Former Ginn Community Cobblestone Park Rumored Sold

This partially developed private community outside Columbia, SC was purchased by the Ginn Company during the real estate boom. Reynolds Communities has been managing it since last year.

Palm Coast, Florida – June 17, 2009 – Another "former" Ginn community is rumored to have been sold. Cobblestone Park is a luxury private community outside Columbia, S.C. It was purchased by Ginn-LA (Bobby Ginn and financial partner Lubert Adler) during the peak of the real estate boom. Last year, Lubert Adler replaced Ginn as development manager with Reynolds Communities. Apparently, the community has now been sold to Luis Moreno Development Corp LLC.
Cobblestone was originally developed by Earl Hewlette, a long-time business associate of Ginn. Bobby took over the development when Hewlette ran into trouble.
Moreno reportedly paid $16.8 million for both the golf course and the unsold residential properties. The company is also said to be in play for foreclosed properties in the community.
Rumor: (noun) a current story or statement without confirmation or certainty as to facts

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2 replies
  1. Toby
    Toby says:

    Reply to Dave n

    I understand a contract with Luis Mareno has been executed but they are still in a due diligence period, so nothing is final. Closing, if it happens, is planned for August.

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