SOLD! Diablo Grande deal finally done

It only took seven months in bankruptcy court and five days past the expected sale date, but the Diablo Grande deal is finally done. World International LLC has acquired the property, according to a press release from Laurus Corporation. Here's a brief article I just wrote for the Web (it won't appear in Wednesday's Irrigator because the announcement came after our deadline). I'll have much more in Saturday's paper.

In case you're curious (and judging by the number of e-mails I've received over the past two days, many of you are), I've pasted below the full, unedited text of the press release put out by Laurus, a real estate development company that served as World's negotiator throughout the purchase of Diablo Grande.

So, Diablo residents, how do you feel about all this? Are you optimistic that some of this stuff might really get done this time, or will you treat these all like empty promises until they actually come true?

PRESS RELEASE

Laurus Corporation Negotiates Acquisition of Diablo Grande to World International

Los Angeles, CA – October 7, 2008 – Laurus Corporation (“Laurus”) is pleased to announce that it has successfully negotiated the acquisition of the master planned development known as Diablo Grande to World International, LLC (“World”).

Located in California’s growing Central Valley, Diablo Grande is a residential and resort golf community of approximately 30,000 acres. The historic ranch's location is 80 miles east of San Francisco and 25 miles west of Modesto, and is approximately one and one-half times the size of Manhattan.

The current development plan encompasses the entire acreage with Phase I development already well underway with 2,100 lots, subdivisions, and basic infrastructure which includes access roads, water treatment plant and other basic services (sewage, electricity, etc.) as well as two tournament-caliber golf courses designed by Denis Griffiths and Jack Nicklaus/Gene Sarazen. Nearly 1,000 lots have already sold with several hundred residences already built.  "I am pleased that World International, LLC is purchasing the property," said Donald  Panoz, Diablo Grande's founder.  "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."

World International LLC was formed as an investment vehicle to acquire and develop the property. The partners behind World have over 60 years of real estate development experience through a variety of entities and corporations, and their portfolio of holdings includes resorts, office buildings, shopping centers, and residential developments.

New ownership’s plan is to rename the development - giving the property a fresh start, seeking inspiration from the surrounding beauty and its Californian heritage. The vision for the continued development is a resort-style life where casual elegance, with a focus on wellness, is emphasized. A place where nature and open space artfully combine to create the ultimate in luxury living.

Anchored by a 5-star, amenity driven resort, spa and convention center, the low-density community will have Spanish-colonial villas, townhouses, and single family residences gently placed in large lots within a tranquil secluded atmosphere, equestrian center, bike trails and its own vineyard. A new country club will be added to enhance the golf course, and an additional Residence Club membership will be offered by the resort to enable homeowners to benefit from the countless outdoor activities available. A specialty Spanish-style low-rise shopping village with a grocery store, dining alternatives, banking services, café and office suites will serve the community.

World International, in a joint effort with Laurus Corporation, will be developing the property as soon as a master plan is complete and the various development phases revised. The developers hope to reach out to the existing community, City and County to work in tandem, taking in their comments and ideas. Additionally, the Company plans to actively explore joint ventures and strategic alliances with recognized home developers and other parties that fit the strategic plan for the property in order to successfully achieve the goals laid out for the new Diablo Grande.

Laurus Corporation is a boutique style domestic and international real estate development company that specializes in full service luxury hotels and resorts, master plan communities, mixed-use properties and multifamily. The Company coordinates activities, converting ideas from paper into real property. It creates, manages and orchestrates key partnerships while assembling the process of development from beginning to end.