Source_: Wall Street Journal

In a press conference Tuesday, Tiger Woods and his developer partners announced a new, super-luxe private golf club in Mexico, 65 miles south of San Diego on the Pacific Ocean. To be called Punta Brava, it will sell one-acre lots for $3 million and condos for $3.5 million. Many of the holes on the course, Mr. Woods said at the Hotel Bel-Air in Los Angeles, will be "framed by natural rock outcroppings, steep cliffs and crashing waves." Since his design fees for golf projects are said to push well into eight-figure territory, plus a share of real-estate profits, you can bet Punta Brava won't be cutting corners and stocking low-thread-count towels in the locker rooms.

Bob Riha Jr.

Tiger Woods at Tuesday's announcement of Punta Brava, a private club in Mexico with a course he is designing.

As a reporter for a financial newspaper, I recognize that there are more than enough extremely rich people in the world to sell out Punta Brava, which, after all, is projected to accommodate only 40 homes and 80 condos. Mr. Woods's name guarantees cachet and, judging by the layout shown at PuntaBrava.com, it's possible that the course will break into the world's top 20 rankings on the day it opens. It looks to be a new and improved version of Cypress Point on California's Monterey Peninsula.

But it's hard not to wonder how a development like this fits into golf's new economic landscape. The announcement came as the Dow Jones Industrial Average staged a historic free fall and the presidential candidates debated whether we're on the brink of another Great Depression -- not great timing if the sponsor, the Flagship Group, was hoping for some quick impulse buys. How will the economic fallout ripple through the golf world?

At the ultra-high Punta Brava end, there may be some immunity. Just as the poor will always be among us, so will the fabulously wealthy. In North America alone, there are more than 40,000 families with investable assets of $30 million or more, according to the CapGemini/Merrill Lynch World Wealth Report, and approximately 300,000 U.S. taxpayers with reported annual incomes greater than $1 million, according to the IRS. Among them are many golf nuts. To say nothing of the huddled masses of superrich abroad.

Mr. Woods has two other golf projects under way, both targeting the mega-moneyed. The first is Tiger Woods Dubai, a residential community in the oil-rich emirate that will be limited to 200 members, with houses reportedly going for between $12 million and $23 million. Twenty-two will be "palaces" averaging 33,000 square feet apiece. Mr. Woods's 7,800-yard course there, called Al Ruwaya, Arabic for "serenity," will feature massive elevation changes, waterfalls and lush tropical landscaping, despite being built on the desert floor. Thousands of trees and plants are being imported from Thailand and South Africa.

The second is in North Carolina, the newest outpost in the Cliffs archipelago of golf communities that spreads into South Carolina. Mr. Woods has been given a unique mountaintop outside Asheville on which to build his course, called High Carolina. The volcano-like bowl features a natural lake surrounded by gently contoured meadows. At an elevation of 4,000 feet, the course will be relatively cool in summer but protected from chilling winds in the shoulder seasons by the higher northern slopes. The views in every direction are Olympian. Premium lots at High Carolina will sell for up to $5 million.

These and other projects for the ultra-affluent, such as the new Quivira community near Los Cabos, Mexico, with two Jack Nicklaus oceanfront courses, seem likely to hang in there no matter what. The fortunes of potential clients for properties in this price stratum are presumably well-hedged.

But just a step lower, the market is vulnerable. The last few months have seen the demise of at least two high-profile projects. One was a projected $70 million corporate golf club called The Presidential in Dulles, Va. Partially open since April, the club was reasonably on schedule in its quest for 150 corporate memberships at $60,000 a year, according to a former consultant to the club. But financing problems, at least partially related to the home-mortgage crisis, forced The Presidential to close in September. Through a third party, the lead developer, Eric Wells, declined to comment.

The other was a luxury residence club in a transformed dormitory overlooking the first tee and 18th green of the Old Course at St. Andrews in Scotland. Phil Mickelson signed up early, but too few other rich people seemed interested in forking over $1.8 million to $3.7 million for time-shares in the building, especially with no guarantee of tee times on the Old Course.

New residential golf developments in the U.S. are few and far between, leading to a net standstill in golf-course openings generally. More courses closed than opened in both 2006 and 2007, according to the National Golf Foundation, a sharp contrast to the course-building boom that started in the 1990s

Even top-drawer designers are feeling the pinch. "I've got quite a few projects in the U.S.," Mr. Nicklaus told me recently, "but they have all kind of slowed down or are on hold or are kind of waiting until the economy turns a little bit." Tom Doak, the celebrated designer of Pacific Dunes in Oregon and Cape Kidnappers in New Zealand, doesn't lack for work but in recent months has seen two of the courses he designed struggle: St. Andrews Beach in Australia is closed and for sale, and Beechtree in Maryland will shut down in December.

"The people I really worry about are the young designers and apprentices coming up, and the talented course superintendents and club pros who are suddenly out of a job," Mr. Doak said.

For golfers still clinging to jobs, there is an upside. Less demand and more supply equals bargains. But even many seemingly successful clubs and golf communities aren't filled to capacity, which often means higher fees and assessments for members and, in some cases, extreme difficultly leaving without taking a bath.

