Orange County Fairgrounds sold for $56.5 million to private real estate group

[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)

[tularetom]

1. This asshat's term can't end soon enough to save kollyfohnia

If the fairgrounds sold that fast they didn't get enough for it.

And they'll regret this decision before much longer.

[zonkers]

2. This seems like a huge fucking blunder. 55 million is squat these days. Try replacing a 166 acre

acre parcel like that.

[DBoon]

12. That's like 3 houses in Newport Beach

just a couple of miles from the fairground

Up there with Native Americans selling Manhattan to the Dutch for $50 of beads

[Eyerish]

3. He's just living by the republican mantra....

Everything is for Sale.

The end of his term can't come soon enough.
What Arnie did to CA is the shrunk down version of what * and his cronies did to the US.
I weep for my home state..

[Abq_Sarah]

4. Will the property now be subject to property taxes?

[xxqqqzme]

7. Only if it is developed as housing.

Right now it is a consistent source of income for the City of Costa Mesa. There is a huge marketplace there every weekend. I go to shop the farmers market. I bought my son's first wetsuit there and his first surfboard. I have been going to that outdoor marketplace ever since I moved here in '86. I have volunteered many hours to staff the OC Dem Party space @ the marketplace.

All the vendors @ the arketplace opposed this sale because they knew their fees would spike. The equestrian area and staff were opposed. The fairground staff opposed because they would lose their union benefits and pay.

The County Fair is draws more than one million people every year. This is horrible!

[Cleita]

20. Commercial property is taxed and this will probably be used mainly for

commercial, I would think.

[xxqqqzme]

5. Everyone here I know tried to stop this sale.

Phoning, faxing, demonstrating in Sac.....The rethug Costa Mesa City Council, the rethug Board of Supervisors, most OC city councils, rethug & Dem state reps, even the OC Register opposed this. Many OC residents phoning & faxing steroid boy. The lone Dem on the Costa Mesa was part of a delegation that met w/ him on Monday to ask him to cancel the sale. The asshat REFUSED! The residents, on all sides, opposed this sale.

Steroid boy had a list of PUBLIC properties that he wanted sold to cover the states deficit. Our Fairgrounds ended up being the ONLY site sold.

The land was given to the county, by the state, in 1947 for fairgrounds.

[struggle4progress]

6. Did his 2003 election count towards the term limit? Is this the last year Californians

will have to fight him, or can he run one more time?

[xxqqqzme]

8. Thankfully he is finished w/ his destruction.

[bvar22]

9. Here is hoping that....

...this Private Enterprise venture turns into a miserable failure.

[sharesunited]

10. The cretinous Richy Daley is doing that in Chicago. Sold a tollroad, sold parking meters.

Grieves me greatly to see public property "spun off." That is the wrong direction to go.

[mitchtv]

11. OC, meet Karma

Karma, meet the OC. California's GOP stronghold. I am in Riverside co, almost as redThis reminds me of GHWB telling SF to sell their airport.

[sofa king]

14. Heck, Orange has been karma-lized for years now.

It was they who first monkeyed around with derivatives, plunging the county into bankruptcy in 1994. They've been practicing every bad Republican idea since well before then and never stopped.

[Sen. Walter Sobchak]

24. unfortunately the imbecile behind the derivatives crisis was Democrat Bob Citron

And Orange County could go blue if some decent candidates were to run, instead we get bored millionaires who make a half-assed effort and lose to fucktards like Dana Rohrabacher!

Hell, were he not a convicted felon I bet Bob Citron would be tapped to run against Dana Rohrabacher, the man who bankrupted the county couldn't do worse than Debbie Cook did.

[jmowreader]

13. The obvious question...

How long will it take Craig Realty to decide the Orange County Fairgrounds isn't meeting its profit targets, bulldoze all the buildings and erect a mixture of office and residential space?

I predict it will happen six months after California's real estate prices start going back up...no more than 18 months total.

[LaPera]

15. Who's this guy kidding? Fuck the fairgrounds - Condos, strip malls & fast food are more profitable

[Tempest]

17. Maybe that's the plan

Now that they own it, they'll sue so they can use it however they want.

And they wouldn't even have to sue in conservative Orange County. The county government will let them do what they want.

[Tempest]

16. And guess who'll bail out the company when they lose money?

Taxpayers will.

The company will demand tax breaks and other incentives that'll cost us money.

[pinniped]

18. This state is in dire need of more shitty mega-malls loaded with Best Buy, WalMart, Lowes,....

Home Depot, Starbucks, Applebees, Borders, Krispy Kreme, TGIF, and the like.

"I'm happy to keep the fair here. We like it that way.

Does anyone ever believe the greedy developers?

[Cleita]

19. Time to get the legislature to raise property taxes on commercial real estate, eh Arnold?

That $56.5 million isn't going to last that long.

[KamaAina]

21. Less than a minute?!

Would it be unkind of me to suggest that the fix might possibly have been in? :tinfoilhat:

[KamaAina]

22. How about San Quentin?

It's aging, we have far too many people incarcerated anyway, and it's on bayfront property in Marin.

[Sen. Walter Sobchak]

23. "sacred public ground"?

its a giant parking lot!

[Codeine]

25. The fairgrounds were a dump.

Seriously, nothing is lost here, though we should have gotten more money for the property. Unlikely in this economy, however.

[xxqqqzme]

27. The fairgrounds are not a dump!

There is an equestrian center, a large outdoor ampitheater and rodeo facilities. These separate venues are used year round by diverse groups. There is rarely a weekend the fairgrounds is not being used. I have attended Pow Wows (regularly held there before the tribes built casinos) and saw more rock shows than I can name. I even attended the Clinton Rally there in '92 that caused massive traffic problems by those hoping to see him.

What those who do not live here fail to understand is the fairgrounds is completely surrounded by an outer tight circle of mixed residential w/ schools - Costa Mesa High School and heavily attended Orange Coast College, ultra conservative Vanguard College, Costa Mesa Municipal office structures and the 55 freeway, making an inner circle w/ the fairgrounds sitting in the middle. The density of services (police, fire, post office,) within just a 1 mile radius is amazing. Anything other than what it is currently would create a traffic nightmare on top of the existing traffic nightmare.

[DesertDiamond]

26. Thank goodness Yosemite isn't owned by the state...

He'd sell it to loggers.