The Orlando Sentinel reported on October 5, 2007, that a class action lawsuit has been filed against Bobby Ginn by nearly 100 Michigan investors for tricking them into buying over priced lots in Ginn Developments that included Bella Collina and Reunion Resort in SW Orlando.
The plantiffs allege that the company promised big returns that never materialized from flipping the lots in a few months time. They also claim that Ginn perpetuated a ponzi scheme where returns to investors were not through the success of the underlying business but rather taken from newly attracted investors.
Most local real estate professionals would agree that Ginn sales associates did pitch the potential for quick profits from flipping in their resorts quite a bit. Whether or not it was a misrepresentation is up for the courts to decide.
A post about the misrepresentation of Lake Apopka at Bella Collina was made on this blog in September that may be worth checking out as well.
About Reunion Resort & Bella Collina
I have a video of the Ginn launch which proves what everyone is saying the Ginn Salesman is saying how much lots were selling for which was all lies, he then tells my client that he will make $400,000 ‘overnight’ this video will be on the news in the next week or so, Barbara West of WFTV will be running the story as will the newspapers, Ginn will be finished his Communities are unfinished, in fact he has never finished 1 community yet, he is an absolute disgrace and has ruined peoples lives.
Let me know where I can see this. Let’s talk. I am looking to get investors together to commence a class action, but there are many issues other than those raised in the Michigan action.
I am taking the video to an Attorney tomorrow, it will also be going on T.V. in the next few weeks in Orlando and then hopefully on National T.V. I am doing this to get the Attorney General and the F.B.I. to investigate.
Contact me at billboylan@mac.com
Hi,
Would like to know more about what is the progress of the lawsuits? I know friends that own lots at Bella Collina and paid a high price. How can she participate the action lawsuit?
Would like to know more about what is the progress of the lawsuits? I know friends that own lots at Bella Collina and paid a high price. How can she participate the action lawsuit?
Yes, please let me know what is happening? Is there really a chance for lot owners to get money back?
Contact me for more information.
Yes, please let me know what is happening. I’m about to loose my entire life savings!
Many thanks
The Camera crew and New Reporter will be at Bella Collina tomorrow to do a story on the Ginn Co. contact me at billboylan@mac.com for more up dates.
Anyone who bought a Golf Lot at Bella Collina or The Conservatory directly from Ginn, contact me urgently there is a class action being filed on the Bella Collina Golf Course on Monday and one soon to be filed for the Conservatory. billboylan@mac.com
Hello,
I bought a condo in The Grande building at Reunion last year. I don’t know if my situation is any different, but I was also told by Ginn representatives that it will rent for so much money per night that it will cash flow. My rental income is 500% less than what they told me it would produce. Please include me in future correspondences.
Thank you
At last the Law Suit for the Bella Collina Golf Course will be filed tomorrow. $35m approximately and if he doesn’t settle it will become a Class Action.
Bobby will have to get his money out !!
What is the problem? All investments have risk, the higher the reward the higher the risk. This is simple economics. I can assure you that the HUD report you and all the other “investors” signed stated that it was a huge risk. You mad that you got caught holding the bag. Are the people that made hundreds of thousands of dollars signing up to sue Ginn? Quit complaining, you made a risky decision, you are not a professional real estate mogul and you got burned. Do you really think that stock brokers who tell their clients about a hot stock that tanks are going to get sued? No way, and neither is Ginn.
NCSU Alum
You clearly like to trawl Blogs and belittle people with your ‘you deserve it’ attitude, firstly I did not get burned by Ginn, I managed to get out with my finances intact. But many hundreds of people did not. It annoys me when people comment on things they clearly know nothing about. Unless you know all of the facts, which clearly you do not, you are best keeping your infantile comments to yourself.
Bill, did you sign a HUD report? What did it say? Did it mention risk? Bill, you take your sad case to the blogs, which is just as pathetic as me saying tough cookies. I am not saying people deserved what they got, only not to complain if an investment did not produce the massive profit that you expected. Please fill me in on “the facts”, ones that do not include what the sales people said you could make. What am I missing?