Predicting which developments will thrive and which will dive in these troubled times is as tricky as a double-breaking putt, but the surest bet may be on those geared to the überwealthy. The developer behind the St. Andrews residence club, David Wasserman of Rhode Island's Wasserman Real Estate Capital, says he hopes to restart the project soon with his sights set higher. He would reconfigure the building from 23 apartments to as few as a dozen, and offer full ownership, not fractions. "At the very high end where the oxygen is thinnest, people are always willing to pay for something that's unique," he said.

TOP THINGS TO KNOW ABOUT Tiger Injury:

1. Tiger Woods will undergo reconstructive ACL surgery on his left knee and will miss the rest of the 2008 season.

2. It was also revealed that Woods will need time to rehab a double stress fracture of his left tibia that was discovered last month just before the Memorial Tournament.

3. Tiger will miss his FIRST major as a professional at the British Open next month. It will also be the FIRST major that has not had Tiger Woods in the field since the 1996 PGA Championship              (Tiger turned pro at the Greater Milwaukee Open Aug. 29, 1996, 3 weeks after the PGA that year).

4. Tiger Woods will have played in 46 consecutive majors since turning pro before missing his first Major; Jack Nicklaus, the all-time leader in Majors won with 18 (Woods is second with 14), played in 146 consecutive Majors before missing his first Major in 1998 (Nicklaus's 1st season on TOUR as a pro was 1962).

5. Tiger Woods will also miss the Ryder Cup in September. The U.S. has won the Ryder Cup just once in the last 6 events.


TIGER WOODS STATEMENT ON tigerwoods.com:
"I know much was made of my knee throughout the last week, and it was important to me that I disclose my condition publicly at an appropriate time. I wanted to be very respectful of the USGA and their incredibly hard work, and make sure the focus was on the U.S. Open.

Now, it is clear that the right thing to do is to listen to my doctors, follow through with this surgery, and focus my attention on rehabilitating my knee.

"While I am obviously disappointed to have to miss the remainder of the season, I have to do the right thing for my long-term health and look forward to returning to competitive golf when my doctors agree that my knee is sufficiently healthy. My doctors assure me with the proper rehabilitation and training, the knee will be strong and there will be no long-term effects."


TIGER WOODS KNEE SURGERY/INJURY TIMELINE:
1994:           Underwent surgery on left knee to remove benign tumor (while at Stanford).
Dec. 12, 2002:  Underwent surgery to drain fluid outside and inside of ACL and removed several benign cysts in left knee; missed first 5 events of PGA TOUR season in 2003.
July 2007:              Tore the ACL in left knee while jogging at home after the British Open; elects not to have surgery and plays in WGC Bridgestone Invitational in first week of Aug. (won                         event).
April 15, 2008:         Underwent arthroscopic surgery on left knee, 2 days after finishing 2nd in the Masters. Did not play again until the U.S. Open, starting June 12
June 18, 2008:  Announced he will need reconstructive ACL surgery on left knee and will miss rest of 2008 season (also announced he had suffered double stress fracture of left tibia in                        May).

TIGER Woods has knee surgery

Tiger Woods had arthroscopic surgery on his left knee Tuesday to repair cartilage damage, his second operation in five years on the joint. He is expected to miss at least a month.

The surgery came two days after Woods finished three shots behind Trevor Immelman in the Masters. He most likely will miss The Players Championship, but should return in time to play the June 12-15 U.S. Open at Torrey Pines.

Swing coach Hank Haney said he knew Woods' knee was bothering him, but was not aware of the surgery until Woods called him. ...

John Daly had surgery in Arkansas to repair a torn muscle in his stomach. He might be able to hit easy wedge shots this week.

You could win a chance to have Tiger Woods caddy for you as part of a new Buick promotion being unveiled today.

Contestants who register at www.teeoffwithtiger.com will have an opportunity to win a day of golf with Woods or a Buick Enclave, Lucerne or Lacrosse driven by the golf great at one of several tournaments.

Every Buick vehicle awarded will come with a plaque autographed by Woods.

"This is going to be as much fun for me as it is for the winners," Woods said in a news release. "I'm looking forward to sharing some golf tips, maybe a few jokes and certainly a lot of laughs."

To enter the contest, participants must predict Woods' score for each hole of each tournament he competes in during the promotion. The entrant who guesses the most scores closest to his score for each tournament will win a Buick Enclave, Lucerne or Lacrosse that was driven by Woods. He will begin driving the vehicles this Thursday in Orlando.

The top 10 entrants for each tournament will become finalists for the drawing to golf with Woods. The grand-prize winner will receive two round-trip airline tickets to La Jolla, Calif., two nights in a hotel, golf merchandise and Woods' caddy service for nine holes of golf on Oct. 20.

"Our primary objective is to run something season-long … that generates leads in our data system from the people who sign up on our micro site," said Larry Peck, Buick golf marketing manager. "We think it's a great way to raise awareness of our brands and reach a really rich consumer base."

