Bobby Ginn is Out of Luxury Ski & Golf Resort Project near Vail
Lubert Adler is not leaving the dance with the one they brought to Battle Mountain. Minturn will not be called GINNturn.
Palm Coast, FL – September 10, 2009 – Lubert Adler, Bobby Ginn’s financial partner for the past decade continues to increase the distance between the two parties. Bobby Ginn has been replaced by Crave Real Estate at a luxury ski and golf resort project financed by Lubert Adler near Minturn (locally referred to as GINNturn) near Vail, CO.
Crave replaced Ginn at another Lubert Adler ski resort project in Burke, VT in April. They have taken over the role of day-to-day management, operations, and development planning for both projects. In a letter to Minturn officials, a Crave representative wrote, "While there may be some challenges on the horizon, Crave Real Estate and this project’s financial partners are 100 percent committed to this project and its long-term viability."
In the past, Bobby Ginn was the visionary developer, able to see castles among piles of dirt. Lubert Adler provided the money and Ginn brought the projects forward. They split the profits; 80% to Lubert Adler and 20% to Ginn. At one time, a Ginn sales person boasted to me that Ginn was "moving more dirt in the Western Hemisphere than anyone else."
Hindsight tells us that the bottom had already fallen out of the real estate market by the spring of 2007 when Bobby hosted a PGA Champions Tour at his Hammock Beach Resort in Palm Coast, FL. The event featured the Ginn blimp, a celebrity concert, and buzz about Bobby’s personal foray into NASCAR. It soon became apparent that real estate sales had stalled. Extravagant spending had to be brought under control.
Lubert Adler began dissecting the joint venture when they engineered the appointment of Robert Gidel as the new Ginn Company president in mid-’07. Gidel took over day-to-day operations of the company, gradually marginalizing Bobby’s role as he cut out divisions of the company, outsourcing their functions, and formed new operating alliances.
In a two-hour interview one year after Gidel’s arrival Bobby was his usual calm, laid back, folksy, but at the same time charming, southern gentleman as we discussed a wide range of topics. But I hit a nerve when I asked, "How would you characterize your role in the company to that of Robert Gidel?" Bobby nearly came out of his chair as he abruptly leaned forward with his response. "I am an owner," he replied.
Bobby Ginn is reportedly focusing his efforts in the Bahamas, attempting to find a new financial partner for Ginn sur Mer, the only project that still carrys his name.
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Bahamas is screwed
Of all the projects, why would he choose the one that is on an island, which is expensive to get to for most, and with a TON of inventory to claim as his own?? That would be the first one I tried to get rid of if I were in his shoes.
Minturn citizens still "CRAVE" t
I live in minturn and was against this project from the start.
what does this mean for the minturn citizen?
not much.
Minturn citizens still "CRAVE" to get the 180 million dollars.
crave real estate seems to be lying just like ginn.
minturn council refuses to get the millions of dollars owed to us.
there is absolutly nothing in the agreements that prevents us from getting that money now.
minturn council wasted everybodys time and effort by even talking with ginn when he has/had
NO WATER and MAY NOT EVEN OF OWNED THE PROPERTY.
Now lubert-alder is in control. do not try and put lipstick on this pig.
it is and always was a pig.
lubert -alder approved the annexation agreement money so they need to pay the citizens of minturn the millions of dollars.
crave real estate is continuing the lies that ginn started. the same people are still employed by lubert alder. the only thing they did was put a new name on the title. because GINNTURN was getting bad publicity.
bill weber is still here, cliff thompson who is just a waste of space, ryan julison media person who perpetuates the mis-truths is still here.
so what has changed besides taking Ginnturn out of the name? nothing.
minturn council lied and continues to lie to the minturn citizen. they will take the extra 35% tax increase from us, yet they refuse to take any money from the annexation agreement.
frank lorenti
https://www.minturntimes.com