Story provided by GoToby.com

December 28, 2006 - The much talked about deal between Centex Destination Properties and the Ginn Company has unraveled, at least for now. Ginn backed away from everything but the Ocean Hammock Golf Course and the adjacent Lodge, both located along the Atlantic shoreline in the shadow of Ginn's Club at Hammock Beach . Both properties are near Palm Coast in Flagler County, Florida.

We can only guess at this time what happened, but we do know that the bulk of the deal was contingent on a satisfactory due diligence process. Perhaps the two parties will come back to the table in the near future at a different price point but Bobby Ginn probably got the piece he most wanted. The Ocean Hammock Golf Course will nicely round out the amenities at The Club at Hammock Beach. There is some speculation that Ginn may manage the Palm Coast Resort and Marina for Centex once construction is completed.

Several people who are under contract with Centex at Tidelands will probably be disappointed. Some had told me they looked forward to a Ginn takeover. Others said they hoped the transaction would provide them with leverage to terminate or renegotiate their contracts. The property owners at Ocean Hammock, Cinnamon Beach, The Villas at Hammock Beach. and Canopy Walk will be in limbo regarding use of the golf course and Inn until Ginn goes public with his plans. Centex employees and property owners also await reassuring statements from CDP.