Looking Back to Sunday January 27
PGA Tour
Buick Invitational, Final Round
Tiger Woods shot a final-round one-under-par 71 to claim the Buick Invitational by eight shots. He finished 19 under par to win the event at Torrey Pines near San Diego for the fourth consecutive year and the sixth time overall. .



Buick Invitational
Final Leaderboard
Tiger Woods     $936,000    67-65-66-71-269 -19
Ryuji Imada     $561,600    69-72-69-67-277 -11
Rory Sabbatini          $301,600    67-75-70-67-279  -9
Stewart Cink    $301,600    68-69-69-73-279  -9
Justin Leonard          $208,000    76-68-65-72-281  -7
Phil Mickelson  $180,700    70-73-68-71-282  -6
Joe Durant              $180,700    70-70-67-75-282  -6
John Senden     $150,800    70-69-72-72-283  -5
Fred Couples    $150,800    71-69-71-72-283  -5
Stuart Appleby  $150,800    67-72-71-73-283  -5

From the Elias Sports Bureau: Woods becomes the third player in the last 50 years to win their first event of the year at least five times. He joins Phil Mickelson and Johnny Miller, who both also won their first event five times.

* Woods has an impressive record in season openers, finishing in the Top 10 in every one of his initial forays of a season as a professional except for his career debut back in 1996.  He's made his initial start of the season at the Buick Invitational the past three years, winning all 3 times and has won this tournament four consecutive years and six times overall.

Season Opening Starts
As A Professional

Tiger Woods
Year  Event                     Finish
2008  Buick Invitational        1st          
2007  Buick Invitational        1st
2006  Buick Invitational      1st
2005  Mercedes-Benz             T-3 
2004  Mercedes-Benz             T-4
2003    Buick Invitational      1st
2002    Mercedes-Benz           T-10 
2001    Mercedes-Benz           T-8
2000    Mercedes-Benz           1st
1999    Mercedes-Benz           T-5
1998    Mercedes-Benz           T-2
1997    Mercedes-Benz           1st
1996    Gr. Milwaukee Open      T-60

Tiger Woods in Season Debuts Since 1997
Wins                    6
Top 5 Finishes     10
Top 10 Finishes    12
>>1997: 1st full season on PGA TOUR

* The Buick Invitational at Torrey Pines is one of Tiger's most successful tourneys. He has won it 4 consecutive years, 5 times in the last 6 years, and 6 times in his career. Tiger has played there 11 times and finished no worse than a tie for 10th.

Tiger Woods
Buick Invitational, Career
Events             11
Wins                6
Top-10           11
Score to par    -158   

Winners at Buick Invitational
Since 1999
2008  Tiger Woods
2007  Tiger Woods
2006  Tiger Woods
2005  Tiger Woods
2004  John Daly
2003  Tiger Woods
2002  Jose Maria Olazabal
2001  Phil Mickelson
2000  Phil Mickelson
1999  Tiger Woods




Tiger Woods
Most PGA TOUR Wins By Event
Buick Invitational                 6<<
WGC-American Express    6
WGC-NEC/Bridgestone     6
Masters                 4
Bay Hill Invitational   4
>>Won four straight

* For the fifth time in PGA TOUR history, a player has won an event four consecutive times.  Tiger Woods claimed his fourth straight Buick Invitational on Sunday.  He also won the Bay Hill Invitational four straight times earlier this decade becoming the first player in TOUR history to win two separate events four straight times.

Won Event 4 Consecutive Times
PGA TOUR History
Tiger Woods             Buick Invitational      2005-08
Tiger Woods             Bay Hill Invitational   2000-03
Gene Sarazen              Miami Open        1926, 1928-30 (not played in 1927)
Walter Hagen    PGA Championship                1924-27
Tom Morris Jr.  British Open            1868-70, 1872 (not played in 1871)
>> Tiger can also win the WGC-CA and WGC-Bridgestone for the 4th consecutive time this season

* Woods has won 13 straight PGA TOUR events in which he led or co-led after the 3rd round -- he has won 43 of 46 such events in his career.


* Tiger Woods is on a hot streak, dating back to last season, having won five of the last 6 tournaments he's entered.
Tiger Woods
Last 5 PGA TOUR Events          Result
'08 Buick Invitational<<        Won
'07 TOUR Championship           Won
'07 BMW Championship            Won
'07 Deutsche Bank                       T-2nd
'07 PGA Championship            Won
'07 WGC-Bridgestone             Won
>>His first event of 2008 season

* With his win at the Buick, Tiger ties Arnold Palmer for the fourth-most PGA TOUR wins all-time. He is also the youngest player in PGA history to reach 62 wins

Most PGA TOUR Wins
All-Time
Sam Snead       82
Jack Nicklaus   73
Ben Hogan       64
Arnold Palmer   62
Tiger Woods     62

Age at Time of 62nd Career PGA TOUR win
                       Season
Tiger Woods<<   32     13th
Jack Nicklaus   37     16th
Sam Snead       39     16th
Ben Hogan       41     19th
Arnold Palmer   44     20th
>>Tied Palmer for 4th all-time in wins (62)