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...iconic building behind the 18th green, Wasserman Real Estate Capital, based in Providence, R.I., is selling 23 serviced apartments for $10 million to $16 million apiece in a project it calls St. Andrews Grand. And on a bluff overlooking the town, billionaire developer Tim Blixseth is planning a course that will form part of an opulent time-share program, Yellowstone Club World, that gives members access, via a fleet of three private jets, to nine sites around the world, including St. Andrews. Membership starts at $3 million. The town's existing North American--owned luxury hotels--Kohler...

Author: /time Magazine | Title: The Investment of St. Andrews | 8/17/2007 | See Source »

...what happens when developers who see golf as a way to sell high-end time shares, apartments or hotel rooms come to a town that views golf as an Everyman's game and itself as the guardian of that ethos? The Old Course is a muni run by a charitable trust, which charges locals $250 a year for unlimited access (visitors pay the same price for one round). Wasserman's St. Andrews Grand markets itself on the back of the Old Course's history, but its occupants, because they are not full-time residents, will not have discounted or privileged...

Author: /time Magazine | Title: The Investment of St. Andrews | 8/17/2007 | See Source »

...fascinating to watch how wealthy golfers willingly go downmarket in Scotland. It's something to do with the pilgrim mentality. Do they want friendly service and quality products while they are traveling? Of course. Do they want white-glove glitz? Not in great numbers," he said. The town is still scarred from the failure of two high-end properties--Drumoig Golf Centre and the Gateway Club--which didn't attract enough glitzy members...

Author: /time Magazine | Title: The Investment of St. Andrews | 8/17/2007 | See Source »

Local business owners understand the potential benefits of upmarket foreign investment in St. Andrews, a town of 17,000 where tourism accounts for roughly 1,700 jobs and $120 million in income annually. An organization called St. Andrews World Class has dedicated $22 million in taxpayer money to sprucing up the infrastructure in the hope of attracting wealthier visitors...

Author: /time Magazine | Title: The Investment of St. Andrews | 8/17/2007 | See Source »

...CAPE TOWN Local fashion editors clamor for Dior's sleek silver frames...

Author: /time Magazine | Title: The A List: Eyewear | 8/17/2007 | See Source »

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