I've read numerous articles on golf course openings & closures recently, and haven't seen any trend for them being sold at gains or profits.  But I've read of many suffering mounting, recurring operating losses (your terminology).  Also capital improvements for big $$$ requested but often denied by authorities, towns or communities.  They can't justify or finance those large capital inventments in golfing, with declining play, declining participation and declining revenues.   Also privately owned courses are closing down, going out of business, trying to sell their land for whatever they can get, and at substantial losses.  Thats the trend.  It even noted (admitted) in the statistical analysis published by golf's national trade organization.  All financial impacts go into these decision to close down, not only the operating losses.

I'll use a sports analogy, its a very big playing field, much larger than an individual investing in a classic car, or investing in stocks, or CD's trying to make gains.   These local officials and private course owners would love to be facing sale of their courses at a profit.  They would love to have the same rate of gains you've mention with the classic car example.  But there can be no doubts that It just ain't happening that way in the golf industry.