The Real Deal Miami

High-end developer files for bankruptcy

December 29, 2008 01:56PM

Ginn Resorts, developer of luxury Port St. Lucie community Tesoro, has
filed for bankruptcy protection for four of its projects in the U.S.
and the Bahamas. In addition to Tesoro, Ginn seeks bankruptcy
protection for a project in Naples, another in the Bahamas, and a third
in North Carolina. Ginn defaulted on loan payments in June. The
developer put 22 homes at Tesoro up for auction in July, but none sold.