Looking at the aerial on this a couple posts up, I am thinking …. NO. Especially as an estate course for a 15 handicap guy. And even for owners with a BIIIG, unlimited budget, I bet they still wouldn't want to pay the salaries for a total army of course maintenance guys to keep the place in Oakmont-type nick and care for all those bunkers.
I think if I were gonna try to design such an estate course, it would end up looking a lot like … Huntercombe. I'd want inventive, interesting greens to hold one's attention for a lifetime. I'd want lots of strategic "hazards" (but very few sand bunkers) to keep the maintenance down. For the 15-cap type golfer the grass bunkers, ditches, cops, and mounds would be a lot more entertaining to play from anyway. Where I did place a sand trap, it would be only for the most strategic reasons (i.e. the perfect central hazard), with maybe the occasional "pretty" visual bunker thrown in.
If I did a "great hazard" Tillinghast-type par 5, it would be one like that hole at Ridgewood ( I forget which one it is) which has the cross hazard composed of mounds and grass bunkers in which I'd be likely to find my ball, but be penalized by an awkward lie.
I'd keep a couple of water hazards, if only for irrigation and drainage/retention purposes. But I might keep even those out of play -- really I'd just need the water they hold. Maybe a pretty pond right by the clubhouse would be nice -- over on the side away from the golf course, with a Japanese garden by it.
And for a course played mostly by a single golfer, the scale should be intimate, without too many multiple tees. Heck, if the main person I'd play with is my wife, I'd want ONE set of tees for social reasons, and make all the holes an interesting play from those tees regardless of distance ability -- so therefore a minimum of fronting water hazards. You could have some (non-water) cross hazards for sure under that plan, but nothing totally walling off the fronts of greens.
And getting back to maintenance, the grass length should all be 1920s-style, not too short. On the fairways, that slightly longer grass helps the 15-cap get the irons up in the air. On the greens, the longer cut and slower speeds allow for bold, interesting contours.
That course pictured on Google has too many bunkers, too many ponds, and looks relatively banal except for a couple of holes. I'd hate to spend seven or eight figures on such a thing.