NCSU Alum
I am not one of the Investors you are talking about, what sad case are you on about, the only sad case is you making stupid comments on things you know nothing about. I am trying to help people out, we have just managed to have an appraisers license revoked for his Appraisal and it was his third offense, I have at least another 3 Appraisers who will be suffering the same consequences or maybe worse, there are also Mortgage Brokers working for Banks who will also be facing serious charges, as will Ginn Employees.
I really don’t know why you want to comment and ridicule people just for the sake of it, when you know nothing whatsoever about the situation people are in, so before you say I am taking my sad case to the Blog get your facts right before you put your Mouth in 1st gear and your brain in reverse.
Bill, you attempt to belittle is pathetic in itself. Did these buyers (not you) sign a HUD report? If so what did it say? Were these buyers forced to buy? What are these Appraisers names? Were there only 4 Appraisers doing all the Ginn Communities? What are the charges you plan to bring against the Ginn Sales People? Exaggeration? False Hope? Creating Demand? Illegible Handwriting on a Contract?
Answer questions first, then belittle me all you want.
Do you plan on making money by “helping” these people?
I look forward to your ANSWERS.
NCSU Alum
Wow a lot of questions which shows you know nothing of what is going on and you should check your English before you post, do you mean ‘you (your) attempt to belittle’ I think you are using Daddy’s computer without his permission, do not skip any more English Lessons next week.
Dear Grammer Bill,
Shall we look at your postings? Can you explain your run-on sentence? How about even understanding any bit of your first sentence. Picking on a spelling mistake in a blog is as sad as your attempt to garner support for a lost cause.
If I could high light the rest of your mistakes in the previous postings, it would glow like a Chernobyl Ant.
16 Bill Boylan // May 10, 2008 at 9:00 am
NCSU Alum
I am not one of the Investors you are talking about, what sad case are you on about, the only sad case is you making stupid comments on things you know nothing about. I am trying to help people out, we have just managed to have an appraisers license revoked for his Appraisal and it was his third offense, I have at least another 3 Appraisers who will be suffering the same consequences or maybe worse, there are also Mortgage Brokers working for Banks who will also be facing serious charges, as will Ginn Employees.
I really don’t know why you want to comment and ridicule people just for the sake of it, when you know nothing whatsoever about the situation people are in, so before you say I am taking my sad case to the Blog get your facts right before you put your Mouth in 1st gear and your brain in reverse.
I look forward to your answers. Oops, that is right you don’t have any.
Do you know anything about Real Estate at all, check out the internet HUD-1 you keep going on about the HUD-1 :-
‘The HUD-1 is to be used as a statement of actual charges and adjustments to be given to the parties in connection with the settlement. The instructions for completion of the HUD-1 are primarily for the benefit of the settlement agents who prepare the statements, and need not be transmitted to the parties as an integral part of the HUD-1.’
Tell me where it warns people not to believe the Developers Fraudulent Misrepresentation or The Appraiser and Mortgage Broker’s Fraud. You are on every Ginn Blog saying the same boring thing about the HUD-1
What is strange is you are from North Carolina were Ginn is also from and were he went Bankrupt in a huge way not too long ago and now he is doing the same thing in a much bigger way and fools like you who probably work for Ginn in one of his Communities in North Carolina, nothing is selling in any Ginn Community and Ginn will be going Bankrupt in a big way very soon.
oops. I should have said HUD report. You still have not answered my questions. are you going to apologize for the spelling correction? Yours sure wouldn’t have beaten a third grader.
I look forward to your answers from the previous questions that I asked.
What do any of you know about Laurelmor in Blowing Rock?
Like any Ginn Community massively over priced and ultimately doomed to failure. According to sources it is in a Landslide area and you need a $2,000 survey and may or may not be able to build on your lot and oops Ginn forgot to Disclose that to buyers before they bought, so I guess more Law Suits on the way.
MG, jump over to a more factual blog at
http://www.topix.com/forum/source/orlando-sentinel/TJC3CK835Q3GGHBTO/p9#lastPost
Laurelmor is very interesting, but it has stiff competion with the all the new mountain golf communities that sprung up with the Real Estate Boom over the past 4 years.
