The Real Deal Miami

Vulture buy for Tesoro

April 06, 2009 11:36AM

Port St. Lucie subdivision Tesoro was brought out of bankruptcy by West
Coast Investors, a unit of Palm Beach Polo Golf & Country Club
owner Glenn Straub’s investment company. The Wellington developer paid
$10.99 million for the 353 building lots — which once started at
$250,000 apiece — 11 acres of commercial property plus a golf course
and a 115,000-square-foot clubhouse. The economic slump and high operating
costs have kept membership down, so despite the low sale price, the development may be costly to run.