JC, I'm going to read your posts, and think about them, not dismiss them. You might be right. I'm not sure why Rupert focused on Dismal River, though I guess it's hard to fault a guy for worrying about the national destination club that's opening in the same general area at the same time. Who's to say that the previous owners at DR weren't doing the same? Although the courses are dramatically different, there has to be some overlap in the target market, especially with the original DR owners all hailing from Denver. The fact they'd let a disingenuous loser like me in has to tell you that they were desperate for warm bodies.
I do wonder, looking back, what would've happened if the founding members hadn't supported the club as much as they did. All of this might've happened 3 yrs ago, somebody would've overpaid for the club then and maybe we're on that infamous "third owner" right now. Might the key difference between DR and BN be that they just flushed the debt quicker? I don't know, just thinking out loud.
Michael raised an interesting question about the walking only thing. I sincerely hope that isn't the case. A debt-free Ballyneal really only needs 120-130 members to absolutely hum. I believe the market for a club like that with reasonable initiation and dues and an active, engaged membership behind it is big enough to get there. In fact, I'd be willing to bet a significant portion of my meager net worth that that is the case.
I think the Sand Hills comment came from Rob Rigg, who played BN, SH and PC all on the same trip. I can't speak for him. Nor do I share that opinion. Sand Hills is definitely one of the best golf courses in the world.