Hammock Beach Discovery Center Hit with Foreclosure
Property records show the building is owned by Hammock Beach Discovery Center LLC, a Bobby Ginn entity. Once assessed for $3,654,225, the property is currently assessed for $2,696,930.
Palm Coast, FL – September 28, 2011 – Updated October 3, 2011 – The Hammock Beach Discovery Center has been hit with a foreclosure filing. A lis pendens was filed September 16th at the Flagler County Clerk of Courts on behalf of the plaintiff; "Wells Fargo Bank, N.A., as Trustee for Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates, Series 2006-1Q12, acting by and through its special servicer, C-III Asset Management LLC. The defendants are Hammock Beach Discovery Center, LLC and Edward Robert (Bobby) Ginn III, individually.Hammock Beach Discovery Center, LLC is a Bobby Ginn entity. The building has been recently occupied as tenants by Front Door Communities, operator of the Hammock Beach Club (under a management contract with Hammock Beach Club owner, Lubert Adler) and Luxury Team of Florida Real Estate Group, the exclusive on-site real estate company for the Hammock Beach property
The 25,834 square foot building was constructed in 2003. It served as the center of sales activity for Ginn Real Estate and for Bobby Ginn as Hammock Beach was developed. Once assessed for $3,654,225, the Discovery Center is currently assessed for $2,696,930. It was first titled to Northshore Hammock LTD (Bobby Ginn as General Partner) and transferred to Ginn’s Hammock Beach Discovery Center LLC in 2006. The initial $4,800,000 mortgage was recorded by Colonial Bank (now shuttered) in 2003 and subsequently assigned to the current lender.
The 2011 TRIM notice estimates the 2011 property tax to be $41,579.10.
Update: The property is listed for auction on Auction.com which states that the original loan was $5,100,000. The loan is in default with a present outstanding balance of $4,811,935.
Lubert Adler and Front Door Communities have relocated their offices to the main resort building. Luxury Team of Florida remains in the Discovery Center. The future use of the building is uncertain. It is too large for its present use.
Hammock Beach is a luxury private resort community on the Atlantic coast in Palm Coast, FL, anchored by an oceanside Jack Nicklaus-designed golf course.
Where in the World in Bobby Ginn
Another person looking for Bobby, not surprising. I would imagine he is on a yacht somewhere near Italy. Good luck getting any money out of him, I would imagine it’s like getting water from a stone.
RE: Toby
My jaw just about hit the floor when I read that Bobby is still in development. Who in their right mind would fund him? I find it amazing that one could be 5-days late on a credit card payment and be denied for future credit yet others can NEVER pay back millions of dollars and people continue to line up and hand them blank checks.
What’s the latest on Lawrie v Ginn, et al?
I haven’t heard much about this suit lately. Is it still proceeding or has it been dismissed a second time?
Bobby
Bobby couldn’t control the economy. He did everything he said he was going to do. To the people who bought and sold lots and made tons of money, at that time he was the greatest! I wish he would have paid more attention to vertical construction.
BEWARE!
I concur with the comment of who in their right mind would loan BG ANY money unless they were "the"mob"!
That bozo along with Lubert Adler have left a particular neighborhood outside Columbia, SC without a club house. Instead they hastily built a giant gym, small workout room and swimming pool that is not adequate to hold the numerous people who are "sports" members who pay as little as $75.00/mo to do everything except golf. This course is now open to the public, so lots of rif raf are now here. Oh….and the rif raf that bought foreclosed homes and do not maintain their property as required by the CC&R’s. Does anyone care or do anything? NO!
BEWARE to any and all to run as fast as their feet can carry them. Hopefully they will not leave their common sense behind as LA and BG are poison.
Up for Auction
Dear Toby,
1 Hammock Beach Parkway, the site in question, is going to be up for auction on 10/3 or so on auction.com, opening bid $500,000. How times change.
Reply to John
Actually, Bobby is still around some, although not very visible. He is working on other development projects which, I’m told, include some aimed toward seniors.