Palm Coast, FL – December 1, 2010 – A process begun when Robert Gidel was brought in by Lubert-Adler as president of the Ginn Companies in 2007 has played out. Bobby Ginn's 12-year business affiliation with his Philadelphia-based real estate investment partner Lubert-Adler is now winding down.
GoToby.com has learned that Bobby Ginn is no longer a partner in many of the Ginn-LA entities as of November 11, 2010. The Ginn name has been removed from the subsidiary business entities and from all the communities and resorts Bobby planned or developed with Lubert-Adler over the past decade. The manager of the partnerships is Legacy Resort Assets, LLC (LRA), and many of the properties are being managed by third parties including Reynolds, Noble, and Crave. For example, Ginn-LA Marina becomes LRA Marina, LLC.
The last property to lose the Ginn name is Ginn sur Mer, Bobby's flagship $4.9B mega yacht - casino project which remains unfinished on Grand Bahama, though significant infrastructure has been completed. The future of the Credit Suisse portion of the development is uncertain at this time. However there is significant unencumbered real estate including Old Bahama Bay, which is operational.
Lubert-Adler through its various partnerships continues to own the remaining properties. Reynolds Development & Management Co. and Nobel Investment Group operate several communities and resorts under contract with Lubert-Adler. LA has similar affiliations in other developments; Battle Mountain, Burke Mountain, BriarRose. At least a couple hundred Ginn-LA entities will be replaced by a reduced number of LRA affiliated entities.
While Bobby is out of the ownership side of each project, he is likely still tied closely via personal guarantees and as a defendant in ongoing lawsuits.
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