Most golf courses operate on a budget of 60 to 70 k/hole/year or about a million bucks up front just to open the doors. Eagles has quite a bit more, the last numbers I was given was around 2 million operating budget for the whole operation per year, but they generate about 3 million in revenue with about 40,000 rounds/year. I can't substantiate those numbers, maybe somebody can get the public info since OC owns that course but it is intertwined with the airport to some degree. Last weekend they had an outing, the Elks club I think, that had 200 players for a charity event, there clubhouse restaurant had a full speed for a full day event, that's in December. It isn't unusual to see several tour busses in the parking lot during the shoulder seasons, and yet locals still get a better rate and tee times. So someone knows how to run a course and those folks see OPs problem is that they don't know what they want to be. That's pretty clear to me. So if you don't know what you want to be, its pretty hard to have a decent business plan.

So, a natural area sounds pretty good to me. I imagine that houses couldn't be built there for environmental restrictions, but who knows. Folks who think this "amenity" adds value to our property should be able to substantiate that claim but with he decline in golf popularity that will be a tough argument to make for the next generation of buyers.  Maybe us golfer can take the savings in OP fees  and make a decent cut into green fees or membership dues at local courses.  Bay Club offers full memberships for $1100/year and they have 2 perfectly fine courses and Ocean Resorts may be a bit cheaper than that. And this is terrible to say but here's a true stat....90% of golfers never break 90..90% of those do break 90, never break 80.  So the OP golf course is just way to hard for the great majority of golfers playing on it and they are happier at other courses.  And maybe that's one of the reasons the memberships have dropped off so much. But what a great course it is!