Sam:
My guess is that only a very small percentage of golfers are willing and able to pay $400 for a round of golf. However, it is just that small percentage that resorts like Pinehurst, Pebble Beach, etc. attract. I don't think I have ever paid that much to play a course, but I'm not going to tell someone else that they can't or shouldn't. There are many things that others choose to spend money on that I don't think is worth the price tag. But, if it's worth it to them, who am I to judge. Come to think of it, when I figure in the cost of travel and hotel, I'm sure I have paid much more than $400 on several occasions. Haven't you?
Jim