Alico Gets Lee County Parcel Back from Ginn Following Default
The 4,157-acre parcel is located next to Florida Gulf Coast University in Lee County. It is approved for two development orders; a 336 unit residential community and a 27-hole golf course.
Palm Coast, FL – September 16, 2010 – Palm Coast real estate developer Ginn-LA (Bobby Ginn and financial partner Lubert-Adler) lost a valuable property in Lee County, Florida. The 4,157 acre parcel is located next to Florida Gulf Coast University. It has two approved Development Orders; a 336 unit residential community and a 27-hole golf course. The property was reclaimed at a public auction in Fort Myers by Alico, Inc., the land management company from which Ginn-LA Naples Ltd purchased it five years ago. Alico held $1.7 million in tax certificates and a $52.2 million mortgage on the property.
Alico’s President and CEO JD Alexander stated, "We are pleased to regain ownership of this property. The parcel is strategically positioned in an area which has historically seen high growth due to its proximity to the Southwest Florida Regional Airport and Florida Gulf Coast University. We continue to evaluate our options regarding the future use of this property."
Bobby Ginn ag’in
When Ginn was operating in the Hilton Head area years ago, there were license plates seen which read "Honk if Bobby Ginn owes you money". Perhaps they should crank up the stamping machines again.