Tesoro's New Owner
Tesoro, the former Ginn golf community in Port St. Lucie, Fla., has been bought out of bankruptcy. (I missed this news somehow. Thanks to reader Steven T. for the heads up.)
The new boss, according to the Palm Beach Post, is Glenn Straub, owner of the the Palm Beach Polo Golf and Country Club. He also owns Martin Downs Country Club, which is where Tesoro members have been playing while their club was shut down.
Straub is paying just under $11 million, which seems like a good deal when you consider all he's getting: 353 lots, an Arnold Palmer-designed golf course that used to host a PGA Tour stop, 11 acres of commercial property, a racquet club and a 115,000-square-foot clubhouse (pictured). Problem is, as the article points out, the club has more than its share of problems, not the least of which may be that $45 million clubhouse.
Imagine how many club sandwiches you'd have to sell every year to cover the debt payments on a thing like that...