Bill, the land slide survey is a mere suggestion. as a former resident of Boone, every where you build is a risk. during hurricane Ivan and Francis several houses that were poorly built slid off the mountain side. A knee jerk reaction was to redo all the steep slope surveys. All the slopes are buildable, there is NO zoning in any of the counties up there. It would just mean that insurance is harder to get.
Ginn should disclose this, not sure if he now does, but I doubt a $2,000 survey is going to have any sort of impact on a person that is buying a million dollar lot and paying $10,000 plus a year in community dues.
Bill – Stick with not answering my previous questions, making fun of my spelling mistakes and ranting how the world owes you.
MG go here for a good blog.
http://www.topix.com/forum/source/orlando-sentinel/TJC3CK835Q3GGHBTO/p9#lastPost
NCSU Alum show me a rant were I say the World owes me, you appear to be deluded as well as illiterate.
The point I am getting across or trying to is Ginn has charged buyers far too much for his land and then sold it to some one else foe even more money, it is almost like a Pyramid scheme and the guy left holding the land will end up having something that is worth as little as 20% of what he paid for it, that in my opinion is Fraud and certainly with the proof I have, there is no doubt going to be very serious consequences for Ginn in the very near future.
Everyone in the industry thought Bobby Ginn was a marketing genius and all along he was just another sleazy con artist with sales people as desciples
Ginn’s marketing was done by a Company called IMI which he has an interest in, surprise surprise. Apparently Ginn no longer controls the Company, Lubert Adler has taken control.
A post from a Ginn Employee says it all :-
Guess what, it’s much worse then you think. Having worked for Ginn over the past several years I have information that would blow your mind. Everything from conversations between EVP’s, hardcore documents, emails, etc. Yes, I have been in a top level management position with access to any data throughout the entire company at any time.
One of the reasons why I haven’t come forward is because it’s my ace in the hole. I know how unethical this company can be to everyone it comes in contact with. I learned early on to protect myself. It’s almost like someone that was falsely imprisoned, by the time they come out there a better criminal then when they went in. I assure you that I’m no criminal, but I’m no sucker either. This company and its officers are so dirty and corrupt most of you have no idea. But for now, like many of you, I have bills to pay. I need this job until something better comes along.
Don’t worry, the day I leave I will go to every online forum and share the information I have with all of you.
Well, you can bet your sweet patooty that there is NO SUCH THING as a true independent assessment of value. Santa Claus (please), the Easter Bunny (give me a break)… when it comes to a consumer paying for an independent assessment of value – they receive NO DISCLOSURE, NO PROTECTION and are not privy to the results of the appraisal.
It goes way beyond putting a dollar figure on a real estate contract… anybody can do that. An appraisal contains information regarding “Market Conditions” and other factors that depict what is happening at the Macro and Micro level. Consumers are soaked for a few hundred bucks and the BANK or LENDER picks only the appraiser who will comply or HIT THE NUMBER.
This problem is so sublte and yet, look at all the damage that has been done due to OVERVALUED REAL ESTATE APPRAISALS. It’s a rerun of the S&L crisis only on a much larger scale and with more residential loans involved.
I’d love to find an attorney who would help me file a class action lawsuit against the Federal Government for allowing banks and lenders to control the appraisal process and simultaneously sticking the customers who paid for an “independent valuation” with this bogus crap.
Like a bank that leaves the vault open, lenders are so very “surprised” that the values are inflated and property conditions mischaracterized…what rational person or entity lends without knowing the collateral’s value.. banks & mortgage lenders do business exactly this way.
I live in Bella Collina and I love it. The amenities are wonderful, the security is outstanding, the staff is incredible. My builder was amazing and we are so happy with our home.
I’d recently learned about a man named BILL BOYLAN who spends a great deal of time blogging anything and everything negative about Bella Collina so I spent the afternoon checking it out.
What I didn’t understand is why someone would spend countless hours blogging and sitting silently in owner meetings when he doesn’t own anything in Bella Collina.
