Bobby Ginn’s Foray into NASCAR Still Costing Him Money

Engine builder HMS Holding’s $1,725,110 judgment against Bobby Ginn results in the forced sale of Bobby’s Colorado condominium.

Bobby Ginn's Colorado Condo - GoToby.comPalm Coast, FL – April 21, 2010 – The Sheriff of Eagle County, Colorado will sell condominium unit #222 in The Seasons at Avon owned by Palm Coast real estate developer Edward R. (Bobby) Ginn III on May 14, 2010. The sale is a result of a $1,725,000 judgment against Bobby arising from his departure from NASCAR.
HMS Holdings, operator of the Hendrick Motorsport engine shop, was under contract to supply Hendrick engines to Ginn Racing. HMS sued in November 2008 to enforce the final $1,500,000 payment of a termination agreement signed by Bobby when he merged Ginn Racing into DEI. HMS was awarded $1,725,110; the unpaid amount plus interest. The judgment was rendered upon summary judgment motion and states that Ginn and his attorneys did not participate in the discovery process nor proffer any affidavit disputing the facts alleged in the complaint.
The Outstanding Principal Balance of the judgment at the time of the Eagle County seizure was $1,225,110. Ginn bought the condominium for $240,000 February 13, 2001. The Eagle County Property Appraisers website shows the unit’s "Actual Value" as $465,940.

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5 replies
  1. John
    John says:

    We know where this is going

    You know who doesn’t show up to defend against a possible $1.5M judgment? A guy who is going into personal BK. I don’t think there is a question that he is headed back to court to file again.

  2. John Boy
    John Boy says:

    Bobby and NASCAR

    Hendricks get’s the money from Bobby’s ski condo, Flagler County get’s atuck holding the bag. Why didn’t Flagler County seize his house in Island Estates and sell it. I know you will say the Homestead Laws protect him, but II think you will find out that he no longer quailifies for Homestead, you must live there to main the qualification.

    I think the Powers to Be in Flagler County have and continue to have other motives, maybe we simply need to follow the money!

  3. Toby
    Toby says:

    Reply to John Boy

    As long as Bobby can claims that the Island Estates address was his legal address as of Jan 1 2010, he can claim homestead status. This means that he cannot claim residency status at any other address for this year.

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