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Ginn's Quail West Assets Sold. Tesoro Offer Withdrawn

In a West Palm Beach Courthouse yesterday, Ginn-LA owned Tesoro and Quail West properties were auctioned. Quail West was purchased for a reported $13.5 million.

By Toby Tobin
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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.
reader comments
Reply to Charles
Posted by Toby
Nov 16, 2013, 3:23 pm
The golf course and clubhouse are owned by Ginn-LA. They were not included in the lien documents, but as assets owned by Ginn-LA they were subject to the chapter 7 liquidation.
Minturn colorado project
Posted by Dan Moroz
Mar 22, 2009, 6:37 pm
With all the financial problems of the Ginn world on the east coast what is your take on what is the future of the Ginn Minturn, Co project? The planned ski golf community appears to be dead in the water. Will the Florida woes doom this project?
Are you sure about the assets at QW
Posted by Charles
Mar 20, 2009, 7:23 am
Toby - thanks for reporting this. But are you sure about the assets sold at QW? My understanding was that the golf course and club west are owned by the QW foundation and not LA-GINN. The principal auction was supposed to be for the lots + sales office and another beach property from earlier reports.
Quail West
Posted by John Boy
Mar 19, 2009, 4:01 pm
Looks like Palm Coast paid way to much for the temporary golf course we may or may not get someday. A golf course with a club house and over 275 building lot's made our investment look foolish. Jim Landon at it again, give him another raise.

 
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Don "Toby" Tobin is a licensed real estate professional affiliated with Grand Living Realty. Toby is a member of the Flagler County Association of Realtors®, the Florida Association of Realtors, Enterprise Flagler, Flagler Home Builders Association, and the National Association of Realtors.

GoToby.com proivdes real estate news, commentary, and analysis for Palm Coast and Flagler Country Florida, as well as Realtor® referrals and consultation to buyers, sellers, and developers.