Article On Bobby Ginn In The New York Times
May 25th, 2009
Points of interest from the article:
- Mr. Ginn says he now faces about 30 lawsuits.
- The Florida suit also alleges that Mr. Ginn worked to artificially
inflate the prices of parcels in his development. In one case,
according to the lawsuit, a buyer bought two properties for a total of
$1.007 million, and Mr. Ginn’s title company recorded the
respective sale prices as $1.007 million and $1. The company then used
the larger price as a “comparable” figure in an appraisal
for Roy Bridges, a British financial adviser who bought a property for
$1.195 million, according to appraisal records. Mr. Bridges’s
property is now in foreclosure.Mr. Ginn contends that “the county recorded it incorrectly.”
- According to a transcript of a video obtained by a law firm
representing property owners in the suit, a Ginn salesman told a group
of potential buyers at Bella Collina that “Lot 5 sold for $2.1
million this morning.” But property records showed that the
parcel sold for just $416,900, according to the lawsuit.Mr. Ginn said he was “shocked because the salesman deviated from company practices.”
- A partnership formed by Mr. Adler and Mr. Ginn, A & G, also bought
and sold five properties at Bella Collina for a $2.5 million profit
over a period of weeks. - But even at some of the most successful (golf resorts), like Reunion near Orlando, the Ginn Companies is considering programs to attract more buyers by offering fractional ownership at lower prices.
Quite aside from all the other alleged shenanigans this is the first I have heard about fractional ownership (timeshare) in Reunion Resort. Things just get more interesting everyday.
