For years a handful of communal farmers were the only inhabitants of the 120-acre area of thicket and coconut groves 20 miles south of Mexico's swank Acapulco resort on the Pacific. Then in 1968, Dallas multimillionaire Troy V. (for Victor) Post, newly enriched by the sale of his Greatamerica Corp. to Ling-Temco-Vought for $500 million, brought his genius and fortune to bear on the wasteland. Before long he had transformed it into an earthly paradise, a resort complete with a luxury hotel and detached villas, two of the world's best golf courses,...

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