, and there you have it. Tim's right on.