Two things I find amazing about this. First, Walters purchased the land in 1999 for $5600 an acre and got another sweetheart deal on the water costs associated with the property. Second, the initial sale was approved by the city of Las Vegas with a "permanent" deed restriction that the property could only be used as a golf course. Regardless of the merits of the course (some I know who have played it loved it, some hated it), didn't anybody see this coming. By my calculations, even with Walters only making $12.2 million on the sale of the property, he gets a roughly 13 times return on his initial investment. No wonder what happens in Vegas, stays in Vegas.