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| Best Practices: Property |
Name Brands
Ian Keown
10/01/2005
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“When you’re worth tens of millions,” says golf course architect Steve
Forrest, whose firm has designed 180 courses around the world, “there’s no need
to worry about return on investment.” Maybe not. Clint Eastwood is a partner in
the consortium that owns fabled Pebble Beach, a green gold mine if ever there
was one. But that hallowed course gets uncomfortably crowded, so he now escapes
the hordes at Tehama, his new dream retreat on a nearby hilltop.
Players are
welcome on his Jay Morrish–designed course by invitation only. Eighty-five
percent of Tehama’s 2,000 acres has been left in its natural state. But this is
a retreat as well as an investment, the centerpiece of a real estate project
with 90 two-acre lots and an elegant clubhouse that is rented out for weddings
and corporate functions.
Private golf course owners find that bringing in
top-flight architects such as Morrish, Tom Weiskopf, Gary Player and Jack
Nicklaus make the most economic sense for developments like Tehama. Their
reputations instantly enhance the owner’s investment. The open market generally
prescribes a markup of up to 100 percent on the value of vacant lots and homes
sold adjacent to their signature courses compared to similar lots and homes near
other links. Back to main article: Master Strokes
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