Ginn offloads 6,000 acre development to Reynolds
One of Watauga County’s largest real-estate developments in recent years has been sold after the developer’s affiliates filed for bankruptcy last week.
The 6,000-acre Laurelmor golf resort has been sold to new owners after Florida-based Ginn Company filed for Chapter 7 bankruptcy to liquidate two Florida projects, as well as agreeing to allow lenders to have partial control of a Bahamas-based development.
BR Development Group LLC and Blowing Rock Resort Venture LLC will now own the Laurelmor resort, which straddles Watauga and Wilkes counties, according to county deed filings. The property is listed at a value of $32 million. Both companies were formed in Georgia in early December and are tied in with Atlanta-based Reynolds Capital Group.
The sale is part of a restructuring agreement with lenders, led by Credit Suisse, after Ginn was unable to refinance a $675 million debt it defaulted on earlier this year.
“It’s important to note that all other Ginn interests are unaffected,” company spokesman Ryan Julison said in a prepared statement.
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