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MONTVERDE, FL-Orlando-based Ginn Clubs & Resorts has set what local brokers tell GlobeSt.com is a record one-day sale of residential lots in Florida.

The developer has sold the remaining 403 single-family and townhome home sites of an 801-lot inventory for a total $320.7 million, or an average $794,000 per lot, at the planned Bella Collina community overlooking Lake Apopka in Lake County, 35 miles northwest of Downtown Orlando. The 398 lots in the first phase were sold out in four hours in April 2004 for a then record total price of $174 million.

Demand for the lots was so intense developer Bobby Ginn’s staff set up a lottery system out of a 3,000-buyer pool to pick each lot buyer on site. One-acre lots (43,560 sf) sold for an average $1 million or $22.96 per sf; quarter-acre lots (10,890 sf) went for an average $600,000 or $55.09 per sf; and sixth-of-an-acre lots (7,260 sf) were grabbed for an average $460,000 or $63.36 per sf. Homes that will be built on those lots will cost about four times the price of the lot, area builders tell GlobeSt.com.

“Even though we anticipated a great demand for this event, we could not have imagined the overwhelming enthusiastic response to this upscale private club” which won’t be built out for another five years at least, Ginn says. Buyers came from across the US, Europe and Asia.

“This town (Pop. 945) has never seen anything like it and probably will never see a sales event of such magnitude again,” Dean Fritchen, a senior broker at Coldwell Banker Commercial NRT, tells GlobeSt.com.

The total inventory included 398 lots of an acre or more; 318 roughly a sixth of an acre; and 85 quarter-acre lots, Noel Perkins, public relations director for Ginn Clubs & Resorts, tells GlobeSt.com. The least expensive lots went for an average $460,000; the most expensive, $1.7 million.

Developer Ginn has been building resort communities for 30 years. New projects under way include Cobblestone Park and Belvidere Club & Resort, which encompasses RiverTowne Country Club in Columbia, SC; and the Cottages on Charleston Harbor and Patriots Point Links golf course in the Charleston, SC area.

Ginn Clubs & Resorts also owns and operates Hammock Beach & Yacht Harbor Village near St. Augustine, Reunion Resort & Club of Orlando, Tesoro in Port St. Lucie and Mahogany Run Golf Course in St. Thomas, US Virgin Islands.

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