Darn it Ran, you pose a question that shakes me right down to my core. Some years ago I approached a golf course (semi-private club) homesite project with some of the more profit oriented, and egotistical attitudes that you present. That was way ahead of a learning curve I think I have undergone about what characteristics would go into a truly worthy, well designed course of enduring quality based on the traditions and ideals of the great fields of play. While I don't think I know so very much now, I have made great advancement from my knowledge base then. Albeit the course design we were attempting then wasn't all that bad. But, one thing I had in mind then was some advice from a smart golf course club owner hereabouts that told me that if I succeeded in that project, "not to marry the whore". I was in that mode of thinking I might cut a fat hog in the ass then.
Now, I have seen land that is ideal in many aspects. I understand design and construction principles better. I have a better grasp of design goals through association with some very smart people who have made a life's passion about appreciating great golf design and have played around the world at all the greatests courses. They have taught me much - most of them are here.
When I first attempted to get into a project, Sand Hills did not exist. Between the ending of the failed project in 1992-3, and today, I have seen Sand Hills a few times, and many more great courses of seminal design ideals. I have actively looked for a great property to perhaps try again. I am confident that I found that great other property. But, there are problems. First, it is near Sand Hills. I believe that I could almost have the contruction team from Sand Hills build a course there that would be aesthetically indistiguishable in many aspects from Sand Hills. That designer and I strongly agree that such a copy cat idea is completely wrong headed and diminishes the greatness of the original. Also, I can find some high risk market aspects to the project that I can not personally afford to take on alone, at my age and future employment prospects status.
But, to settle in on the question, I would now only do it because the land and resources are so outrageously suited for a great design, as you say. However, I must add for Patrick, that in this case, there is so much land in the Sand Hills that is outrageously suited for great design, that one has to take into consideration those other practical aspects like proximity to markets, viability due to competition, and guarding against copycatting something already there that is great and dilluting why it is special.
That is just my opinon, I could be Mucci 