One of the most commented posts on this blog has been about the lawsuit against Bobby Ginn, the developer of Reunion Resort and Bella Collina. All I did was summarize an article in the local newspaper, but I get calls to remove that post from other Realtors and consumers constantly. I always reply by asking them to leave a comment which they never do.
Now the Golf Channel is getting into the act. They aired an episode of Golf in America last night and focused mainly on Bella Collina. They make some strong accusations, including Champion’s Tour player and Golf Channel panelist Mark Lye accusing the Ginn Company of being “extremely good at conning people”. Of course, Mark built a home in Bella Collina which he can’t sell because the values are down 90% according to the show.
They also point out that most of the promised amenities have not been built including the walking trails, lakeside boat docks, soccer fields, and equestrian center. I still have the original leather bound brochure which promises these things. I seriously have little hope of these amenities ever being built.
The brochure never stated a condition of the real estate market having to be good for these amenities to be completed, so I would expect them to built as promised. I guess the Ginn Company can get out of it somehow.
The New York Times also published an article about Bella Collina and other Ginn communities entitled “It’s Tee Time. Where is Everybody?”
On one hand, I feel sorry for the property owners at Bella Collina. They have a property that’s declined significantly which can’t be sold now for pure economic reasons, but there is a possibility of making a profit some years down the down. I have no idea how long it will take, but the market will rebound at some point.
On the other hand, people lose out on investments all the time and no one ever gives any sympathy to them. I’m just glad, neither myself or any of my customers bought lots in Bella Collina and believe me, we were all tempted.