The 244.36 acres straddle John Anderson and border the Intracoastal Waterway on the east and Bulow Creek on the west. It was once marketed by Centex before Lubert Adler and Bobby Ginn bought it.
Palm Coast, FL – January 15, 2015 – A 244.36-acre parcel once marketed by Centex has been sold for $3,000,000. Known as Bulow Shores, the property straddles John Anderson Hwy and borders the Intracoastal Waterway on the east and Bulow Creek on the west. The seller is listed as LRA Bulow Shores LLC, a Lubert-Adler entity. The buyer is Seaside Landings, of Naples. The sale closed in December.
Bulow Shores was once owned by The Von Bulow Corp. During the real estate boom in the past decade, Centex began marketing it as a planned residential community, though Centex never took title of the property.
When the market began to sour, Centex pulled up stakes and left town. Bobby Ginn and financial partner Lubert-Adler purchased the property in 2007 from Bulow for $14,500,000. It’s a desirable location a short distance down John Anderson from another master planned community being developed by Ginn-LA at the time called The Gardens at Hammock Beach (AKA Hammock Beach River Club). The Gardens was to feature a Fred Couples-designed golf course. Sadly that development also stalled. Ginn is no longer associated with Lubert-Adler. Lubert Adler still owns several local parcels and the Hammock Beach Club.