I don't want to sidetrack, but when I read semi private I hear public. My home course is semi private -- which means that it is completely opened to the public at almost all times except Tuesday mornings (and even then, if not many 'members' have shown up, it is opened to everyone), and the 'members' pay no initiation fee at all and no yearly dues of any kind, just the $1800 to play as much golf as they like per year, including in the two members-only championships. The wonderful English course that Sean is profiling, Goswick, similarly has no initition fee whatsoever, and charges about £600 per year to be a member, while also welcoming and allowing a great deal of outside play. I imagine Belvedere works in a way much like these two models/examples. Which is to say, I don't believe that a 'semi private' course has almost anything in common with the kind of 'private' course Jeff and Jim have in mind here when they raise the possibility of disgruntled members.
Peter