Ginn Resorts in deep crap, ends PGA & LPGA tourneys

I remember when Bobby Ginn came into NASCAR and all the B.S. he slung about sponsor synergies and how his business model was going to revolutionize the sports. Uh, huh.

 

Unfortunately, if Ginn goes belly-up, it's possible the course goes down with it. I've had relatives in Florida tell me of friends who bought in a golf-course community at the end of the boom, ended up being one of the few actual residents, and watched the golf course in the back yard turn back into nature. Not that the world needs more golf courses, but these folks didn't buy where they did to be close to fire ants and alligators.

 

These are pretty high-end courses -- Watson- Nicklaus- and Palmer-designed along with Anika Sorenstam's golf school. I'd think they'd be worth saving by someone at the right price but, yeah, I guess they cold turn back into swamps.

 

As a native Floridian, I can only say this: If you live down here, you're close to fire ants and alligators. Snakes, too.

 

What a shock: Bobby Ginn runs a company into the ground. There are still cars in Hilton Head with bumper stickers saying, "Honk if Bobby Ginn owes you money."

He'll re-invent himself in 5-10 years and sucker more people.

 

Of course, the real estate agents don't tell the non-native Floridians buying these places about that stuff.

 

Who's buying these days?

 

Simon Cowbell

 

Maybe a better question was "Who's selling these days?" I know a lot of real estate agents who suddenly became interested in bartending classes.

 

Been to the Ginn place in Port St. Lucie called Tesoro. Beautiful. But not many houses built. The clubhouse is something like 64,000 square feet and looks like a home for royalty. Ginn quietly went belly up there sometime late last year... you can bet the folks that paid what I think was $2 to $3 million to get in there aren't happy.

 

Ginn closing down its real estate sales division is like McDonald's saying it's no longer going to sell burgers. I'd love to be able to see and compare some of the financial statements over the last two or three years.

 

The clubhouse in Palm Coast (the Conservatory) is just as palatial. They recently closed the restaurant and the bar, and laid off the head pro. The only people working there are a skeleton crew cutting the grass and one chick in the pro shop to check in foursomes.