Tesoro development bought for $10.99 million

April 12, 2009
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Glenn Straub, owner of the posh Palm Beach Polo Golf & Country Club in Wellington, Fla., has purchased the Tesoro golf club community in Port St. Lucie out of bankruptcy for $10.99 million.
 
The community was included in the December bankruptcy filing by an affiliate of  the troubled Ginn Co. that included the Ginn community of Quail West in Naples, Fla.
 
The Straub purchase included one of the two Tesoro golf courses and a lease on the other, 353 residential lots, 11 acres of commercial property, a racquet club and the property’s 115,000 square-foot clubhouse. The golf courses are the Palmer Course, designed by Arnold Palmer and opened in 2005, and the Watson Course by Tom Watson, opened in 2008.
 
Both courses were listed as private non-equity, which will be part of Straub’s challenges, along with operating costs for the $45 million clubhouse.
 
Recent articles in the local press have reported that membership in the club is well below capacity and that many of the current Tesoro members have been behind on their payments. 

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