Bored rich men do a lot of strange things with their money. One particular folly they’ve been indulging in for generations is building private golf clubs.
Sometimes there’s a clear reason for starting a club, and it works out well. For example, 30 years ago, longtime Wall Street executive Ed Hajim got so fed up with being denied admission to the old-line, 102-year-old Sankaty Head Golf Club, on the eastern edge of Nantucket, that he and his wealthy friends decided to build a rival club around the corner.
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