Is Donald Trump Looking at Ginn’s Tesoro?
Rumor has it that
Palm Coast, Florida – January 18, 2009 – Everyone likes a good rumor. And no rumors are better than the ones in which Donald Trump’s name appears. I’ve been gathering information for an upcoming article about the concerns of property owners and club members surrounding the bankruptcy of Ginn’s Tesoro Club. Along the way, I heard that Donald Trump, Rolls-Royce and all, paid a few visits to Tesoro, the fabulous but financially strapped luxury golf community in Port St. Lucie, Florida developed by Ginn-LA (Bobby Ginn and his financial partner, Lubert-Adler). The most recent visit was Friday afternoon.
Tesoro is one of four Ginn developments encumbered by a defaulted credit facility brokered by Credit Suisse. The loan went into default June 30, 2008. The settlement resulting from negotiations between Ginn-LA and the lenders resulted in the sale of Laurelmor (near Blowing Rock and Boone, NC), a joint venture with the lenders at Ginn sur Mer in the Bahamas, and the Chapter 7 bankruptcy of encumbered assets at Tesoro and Quail West (near Naples). The bankruptcy was filed on December 23, 2008. A court appointed trustee was named to oversee continuing operations at the two communities while finding a buyer.Sources are quite certain about Trump’s two inspection visits. Further, one source even told me that they had heard from someone who heard from a temporary food service worker who was told by an employee that Trump had met with some staff and told them he was the new owner.
In a related rumor, a source close to Ginn’s Reunion Resort near Orlando told me that the VP of Sales and all the rental managers had been let go there.
Stay tuned for a piece covering more serious issues surrounding the bankruptcy. It will be posted within the next few days.
♦ Rumor: (noun) A current story or statement without confirmation or certainty as to facts
Hang in there Bobby!
It would take a maverick like Mr. Trump to fully appreciate the magnitude of work, risk and ingenuity put forth by Bobby Ginn over the years. But no matter who steps in, or how, I hope Mr. Ginn never forgets that HE is a true master and nothing will ever change that!
Ginn Reunion
Ginn Reunion – Not only has the VP of Sales & Marketing along with Rental Managers been let go, the entire RE Sales Staff was terminated today! What is happening?????