Imagine how shocked I was to find out that this very same man is a realtor representing more than a dozen lots in Bella Collina (billboylanllc.com). What does he say to buyer inquiries about the neigborhood? “Hey, buy this beautiful lot from me and let me collect my commission from the seller. You’ll really love it there.” Does he follow up by saying “Did I mention that I spend all my spare time and energy writing anything and everything negative I can about the community so that I can instill fear in any other potential buyer so that I can bring down the community and property values even more. ”
Seriously, who in their right mind would list their property with someone who speaks so negatively about the community? They can’t possibly want to sell!
And, who can place ANY value in the words coming from a man who tries to talk owners into contacting lawyers to sue while at the same time trying to earn a commission re-selling lots in the community???
Please, help me understand and I’ll buy you lunch at the clubhouse with an amazing view. Bring your kids and they can throw their football on the grand lawn while we sit on the patio. We can call Chef and ask him to treat us to scallops even though they aren’t on the menu. He did it for me last week and they were amazing.
Ponzi Schemes and Pyramid Frauds and Musical Chairs! The ones left holding the empty bag are always the loudest whiners. WC Fields said “you can’t cheat an honest man” and that’s a sore lesson for those who hoped to sucker someone else just as they were suckered; the “greater fool” principle. Look it up.
Folks led by greed to “flip” outrageously over-priced properties to someone more greedy than they, were sadly disappointed when the pipe dream faded and there they were, back in Realityville dressed only in their emperor’s clothing.
The only sad part is now tax payers have to foot the bill for the Judge’s time, the bailiff’s time, the utilities at the courthouse, and so on. Greed and stupidity filter down once again to the middle class as the greedy “upper class” yet again takes a financial loss due to their own greed gone too far. There is no pity here. Everyone wanted to play the money game, and those who got taken are just like those who bet red and it comes up black. Some folks bet the outrageous housing scheme would go on forever; the smarter ones knew better and placed no such bet. Bobby’s playing this same game in Pt. St. Lucie and those people who tried to point this matter out 4 years ago (!) were ridiculed since all the “gamblers” and local politicos could smell was cash. Well, live and learn.
the problem with this is that they knew what they were buying very cut and dry. when you buy land you know youre buying land. people have bought land for $10 and for 100 million dollars. these investors dont have a case because they should have known that real estate is speculative. the price they paid is legit, when selling real estate you can command any price you want whether people buy it or not is up to them. its not like they got cheated out of something they knew exactly what they are buying and they got exactly what they wanted to purchase. nobody knew the markets would crash, and this is not fraud, he sold them exactly what he represented.
caveate emperor… buyer beware…. real estate sold “as is” real estate is speculative… many people bought condos when the developer told them it would go up in price when it went down. of course the seller will tell you that they believe it will go up in price they are trying to market their product. it is the buyer who has to figure out what they think its worth. nobody knew the market would crash. he was just stating his opinion which is something all developers do. buying real estate is a very cut and dry thing. you are buying a lot for x amount thats it. you know exactly what youre buying. people who bought houses in 2005 arent trying to return their house
real estate is a cut and dry business its not like they are doin something fishy with your money behind your back.. you agree to buy a lot for x amount thats how its always been. if you think you are over paying dont buy it! this is the most ridiculous worthless case ive ever heard of and they are just wasting even more money on lawyers.
Can anybody tell me why Bill Boylan will be taking the lisitngs in Reunion after giving the Ginn Company such a hard time for all these years?? Why not give some of the realtors who brought business into Reunion a chance?
I don’t think any people who lost money on any of these properties ever knew that lots were being purchases and inflated by Ginn and Companies who had interests in these communities. When lot prices stalled or when the sales dept needed higher comps lots were purchased by cash by ginn inflating the prices.
So when you refer to people being greedy, it seems that you mean Ginn and Lupert Adler, since they took all the profits out and continue to drain the ones who stuck it out.
[...] of the most commented posts on my 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 [...]
Whats the latest on Bella Collina and Ginn?
I’m wondering the same as SJ- any 2010 updates? Anyone know about attorneys taking on new cases against Ginn and Tesoro? Looking for answers and help.