EconProf – You are correct except for one distinction. The developer who planned/executed between 199-2005 sold 100% of their real estate product at/above their expectations and made a killing. They are out, have their cash, and don’t give a whit about what has happened since.

All the unbuilt lots are owned by individuals who purchased them from the developer (or 2nd/3rd generation resales). Developer got out before the crash. Beautifully executed real estate play on their part. come to CA, sell, get out. Stick a big mello-roos on the property which reduced their capital risk. Home run for them.

Yes, they still own many golf memberships, but their basis is essentially zero since they got a massive portion of their money out of the club/course property already.

Lastly, in a private club scenario you don’t need marginal users as your monthly membership fees should cover expenses. Usage fees & food/bev profits are likely minor relative to the $1,100/mo base golf dues whether you show up and play or not.