Palm Coast, Florida – March 19, 2009 – The Chapter 7 bankruptcy of Ginn-LA owned properties in Tesoro and Quail West resulted yesterday in the sale of the company's assets at Quail West, including 262 unsold lots, the golf course and clubhouse. The successful bidder was QW 2009 Investors, LLC. The investor group (registered March 13, 2009 with the State of Florida) reportedly consists of prominent Quail West builder, John McGarvey along with some Quail West property owners and possibly others. The reported purchase price of $13.5 million included 262 building lots, the golf course and clubhouse. Quail West is near Naples, Florida. Closing is targeted for March 31st.
Ginn-LA assets at Tesoro, the Port St. Lucie community were also included in the bankruptcy sale. Glenn Straub, owner of the Palm Beach Polo Club won the Tesoro bid for $11 million. He had also bid $11 million for Quail West. He understood that it was not a "stalking horse" auction and that the trustee wanted to sell both properties to a single entity. When Straub found out another group was bidding $13.5 million for Quail West, he withdrew both of his offers. Straub is currently negotiating with the bankruptcy trustee towards a settlement for Tesoro.