The Palos Verdes Peninsula Unified School District board has cleared the way to sell its unused, 35.2-acre Peninsula High School site in Rolling Hills Estates by agreeing to give that city nine acres of the property for recreational use. In return, the city will help the school district get the best possible price for the remaining property by rezoning it and drafting agreements with land developers.
After deducting the city's nine-acre portion, which has been used as a soccer field for the past decade, the district will have about 24 usable acres to sell with a minimum appraised value of $5.4 million, district spokesman Nancy Mahr said. She said the money will help rebuild the district's investment fund, which has been depleted in recent years by expenditures for equipment and repairs.
The district bought the high school site for $1.8 million in 1965 when forecasts called for a continuing growth in school enrollment. Instead, enrollment declined and the site was never developed.