Palm Coast, Florida – December 30, 2008 – As predicted in recent GoToby.com news stories, Ginn Company's Laurelmor community near Boone, N.C. has been acquired by the developer of Reynolds Plantation. The purchase was confirmed today by Reynolds Signature Communities, though the transaction occurred on December, 23, 2008 according to Watauga County, NC public records. As a result of an agreement between Ginn-LA and Credit Suisse on December 23, 2008, two other Ginn communities filed for bankruptcy under Chapter 7 of the US Bankruptcy law. The Laurelmor purchase is a result of the same negotiated settlement.
Based on documentary stamps in the two counties straddled by Laurelmor, the Winston-Salem Journal reports the transaction was worth a little more than $32 million.
The Laurelmor sale is another step in what appears to be an unraveling of the once close working relationship between Bobby Ginn and his financial partner, Philadelphia-based Lubert-Adler. Reportedly, the 2009 staff uniforms ordered for Reunion, Ginn's Orlando area resort, will not sport the Ginn logo.
Reynolds Signature Communities developed the Reynolds Plantation golf community on Lake Oconee. Another of the Reynolds entities, Linger Longer, recently took over the operational and future development responsibility for Cobblestone Park, a Ginn community in Columbia, S.C. Laurelmor is a 6,200 acre community in the Blue Ridge Mountains near Blowing Rock and Boone, N.C. The property, which is currently in the early stages of development, features panoramic views of the Blue Ridge Mountains.
The community is ten miles to the west of the town of Blowing Rock, N.C., known as “The Crown of the Blue Ridge.” Laurelmor is also 12 miles from Boone, N.C., home of Appalachian State University. In addition to the offerings of these two charming towns, Laurelmor has an extensive list of planned amenities, including golf, nature trails, equestrian, wellness facilities and more.
“We are very excited to extend the Reynolds lifestyle to this beautiful Blue Ridge Mountain setting,” states Mercer Reynolds, chairman of Reynolds Signature Communities. “My family was blessed with some magnificent waterfront land in the Oconee River Valley for Reynolds Plantation, and the mountains and ridges at this property are every bit as glorious. I think it is a great sister community for Reynolds Plantation.”
“Reynolds has been able to maintain solid sales through the recent real estate slowdown, largely due to the strength of the lifestyle created by the Reynolds family,” notes Terry Russell, president of Reynolds Signature Communities. “The Reynolds name is well-respected in the marketplace, and a luxury mountain community is a great compliment to what has been done at Lake Oconee.”
Headquartered in Lake Oconee, Georgia (between Atlanta and Augusta), Reynolds Signature Communities was formed in 1985 by Mercer Reynolds and Jamie Reynolds to develop Reynolds Plantation and the surrounding lake area. Reynolds Plantation is an award-winning golf and lake community that has grown to feature 99 holes of championship golf and 80 miles of shoreline, as well as an AAA 5-diamond Ritz-Carlton Lodge. Additional Reynolds Signature Communities include Reynolds Landing on Lake Oconee and Achasta in historic Dahlonega, Ga.