The Real Deal Miami

Inflated pricing at Tesoro, suit claims

June 01, 2009 10:57AM

A lawsuit filed by buyers of Ginn Co. properties, including the luxurious Tesoro development in Port St. Lucie, accuses the developer of pumping up prices. The class action suit filed in Jacksonville said appraisals were manipulated, among other allegations, and that Ginn was pushing up prices at every possible turn. The claim goes back to the early 1990s and includes more than a dozen of the developer’s projects. Parties named in the suit include Celebration-based Ginn, its sister companies, financing partner Lubert-Adler and banks that worked with Ginn, including SunTrust, Fifth Third Bancorp and Wachovia Bank.