I haven't read back through all this thread but your friend could buy a time share in the Owners Club at Barton Creek and put $300K in his pocket. The membership at BCCC is $60K, buying the 27 nights a year time share in a lovely 3 BR 4 BA house looking at the Crenshaw course is maybe $150K. If you use more than 27 nights a year you pay $200 / night space available. The club includes access to two "top 100" Fazio courses - Foothills which I didn't play and Canyons which I did, formulaic Fazio, corkscrew cartpaths to elevated tees, good looking holes-- Palmer's Lakeside course which is a lot of fun with three or four forced carries over deep barrancas, and Crenshaw/Coore's early effort, the Cliffside course which I enjoyed most of all at Barton Creek. Huge greens laid over natural slopes, almost half falling away, none really built up at back. Fine if short resort course.
12 month play if you don't mind sweating some in summer.