Seawane has been in financial trouble and offered for sale, or going through restructuring, for quite some time. My partner and I did a little due diligence and passed, for a variety of reasons. They looked at some divestment and/or development of real estate lots, but that math really wouldn't suffice.
The club, situated in Long Island's South Shore Five Towns (Hewlett Harbor to be exact) was considered the better Jewish club in the area and only second to Rockaway Hunting Club for choice of best 18 holes in the area. Originally designed by Devereaux Emmet, and later tweaked by Stephen Kay and Doug Smith (might well be Kay's best work).
Ultimately, this transaction was more likely an assumption of existing debt with some nominal purchase #above and beyond. The young fellows who bought are banking on the relatively strong local RE market (existing homes) for family formation and the good local school system. They will have to find a way to shed it's past image as a near-exclusive Jewish club and open it's doors to anyone and everyone who might apply.
I wish them luck, but the market for clubs in a 20 mile concentric circle is wide open and highly competitive. The guys who bought the nearby Woodmere Club (where Brad Klein cut his caddying chops) are RE developers at heart and ultimately one or more of these properties will likely fall to development (not Seawane IMO as it has too many restricted wetlands). It is, IMO, inevitable.