Part of the incomplete mega yacht marina/casino resort complex to be built on Grand Bahama is owned by Lubert-Adler, the other part by Credit Suisse. Bobby Ginn is no longer involved.
Palm Coast, FL – April 14, 2014 – The Tribune Limited, published in Nassau, Bahamas, reports increased interest in the partially completed $4.9 billion Ginn Sur Mer project on Grand Bahama. The Tribune has been in touch with Dr Michael Darville, minister of Grand Bahama, who told the newspaper that “The interest has spiked in the last three months.” Click here for full article.
As reported in past GoToby.com articles, Ginn Sur Mer was to be Bobby Ginn’s crown jewel. The project located in West End, Brand Bahama, was projected to cost $4.9 billion. Much of the infrastructure and the canals and basin designed for mega yachts are completed.
Unfortunately, the project was cross-collateralized with four other Ginn projects to support a $675 million loan from Credit Suisse. Ginn defaulted on the loan in 2008, leading eventually to a settlement where Bobby’s former financial partner, Philadelphia-based real estate investment company Lubert-Adler, retained the golf course and the project’s core acreage designated for a casino/hotel.
Ginn is no longer involved with any of the former Ginn –LA projects. But as the projects figurehead at the time of the default, his statements of reassurance to the Bahamian press are immortalized in the following August 6, 2008 YouTube video which has been viewed nearly 5,000 times.
The remaining undeveloped building lots belong to Credit Suisse. Any new developer will likely want both pieces of the pie, complicating any possible deal.