The hits just keep on coming against the Ginn Development Company, often referred to as Ginn Resorts. The developer and operator of such lush communities as Tesoro, Hammock Beach and Reunion in Florida, as well as Charlestowne, Laurelmor and Cobblestone Park in the Carolinas, is being sued by the Professional Golfer's Association for abruptly dropping its sponsorship of a Champions Tour event that is just a few months away.
According to the lawsuit, "The [Champions] Tour will incur monetary damages, including but not limited to Ginn's agreed-upon contribution to the tournament purses and other expenses of each tournament, as well as lost television fees and other revenues from the tournaments."
The tour had to know what the rest of us knew months ago, that Ginn's empire was in desperate financial trouble. However, according to PGA Commissioner Ty Votaw, "we had been in discussions with them on possible modifications to the agreement." Votaw said there was no forewarning of Ginn's announcement of a pullout. Indeed, last August, Ginn's President implied in a letter to the tour that Ginn would sponsor the March Champions Tour event but was not in a position to do so into the future.
Until recently, Ginn Resorts had mounted a furious defense of its viability, but in the last two weeks, they have stopped all sales and marketing efforts. There have to be a lot of nervous residents inside the gates of Hammock Beach and Reunion. That will make for some unprecedented low selling prices...as well as unprecedented risks. Isn't that always the way?
If you think you might be interested in taking advantage of the situation, let me know (use the Contact button at the top of the page). I have a relationship with real estate professionals who know the Ginn organization and the resorts in question very well. I can provide information suited to your own situation.
