Another Bahamas development goes bust.....
 

Ginn Sur Mer was on Grand Bahama island with plans for a marina/condos/timeshares/hotel/spa/casino just down the street from West End. This place was going to make Atlantis look like a motel 6. You couldn't attend a boat show without seeing the ads plastered everywhere for the past 5 years. The Bahamians must be getting really tired of American developers not finishing stuff over there.....



Tesoro developer files bankruptcy on four projects

By JEFF OSTROWSKI

Palm Beach Post Staff Writer

Monday, December 29, 2008

PORT ST. LUCIE — Battered by the housing downturn, the developer of Tesoro, a high-end community in Port St. Lucie, has filed for bankruptcy protection for four of its projects.

Two affiliates of Celebration-based Ginn Resorts last week filed a flurry of Chapter 7 petitions. Ginn also sought bankruptcy protection for Quail West in Naples, Ginn sur Mer in The Bahamas and Laurelmor in North Carolina.


The two Ginn subsidiaries, Ginn-LA CS Borrower LLC and Ginn-LA Conduit Lender Inc., owe Credit Suisse $675 million. Ginn defaulted on loan payments in June and had been negotiating with its lender since then.

"Sales at the four communities had been severely affected by ongoing economic pressures and the drastic downturn in the real estate market," Ginn said in a statement.

In July, Ginn tried to spur sales at Tesoro by putting 22 homes up for auction - but the sale yielded no deals. One four-bedroom home listed for sale at $3.75 million attracted a high bid of only $1.2 million. Another, a three-bedroom, fetched a $450,000 high bid, though it's on the market for $2.15 million.

Many Mega Marina projects in the Caribbean, as well as in this country are falling apart:

http://www.capecodonline.com/apps/pb...BIZ/811200307/

Stu & I toured the development while we were in Old Bahama Bay, it is awsome.

If they can develope it themselves then have at it.

Chub Cay isn't healthy either..

That is why they make it so har for people to build in Tortola if you are an "outsider".

You can basically dock your boat in a slip at many of the marina/resorts in the Bahamas right now for free. As long as you use their facilities and buy their fuel. They are more interested in just filling the space then anything else right now. At least this kind of arrangement will bring in some income.

In Staniel Cay in Exumas the big Four Seasons resort has closed the marina and casino except for slots. Four Seasons tried to pull out or distance itself but the Bahamian Gov't would not let them.

poor bobby ginn...left some folks in NASCAR high and dry also.

To me the $300 to clear customs is an insult. I know it is minor compared to the other costs, but it sure makes me think twice about Bimni for lunch or a quick weekend trip