A recent report in our area gives the news that Ginn Resorts is filing for bankruptcy. Ginn Resorts is the developer of Tesoro, a golf community in southern St Lucie County. Once thought to be a feather in the cap of Port St Lucie's development is now in trouble due to the downturn in the housing market. A recent auction held at Tesoro brought few to no buyers for the high priced lots and homes.
The community itself is beautifully done with state of the art $45M clubhouse and facilities and an Arnold Palmer and a Tom Watson Signature golf courses. It sits on the North Fork of the St Lucie River. It is an area of luxury homes and large homesites.
Ginn has filed as a Chapter 7. The community, golf course and other facilities will run under a court appointed trustee until sold.
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