Rick Caruso Bought the Sherwood Lake Club. Here Is Why That Matters to Locals.

Something significant just happened in the Conejo Valley, and most homeowners have not heard about it yet.

Rick Caruso, the developer behind The Grove, The Americana at Brand, Palisades Village, the Promenade at Westlake, the Commons at Calabasas, and the Rosewood Miramar Beach in Montecito, has acquired the Sherwood Lake Club. The deal was first reported in late April 2026 by The Real Deal and L.A. Material, the publication where Caruso himself confirmed the purchase.

His words on the transaction tell you everything about the pace of this move.

“It was offered to me on a Friday afternoon, and we signed the paperwork on Tuesday.”

Caruso called the par 3 course “a little jewel.” Renovations are already underway. And if his track record holds, the ripple effects on local property values are going to arrive before the first new hole is even regraded.

Here is the full story, the history, and what every homeowner in our area needs to understand right now.

A Short History of the Sherwood Lake Club

The Sherwood Lake Club sits at 341 Williamsburg Way, tucked into the Santa Monica Mountains near Thousand Oaks. The setting alone is part of the legend. Rolling hills, mountain views, and a quiet privacy that very few clubs in Southern California can replicate.

The course is a Jack Nicklaus designed 18 hole par 3, and that detail matters more than most realize. It was the very first “Bear’s Best” course ever built, a designation reserved for layouts inspired by Nicklaus signature holes from around the world. Every hole on the property pays tribute to a famous design from elsewhere in his portfolio. Beyond the golf, the club also offers tennis, swimming, fitness, and an 18,000 square foot clubhouse.

The property was originally developed by David H. Murdock, the late former CEO of Dole Food Company, who shaped much of Lake Sherwood in the 1980s. Murdock was a true Conejo Valley builder. He developed Lake Sherwood as a community, built the Four Seasons Hotel Westlake Village in 2006, and funded the Yarrow Family YMCA, among other civic contributions. He passed away in June 2025, and the local Acorn newspaper covered his legacy in depth. His passing set the stage for the sale.

A Short History of Rick Caruso

To understand what is about to happen at Sherwood, you have to understand the man buying it.

Rick Caruso, 67, is one of the most prolific and successful developers in California history. He founded his company, simply called Caruso, in 1987. According to public records and biographical reporting, his portfolio includes The Grove at Farmers Market, the Americana at Brand in Glendale, the Commons at Calabasas, the Promenade at Westlake, The Lakes at Thousand Oaks, Waterside Marina del Rey, Palisades Village in Pacific Palisades, and the Rosewood Miramar Beach resort in Montecito.

Caruso built his reputation on what the industry calls “Disneyfied” attention to detail. His properties are not just shopping centers, they are experiences. Cobblestone streets, trolleys, fountains, live entertainment, premium dining, and an obsessive focus on the customer journey. The model has been so successful that The Grove draws more annual visitors than Disneyland.

After losing the 2022 Los Angeles mayoral race to Karen Bass, Caruso has openly pivoted his strategy. He is now investing outside the city limits of Los Angeles, in his words, in cities that are “well-managed, clean and safe.” He has been touring developments in Nashville and Miami, broke ground on more than 80 luxury apartments at the Commons at Calabasas, and is preparing to reopen Palisades Village later this year following the January 2025 fires.

The Sherwood deal is part of that pivot. He is moving deliberately into private clubs, hospitality, and residential, and away from the central Los Angeles retail model that built his name.

What Is Coming to the Par 3 Course

This is the part every Conejo Valley homeowner needs to read carefully.

According to Hoodline and L.A. Material, renovations have already broken ground. The 18,000 square foot clubhouse is being redeveloped to feature:

Confirmed Renovation Plans

A new Italian themed restaurant and bar. A state of the art gym. A refreshed pool and family friendly amenities. A potential new name for the club itself. Course and clubhouse upgrades designed to create a more residential, lifestyle driven experience.

The Miramar Connection

Here is where it gets interesting. Industry insiders and early reporting strongly suggest the finished concept will take cues from Caruso’s wildly successful Miramar Club in Montecito, which opened in 2019 alongside the Rosewood Miramar Beach. That members only club has set a new standard for private hospitality on the California coast.

Translation: Sherwood is being positioned to become the inland equivalent of what the Miramar Club became for Montecito. A members only, full service, lifestyle anchored private club with golf, tennis, dining, fitness, and family amenities, branded under the Caruso name.

This is not a simple golf course refresh. This is a luxury hospitality play.

Why This Matters to Locals

In luxury real estate, there is a saying: perception moves markets before paperwork does. The moment a developer of Caruso’s caliber enters a market, values begin to shift. We have watched this pattern repeat in Montecito, in Pacific Palisades, and in Glendale. It is now happening here.

Lake Sherwood is already one of the most exclusive enclaves in Ventura County, with luxury estates spanning from roughly 1.5 million to over 20 million dollars. The surrounding markets, Westlake Village, Hidden Valley, North Ranch, Thousand Oaks, and Calabasas, all share in that prestige.

When Caruso completes this transformation, three things tend to happen in the surrounding markets:

1. Amenity Driven Demand Increases

Buyers in the high net worth segment are increasingly motivated by lifestyle amenities, not just square footage. A Caruso branded private club, with golf, tennis, dining, and a clubhouse experience modeled on the Miramar, becomes a magnet for affluent buyers from Los Angeles, Manhattan, and other relocation markets.

2. Property Values Compress Upward

Homes in walking, driving, or even regional proximity to elevated private clubs historically see compression in days on market and upward pressure on pricing. We have already seen early signs of inquiry activity tied directly to this news.

3. The Brand Halo Spreads

Caruso developments do not exist in isolation. They lift the surrounding community. The Promenade at Westlake elevated the local retail and dining landscape. The Commons at Calabasas did the same for our community. A Caruso branded private club in Lake Sherwood will pull that same halo across the entire Conejo Valley luxury corridor.

The Bottom Line for Homeowners

If you own a home in Lake Sherwood, Hidden Valley, Westlake Village, North Ranch, Thousand Oaks, or Calabasas, your property just entered a new chapter. Whether you plan to sell in the next 12 months or hold for the next decade, you should understand what this development means for your specific home and your specific situation.

Most homeowners will not realize the shift is happening until pricing has already moved. The window to position thoughtfully is now, not later.