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ginn: Ginn Clubs and Resorts Misses P&I Payments on $675 Million Credit Facility - 07/02/08 04:43 PM
Signaling cash flow woes, Ginn Clubs and Resorts missed principal and interest payments on its first- and second-lien debt according to a LCD report. Lenders have agreed to not exercise remedies for 30 days but have not waived the default. The 30-day waiver on principal and interest payments was granted when Lubert-Adler agreed to kick in $5 million in cash for operations. The agreement affects only four Ginn properties.
Both the report and comments from Ginn President, Robert Gidel can be seen at the following link: Florida Real Estate Developer, Ginn Clubs and Resorts, Misses Principal and Interest Payment
Toby Tobin is … (7 comments)
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ginn: Battle Mountain, Bobby Ginn's Billion Dollar Ski Resort Project near Vail is One Step Closer - 03/20/08 07:06 AM
The last week of February, the Town Council of tiny Minturn, Colorado voted unanimously to annex 4300 acres of land on Battle Mountain owned by Ginn Resorts. Ginn plans to develop a billion dollar ski resort on the site. The annexation agreement includes a pledge by the developer of $180 million for improvements to the town's services and infrastructure. The 1,100 resident town's current budget is about $1.5 million. The vote was preceded by two and a half years of planning and council meetings. Minturn, a sleepy former mining and railroad town long bypassed by Vail developers, bargained well. Ginn has pledged … (0 comments)
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ginn: Amid a Lousy Real Estate Market, Law Suits, and Rumors, is Bobby Ginn Imploding? Not from My Viewpoint. - 10/04/07 07:26 PM
October 4, 2007 - Palm Coast, Florida - Over the past few months, things in Bobby Ginn's world seem to have been disassembling. Bobby now faces a total of seven law suits; two related to his real estate empire and five to his personal foray into and embarrassing exit from NASCAR racing. Some property owners at The Conservatory at Hammock Beach, mostly investors, are rattling sabers because they find themselves unable to flip lots purchased at the market's peak. Ginn has a new president, Robert Gidel, who, not coincidentally, has very close ties to Lubert-Adler, Ginn's longtime funding source (story). Gidel … (14 comments)
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ginn: Ginn Company Purchases Bulow Shores – Intercoastal Property Once a Centex Project - 09/11/07 08:20 AM
In April, I heard that Bobby Ginn purchased the Bulow Shores development from Centex Destination Properties (CDP). I contacted a Ginn spokesperson to confirm the story. He said he would check it out and get back to me. He never did, so I posted it as a rumor. Well, now it's news.
Locator Map
According to public records, Ginn Bulow Shores LLC purchased the property from The Von Bulow Corp in April. Centex was marketing the project but had not completed the purchase of the property. I understand they had accepted reservation deposits. The 243.9 acre tract sits astride John Anderson running … (0 comments)
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ginn: Ginn Resorts Enters Georgia Real Estate Market With Acquisition of BriarRose Community - 08/16/07 07:41 AM
August 16, 2007 - Palm Coast, Florida - Ginn Resorts projects within Flagler County include Hammock Beach, The Conservatory, Yacht Harbor Village, The Gardens, and Bulow Shores. The Celebration, Florida based resort and real estate developer announced yesterday that it acquired the real estate holdings of Atlanta based developer, BriarRose Land Company. BriarRose Land Company is currently developing the BriarRose Hamlet, a 1,879-acre private country estate and club community located in the Oconee River Valley near White Plains, GA, 15 miles from Lake Oconee and Greensboro, GA. The Lake Oconee area is one of the fastest growing real estate markets in … (3 comments)
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ginn: Hammock Beach - Luxury Oceanside Resort - Private Golfing Community - 08/03/07 03:59 PM
Hammock Beach was the first of The Ginn Company's developments in Flagler County. Ginn purchased property from Lowe Destination Properties, the same folks that developed Ocean Hammock. It is located along the Atlantic shore in an unincorporated area known as The "Hammock.''
Hammock Beach has 213 single family homesites but the jewel of Hammock Beach is the 12-story resort condominium called The Club at Hammock Beach. The Club at Hammock Beach boasts two fine restaurants, a state of the art fitness center and spa, and a $6M swimming complex. This club and its amenities are available only to property owners and their guests. Many … (0 comments)
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ginn: Auction of Lots in Ginn Developments Yields Disappointing Results - 07/23/07 09:37 AM
The ingredients for a successful sale were there. The auction company was highly respected Sheldon Good, the largest real estate auction company in the country. The properties were desirable, all in private communities developed by Bobby Ginn, rich with amenities packages. The seller was flexible, understanding that the market had changed from the time $2.5 million was paid for the lots two years ago. The sale venue was the Palm Coast Yacht Club. But the buyers were missing - at least enough of them willing to bid seriously. The five properties in the auction were:
Hammock Beach
Lot 41 North Shore Avenue, purchased … (5 comments)
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ginn: Auction of Five Lots in Ginn Hammock Beach Resorts Scheduled for July 22nd - 07/08/07 01:37 PM
Palm Coast, FL - Another investor has realized that investing in lots in gated communities is not a sure thing, even with a premier developer like the Ginn Company. The added costs of HOA fees and club dues mount quickly, cutting into potential profits in a rising market or increasing losses when the market goes south. Sheldon Good & Company has often been referred to as the Christie's of real estate auctions. They have been engaged to sell five vacant lots in Ginn Hammock Beach Resorts communities. The Baltimore, MD owner/investor of all five properties has decided to cut her losses … (6 comments)
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Toby Tobin
Palm Coast,
FL
More about me…
Real estate commentator; GoToby.com, Take Action Propertiesi
Address: 35 Riverview Bend S., Unit 1816, Palm Coast, FL, 32137
Office Phone: (386) 597-2185
Cell Phone: (386) 931-7124
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