Orange County Fairgrounds sold for $56.5 million to private real estate group [View All]

[diva77]

Source: LA Times

O.C. Fairgrounds sold for $56.5 million to private real estate group

The state today accepted a $56.5-million bid by a private real estate group to purchase the Orange County Fairgrounds, an early test of Gov. Arnold Schwarzenegger's effort to sell state properties to cut the budget gap.

After an auction that lasted less than a minute, Craig Realty Group was named the winner.

"We see this as an interesting opportunity to enhance something that's here," said Steven Craig, president and chief executive of Craig Realty, a commercial real estate firm in Newport Beach. "I'm happy to keep the fair here. We like it that way. But we'd like to find a way to make it financially viable. Maybe a private enterprise approach will work."

This morning, officials from the California Department of General Services opened envelopes with starting bids on the 150-acre property, which ranged from $1,000 from Tel Phil Inc. to $55 million from Facilities Management West.

More at: http://latimesblogs.latimes.com/lanow/2010/01/real-estate-firm-buys-oc-fairgrounds-for-56-million.html


Read more: http://latimesblogs.latimes.com/lanow/2010/01/real-estate-firm-buys-oc-fairgrounds-for-56-million.html

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Privatizing what should be sacred public ground. That's what happens when you don't raise taxes on the wealthy residents of California. Somehow a private realty company has $54 million to rob the public of its fairgrounds, but it isn't asked to pay taxes to protect public property.

Schwarzenegger's major contributors are from the real estate sector

www.arnoldwatch.org -- click on "major contributors" (the info. there is slightly dated, but gives an idea of how Schwarzenegger is influenced in decision making)