Woods, Els Team Up on Luxury Development in Bahamas

Tiger Woods and Ernie Els go toe-to-toe at this weekend's U.S. Open near Pittsburgh, but the golf greats are partners in a real estate development in the Bahamas, CNBC's Scott Wapner reports.

The new community for the super-rich, backed by the private equity firm Tavistock Group, offers 350 homes and luxury apartments ranging in price from $4 million to $20 million.

“It’s a great get-away,” Els says. “It’s close to the U.S. – not a lot of time zones you have to cross – and it’s almost like being in Florida.”

Wapner says the development comes with amenities worthy of a five-star resort, including a 17-acre marina, a water park for the kids, five-star dining and – don’t forget your clubs – a championship golf course designed by Els.

“It’s a complete community,” says Clarence Otis, chief executive officer of Darden Restaurants. “Really designed for families – intergenerational – which was appealing to us.”