Mac, are you considering building a golf course, or is this hypothetical?
Scott, my answer to your question, which I posted earlier, was "hypothetical". I will elaborate further...for 100% transparency.
I have a desire to build my own golf course...one day. Not anytime soon, as I am running and growing a successful business, raising a family, and having a great time doing both. I have no complaints, of any merit, in life.
I do have dreams of retiring to a plot of 500+ acres of land, having my home, and my own personal golf course on that land. The idea might be similiar to Mike Nuzzo's Wolf Point course. I've got the raw concept mapped out, but I thought I'd start looking for the land right now. Buy it if I find the right piece, then slowly build the houses, buildings, and course over time.
That is what I am doing.
However, I feel no time pressing urge to get this done lickity-split. I've studied the history of many great courses and it seems a lot of the truly great ones were started by die-hard golfers who became frustrated with their current playing situation. Fred Jones, The Golf Club, Bobby Jones, Peachtree, were frustrated by slow play and non-core golfers on their home course. So, they build their dream escape. I have my dream escapes at Rivermont and Dismal River. The courses are endlessly fascinating. The play as quick as you want it to be. And the experience wonderful.
If this changes, my time table might be sped up. But right now, I'm taking my time as I piece this thing together.