Ginn Grand Bahama Project Gets Multi-million Tax Break
Credit Suisse syndicate of investors will pay only 2% rather than 12% Stamp Duty rate when it takes possession of 1,746 acres resulting from the foreclosure action against Ginn-LA.
Palm Coast, FL – October 12, 2011 – Credit Suisse persuaded The Bahamian Government to pass special legislation that would allow the transfer of 1,746 foreclosed acres in the planned $4.9 billion Ginn sur Mer Resort. Ginn is reported to have invested over $500 million to date for land acquisition, marketing, a golf course, and infrastructure. Ginn’s former financial partner, Lubert-Adler maintains ownership of the Old Bahama Bay Resort and several hundred acres comprising the core of the original development plan. The core is planned to contain hotels and a casino. The Stamp Duty concession will result in an estimated savings to Credit Suisse that could excess $30 million.Credit Suisse still has other hurdles to overcome. Existing lawsuits are contesting the sale of the land to Ginn, claiming that some of the acreage was not "owned" by the seller, Jack Tar. Credit Suisse is also the defendant in a $24 billion "Loan to Own" lawsuit that asserts the Credit Suisse loan and foreclosure were orchestrated from the beginning to fraudulently wrest control from Ginn and Lubert-Adler. That lawsuit, which also encompasses similar loans made by Credit Suisse to Lake Las Vegas, Tamarack Resort, and Yellowstone Club, is gaining traction.
For more details of the Tax Duty concession, read "$505M INVESTED IN GINN DEVELOPMENT"
Ginn
Where O’Where is Bobby Boy? Wonder if he went back to Hilton Head? The house in Island estates still appears to be lived in, wonder if it’s him or squatters?