The Real Deal Miami

Tesoro sells lots, golf courses and other assets

March 02, 2009 10:09AM

The aftermath of the boom has left Tesoro, the 1,400-acre luxury housing and golf development in Port St. Lucie, selling off assets as the developer negotiates bankruptcy reorganization. Some residents blame Developer Ginn Company, whose affiliates filed for Chapter 7 bankruptcy last year, for the decline in upkeep in the luxury community. Drew Dillworth, a Miami-based trustee handling the case, is trying to arrange a sale of assets at Tesoro. These assets include about 360 lots that Ginn never sold, two golf courses, the $45 million clubhouse and an aquatic center.