Whatever happened to ... those financially-strapped gated communities? : Local : Naples Daily News: "The Quail West community in North Naples has fallen into bankruptcy.
Affiliates of the once high-powered developer Ginn Cos. based in Celebration, Fla., have filed Chapter 7 bankruptcy petitions on two high-end resort communities: Tesoro in Port St. Lucie and Quail West.
The bankruptcy filings come after Ginn-LA defaulted on $675 million in debt owed on four of its communities six months ago. The other two communities are Ginn sur Mer in Grand Bahama Island and Laurelmor in Boone, N.C."
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So the answer to the question is: "Bankruptcy." And there will be a whole lot more coming. But I believe the law of bankruptcy leaves owners on the hook for the association's debts, up to the value of their units.
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