I have been pretty busy so I have been off line for awhile. However I have to respond as I grew up 10 minutes away from Ravisloe and my folks joined Idlewild when I was 17 and stayed until they retired to Florida. As such I am familiar with the clubs in question.
First, notwithstanding my friend Barney's attempts, there is nothing funny about this situation. Ravisloe was formed around the turn of the 20th century. It was featured in Alec Bauer's book "Hazards". A lot of families had wonderful experiences there. the President of the club who had to close it down is a good friend. While it is only a country club, there are human stories involved, not just for the members and former members, but also for the employees.
That having been said, economics drove the decision and there are likely to be others that fail. Current conditions will only accelerate the issue. When most of these clubs were built (pre 1925) country clubs were exactly that, clubs in the country. Suburbs were small and transportation was difficult. Thus clubs were accessible by train and often had housing so that members could stay for days. Not quite Sand Hills but similar in concept for the time.
The wealth in Chicago was concentrated in a few areas. There was a significant pocket on the South Side and, because neighborhoods were often ethnically homogenous, a significant Jewish community was focused in and around Hyde Park and South Shore. Direct train routes to the North Suburbs were nonexistent from those neighborhoods so Ravisloe and Idlewild were built in Homewood and Flossmoor to serve the wealthy in those communities. Similarly, restricted clubs Calumet, Flossmoor and Olympia Fields were built to service the gentile south side wealth along with Beverly in the city.
Overtime, most of the south side wealth move north and west. Only a smal fraction stayed in the old neighborhoods and a small group went to the south suburbs. For at least 40 years all of the clubs in the south suburbs have faced a deteriorating market for new members. Clubs wishing to stay predominantly Jewish had a bigger struggle. Olympia Fields has done the best by marketing its outstanding courses but its need for a large number of members remains a challenge. The others have cut initiation fees and other costs. Idlewild is no longer a "jewish" club. Other clubs who would not countenance jews or blacks etc have opened their memberships (nothing wrong with any of this by the way). But the demographics likely dictate others will fail. At the end Ravisloe had less than 90 full dues paying members.
The public option is tough for Ravisloe. Harborside is not very close but the park district has a pretty good track called Coyote Run which has public funding. Glenwoodie is nearby and Cog Hill, Geoge Dunne and others are not far away.
On the other hand, the housing market isn't great so there is no great demand by developers at this point.
It was a nice old club with an interesting course. My friend Dave Esler did a fine job when he was brought in. I hope it survives. It was worth playing in its own right and as a reminder of an older and quirkier time in course design.