I had heard the same rumour on them missing a key piece of the land. The current rumour (last 2 months) is that this land has now been purchased (hope so). When I contacted Sea Horse in 06 about the delays the information given to me was that they were going to first construct condos in Sea Horse to increase the playing base for the course. No condos have been developed as of yet as far as I know. Tried contacting them a couple more times in late 07 without any replies. Also had heard the rumour that they were not happy with the original design as they thought they would be better served with a more recognizably named designer ie. Cap Cana has Jack Nicklaus. Again this may just be rumour or fact.
There now appear to be rumours flying of two other proposed golf courses in the same general area (both in the El Choco area). Not sure if any of this is true or not but have seen it mentioned on a few different real estate sites.
Personally I think a course is needed in this area in order to further push the development of the NCoast. Will also be nice to not have to drive an hour in order to play a round of golf for all those living in this area. For now our options are Playa Dorada and Playa Grande (until this summer anyways
!!!)