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Tesoro Developer Files Bankruptcy on Two Projects

A developer has filed for Chapter 7 bankruptcy protection on two projects in a high-end community in Port St. Lucie, Florida known as Tesoro. Ginn Resorts filed for the protection on their project named Tesoro and their project named Quail West, which is located in Naples, Florida. Ginn subsidiaries owe Credit Suisse over $675 million. Ginn defaulted on his loan statements in June and has been negotiating with its lender ever since. "Sales at the four communities had been severely affected by ongoing economic pressures and the drastic downturn in the real estate market," Ginn said.

Ginn put 22 homes in Tesoro up for auction in July but received no bids that matched what he was looking for. One four-bedroom home was bid on for $1.2 million even though Ginn was asking for just over $3.5 million for the home. Filing for bankruptcy has become commonplace in the state of Florida over the past year and a half and the numbers will continue to grow in 2009. For any individual filing for bankruptcy in 2009, contact the law firm of Warren Law for expert legal counsel today.

Nationwide & Florida Bankruptcy News

Tesoro Developer Files Bankruptcy on Two Projects
A developer has filed for Chapter 7 bankruptcy protection on two projects in a high-end community in Port St. Lucie, Florida known as Tesoro.

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		Robert J. Warren, P.A. 703 N. Main St., Suite C Gainesville, FL 32601 Phone: 352-377-6600 Toll free: 888-302-9892 E-mail: gvillelaw@aol.com

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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult a Florida Bankruptcy Lawyer for individual advice regarding your debt situation.