Exhibit 10.15

                                   Exhibit 10.15

                        ASSIGNMENT OF CONTRACT FOR PURCHASE

     Whereas, KSL Recreation Corporation, a Delaware corporation ("Assignor"),
is a party to a certain Contract for Purchase and Sale of Grand Traverse Resort
with Grand Traverse Holding Company, a Michigan corporation, GRS Grand Hotel
Corporation, a Michigan corporation, General Realty Services, Inc., a Michigan
corporation, GTR Resort Development, Inc., a Michigan corporation and Grand
Personalty, Inc., a Michigan corporation, dated as of August 1, 1997, (the
"Contract"); and

     Whereas, Assignor desires to assign, transfer and convey to KSL Grand
Traverse Holdings, Inc., a Delaware corporation, KSL Grand Traverse Land, Inc.,
a Delaware corporation, KSL Grand Traverse Realty, Inc., a Delaware corporation,
KSL Grand Traverse Resort, Inc., a Delaware corporation, and KSL Water Works,
Inc., a Delaware corporation (collectively, "Assignee") all of the rights,
duties and obligations in and to the Contract, and Assignee is desirous of
acquiring all right, title and interest in and to the Contract;

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

     1.   ASSIGNMENT.  Assignor assigns, transfers and conveys to Assignee all
of Assignor's rights, duties and obligations in and to the Contract.

     2.   ACCEPTANCE.  Assignee hereby jointly and severally accepts the
assignment of all of Assignor's rights, duties and obligations in and to the
Contract.

     3.   BINDING EFFECT.  This Assignment will inure to the benefit of and bind
the respective successors and assigns of the parties hereto.

     4.   HEADINGS.  Paragraph or other headings contained in this Assignment
are for reference purposes only and are not intended to affect in any way the
meaning or interpretation of this Assignment.

     5.   GOVERNING LAW.  This Assignment will be interpreted and construed
under the internal laws of the State of Michigan.

     IN WITNESS WHEREOF, the parties hereto have executed this Assignment on the
date first above written.

                                   KSL RECREATION CORPORATION

                                   By:  /s/ Xxxx X. Xxxx
                                      --------------------------

                                        Its:  Vice President
                                            --------------------

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                                   KSL GRAND TRAVERSE HOLDINGS, INC.
                                   KSL GRAND TRAVERSE LAND, INC.
                                   KSL GRAND TRAVERSE REALTY, INC.
                                   KSL GRAND TRAVERSE RESORT, INC.
                                   KSL WATER WORKS, INC.


                                   By:  /s/ Xxxxxx X. Xxxx
                                      --------------------------
                                        Xxxxxx X. Xxxx
                                        Authorized Officer of Each Named Entity


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