Ginn land auction sets a Naples floor

A trio of Fort Myers investors may have set a floor in the real estate market, at least in the Naples area.

Fort Myers commercial developer and luxury homebuilder John McGarvey and two partners, Dan Gerner and Alan Freeman, bought 262 home lots and a clubhouse in North Naples called Quail West from
Orlando developer Ginn Resorts for $13.5 million. Spread over the lots alone, that's $51,527 per lot.

Until the real estate bust took hold, Ginn was selling lots in Quail West for $1.1 million to $1.3 million. The community includes two Arthur Hills championship golf courses and a 70,000-square-foot clubhouse that was recently renovated by Ginn at a cost of $16 million, more than what McGarvey and partners paid for the whole development.