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| BREAKING NEWS: World International acquires Diablo Grande |
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| Written by James Leonard | Patterson Irrigator | |
| Tuesday, 07 October 2008 | |
World International LLC acquired Diablo Grande late Tuesday, according to a press release from Laurus Corporation, the buyer’s negotiator in the $20 million bankruptcy sale. The new owner of the troubled golf resort and housing development announced many of its plans for the development, including changing its name to give the property “a fresh start, seeking inspiration from the surrounding beauty and its Californian heritage.” Many of World’s plans for the “new” Diablo Grande are a continuation of the goals set forth by founder Donald Panoz. Those initial plans were derailed in part by numerous lawsuits regarding environmental issues, which combined with a slumping housing market to spell Diablo Grande’s demise. “I am pleased that World International LLC is purchasing the property,” Panoz said in a statement. “I know that the principals will move forward to make the development a success and will follow through on our vision that started 20 years ago — to make this the best development in California.” Frederique C. Szita, marketing manager for Laurus, said in the press release that World’s plans for Diablo Grande include a five-star resort, spa and convention center, Spanish-style villas, townhouses and single-family residences, an equestrian center and bike trails. The plans also call for a new country club for Diablo Grande’s two golf courses and a Residence Club membership that will include access to many outdoor activities. And World plans to create a shopping village with a grocery store, dining options, banking services and office suites. According to the press release, World was formed by investment partners who have more than 60 years of real estate development experience combined. Its portfolio includes resorts, office buildings, shopping centers and residential developments. See Saturday’s Irrigator for more on the Diablo Grande sale.
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