Matt,
Interesting way to frame the question. I am not sure of current fee, but my list:
Arrowtown (NZ)
Golspie
Kilspindie
Hog Neck (Maryland)
St Andrews Beach (AUS)
Paraparaumu Beach (NZ)
Carne
Bethel Inn (Maine)
To T Doak’s point: Mid Pines, Pine Needles, and Pasatiempo easily would have made the list 10 years ago.
To JK’s point, if travel were not the barrier, there are a bunch of overseas memberships whose value is off the charts.
I am not sure why you are excluding 9 hole courses. But I would put Mulranny and Mt. Massive on the list.