Investors, including Donald Trump and Toll Brothers (TOL), are turning to U.S. golf courses as prices continue to decline, according to Bloomberg.

Christine Harvey writes lending has disappeared for the properties, and commercial mortgage-backed securities investors don’t want the risks now associated with golf course debt.

The median sales price for golf courses fell to $3 million through the third quarter 2011 from $4.5 million in 2006.

Read more at Bloomberg.