Two golf courses near my farm have closed and been sold for agricultural use. When I first heard the selling prices I thought that they were shockingly low. After I saw the work needed to get the land back into good 'agricultural shape' I understood the low prices. Tree removal, land leveling, grass eradication........it all added up to substantial expenses in time and money. 

I don't imagine that those two golf course ventures were very profitable for the original builders/operators/investors.